Presentation on theme: "...Through the ages!. First Scholarship Established at Harvard University The early (early) years… First Student Loan Program Established at Harvard University."— Presentation transcript:
...Through the ages!
First Scholarship Established at Harvard University The early (early) years… First Student Loan Program Established at Harvard University The Game of Life Creation of US Department of Education Senet - the oldest board game known to exist. Mah Jongg 2000 BC Bingo BC Snakes and Ladders
‘30’s,‘40’s and ’50’s… John Monro of Harvard Presents First Need Analysis Formula CSS Introduces the Parent's Confidential Statement (PCS) National Defense Education Act 1944 GI Bill Parker Brothers produces Monopoly College Scholarship Service (CSS) Created Risk is released 1948 Scrabble
CSS Introduces the Married Student Supplement which later evolved into the Student's Financial Statement (SFS) National Association of Student Financial Aid Administrators (NASFAA) Created ‘60’s… Health Professions Educational Assistance Act of 1963 (student loans) Economic Opportunity Act of 1964 (started college work-study and authorized Head Start, Upward Bound, and VISTA) Civil Rights Act of 1964 Higher Education Act of 1965 Password introduced based on TV game show
CSS introduces the Financial Aid Form ‘70’s… Harry S Truman Memorial Scholarship Act Department of Education Organization Act Educational Opportunity Grant (renamed Supplemental Educational Opportunity Grant) Basic Educational Opportunity Grant (origin of the Pell Grant, first federal need analysis formula) Education Amendments of 1972 Student Loan Marketing Association (Sallie Mae) established Family Educational Rights and Privacy Act (FERPA) Education Amendments of 1976 (added SAP requirements and state loan- guarantee agencies) Dungeon board game precedes Dungeons and Dragons video game Penté created by a dishwasher at Hideaway Pizza in Stillwater, OK
US Department of Education elevated to a cabinet-level department. Montgomery GI Bill - Active Duty ‘80’s… The Consolidated Omnibus Budget Reconciliation Act of 1985 Supplemental Loans to Students Reform Bill Omnibus Budget Reconciliation Act (Federal student loans depend on financial need again and add an origination fee) Defense Authorization Act of 1982/1983 (Selective Service registration required for financial aid eligibility) Reauthorization of the Higher Education Act Tax Reform Technical Amendments (created Education Savings Bonds) Student Loans Reconciliation Amendments Trivial Pursuit becomes an obsession in the US
‘90’s… Omnibus Budget Reconciliation Act of 1990 (elimination of student aid eligibility at high default schools) Higher Education Amendments of 1992 Establishment of FinAid web site First free large online scholarship search database (FastWeb) Veterans' Educational Assistance Amendments of 1991 Student Loan Reform Act (established direct lending, added income contingent repayment) Introduction of Jumanji
‘90’s… Direct Lending introduces loan discounts Default Rate Changes. A steady decline in national student loan default rates began in 1998 with several changes introduced by the Higher Education Amendments of 1998 The introduction of FAFSA on the Web (leads to significant shift from paper applications to electronic applications.) US 5th Circuit Court of Appeals ruling in Hopwood v. Texas (prohibits the use of race or ethnicity in admissions and financial aid in Texas, Louisiana, and Mississippi) Higher Education Amendments of 1998 (renamed SSIG as LEAP, created GEAR UP, suspended student aid eligibility for drug convictions, and added Extended Repayment)
A New Millennium… The Health Care and Education Reconciliation Act of 2010 Public Law (changed education loan interest rates from variable rates to fixed rates for new loans issued after July 1, The interest rate on Stafford Loans will be 6.8%. The interest rate on PLUS Loans will be 7.9%) Higher Education Reconciliation Act of 2005 Economic Growth and Tax Relief Reconciliation Act of 2001 FY2006 Federal Budget cuts 1% from all discretionary spending, including student aid. Section 220 of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 The Tax Relief and Health Care Act of 2006 (P.L , December 20, 2006), also known as the omnibus tax extender bill extended the Tuition and Fees deduction for two years (2006 and 2007) The Revised Continuing Appropriations Resolution of 2007 Lenders and colleges agreed to abide by a new code of conduct that bans certain practices Reauthorized the Higher Education Act of 1965 after more than a dozen extension acts. The Higher Education Opportunity Act of
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