Financial aid history
At the outset, the first financial aid assistance was provided in 1643 to Harvard college students. Lady Ann Radcliffe Mowlson provided financial assistance of 100 pounds to a Harvard College student. The money was passed on to her husband Thomas Mowlson who is a former Lord Mayor of London. After the death of her husband, she donated part of heritage to colleges scholarship fund. This first recorded incident of financial aid in United States. This donation was remembered for 251 years in the university charter by the Commonwealth of Massachusetts.
Three hundred twenty-two years passed and in the year November 8, 1965, the United States Congress issued one Public Law 89-329, 79 STAT 1219 regarding the financial aid programmed to strengthen the education system by supporting the needy students in higher education. The government of the United States also passed a public law on higher education signed by the regulatory authorizes.
The law represents 9 titles; the fourth title of the law discloses the financial aid information in eight parts.
Part A--Grants to Students
Part B--Federal Family Education Loan Program
Part C--Federal Work-study Programs
Part D--William D. Ford Federal Direct Loan Program
Part E--Federal Perkins Loans
Part F--Need Analysis
Part G--General Provisions
Part H--Program Integrity
The growing importance towards the education has created so many opportunities to the students who wish to continue in their higher education. In the year. Beginning of the twentieth century states colleges also started to award financial aid. In the year 1913, Regents College Scholarship Program was launched by the state of New York.The Federal government expanded its role by pausing the Veterans Readjustment Act of 1944 to deserve the fruits of veterans education. With growing importance of financial aid, the listed colleges developed their own brochure in the year 1950.In the year 1954; the College Scholarship Service (CSS) was established with a group of 95 private colleges and universities of northeastern division of the country. This system analyses the eligibility requirements of a students to gain financial aid by coordinatimg with each of the listed colleges.
National Defense Education Act (NDEA) was passes in the year 1958 to provide financial assistance to cover public and private,and all domains of the education systems science, mathematics, and modern foreign languages, geography, English, counseling and guidance, school libraries and librarianship, and educational media to support the elementary and secondary education.
The below is the list of acts passed in different years.
1964-Economic opportunity Act
1972-Higher education amendments
1976-Higher education amendments
1978-Middle income student assistance act
1979-Higher education Technical Act
1981-Omnibus Budget Reconciliation Act
1982-Defense Authorization Acts
1985-Balance Budget and Emerging Deficit Control Act
1988-The Supplemental Loans to Students Reform Bill
The Student Loan Reconciliation Amendments
1990-The Omnibus Budget Reconciliation Act
1993-The Student Loan Reform Act
Princeton University was the first university in the United States, which eliminated all loans from its financial aid packages. The other colleges also followed the same to encourage the lower income back ground students to offer financial aid.