Student Financial Aid For Students - 950 Words

Staring from the 1940s, Student financial aid began to play a significant role in prompting student access, persistence and completion rate of American Higher Education. Since students can be regarded as the output of the education, student financial aid also contributes to the social mobility and the improvement of economics. Federal government, state governments and institutions jointly provide the funding to certain groups of students. Among all types of financial aid, need-based aid and merit-based aid are most important financial aid for students. Higher Education Act of 1965 is a milestone of the development of need-based aid. The Law was intended to â€Å"strengthen the educational resources of our colleges and universities and to provide financial assistance for students in postsecondary and higher education.† Specifically, the Pell Grant is the foundation of the federal financial aid system. While the social turbulence of the 1960s may have been the impetus behind the Pell program, the groundwork for broad-based aid programs is more appropriately attributed to the GI Bill. After 1965, the Higher Education Act of 1965 was reauthorized several times to achieve the goals. Need-based aid is essential for college access and success. According to Turner’s research (2013), every $1000 decrease of tuition price will lead to 4% of increase in college attendance. Evidence suggests that reducing college costs can increase college entry and persistence (Dynarski Clayton,Show MoreRelatedThe Free Application For Federal Student Aid1606 Words   |  7 PagesIntroduction During week two, we were tasked to conduct a financial analysis of the Johnson family and assess their ability to independently fund the college educations of their three children. 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The program offers a wide variety of opportunities to each and every individual. Students will not only take courses while they are in a foreign country, but they will also have the opportunity to travel the beautiful country. Students will also have plenty of time to experience and explore the big cities that their country has to offer. Some students may even encounter experiences that