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Financial Aid and the games people play

Explore the history of financial aid from ancient board games to modern federal loan programs. Learn about key developments, regulations, and the changing landscape of student assistance.

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Financial Aid and the games people play

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  1. Financial Aid and the games people play ...Through the ages!

  2. Bingo The early (early) years… Creation of US Department of Education MahJongg 3500 BC 2000 BC 1530 1643 1840 1860 1867 1880 First Student Loan Program Established at Harvard University Senet - the oldest board game known to exist. The Game of Life Snakes and Ladders

  3. ‘30’s ,‘40’s and ’50’s… • CSS Introduces the Parent's Confidential Statement (PCS) College Scholarship Service (CSS) Created National Defense Education Act Parker Brothers produces Monopoly Scrabble Risk is released 1935 1948 1953 1944 1954 1956 1957 1958 GI Bill John Monro of Harvard Presents First Need Analysis Formula

  4. ‘60’s… Economic Opportunity Act of 1964 (started college work-study and authorized Head Start, Upward Bound, and VISTA) Password introduced based on TV game show Civil Rights Act of 1964 1961 1963 1964 1965 1968 1962 Higher Education Act of 1965 Health Professions Educational Assistance Act of 1963 (student loans)

  5. ‘70’s… Education Amendments of 1976 (added SAP requirements and state loan-guarantee agencies) Family Educational Rights and Privacy Act (FERPA) Dungeon board game precedes Dungeons and Dragons video game 1972 1973 1974 1975 1976 1979 1977 Educational Opportunity Grant (renamed Supplemental Educational Opportunity Grant) Harry S Truman Memorial Scholarship Act Department of Education Organization Act Basic Educational Opportunity Grant (origin of the Pell Grant, first federal need analysis formula) Penté created by a dishwasher at Hideaway Pizza in Stillwater, OK Education Amendments of 1972 Student Loan Marketing Association (Sallie Mae) established

  6. ‘80’s… The Consolidated Omnibus Budget Reconciliation Act of 1985 Tax Reform Technical Amendments (created Education Savings Bonds) Defense Authorization Act of 1982/1983 (Selective Service registration required for financial aid eligibility) Supplemental Loans to Students Reform Bill 1980 1981 1982 1982 1985 1986 1988 1989 Omnibus Budget Reconciliation Act (Federal student loans depend on financial need again and add an origination fee) Student Loans Reconciliation Amendments Trivial Pursuit becomes an obsession in the US Reauthorization of the Higher Education Act

  7. ‘90’s… Establishment of FinAid web site Introduction of Jumanji Veterans' Educational Assistance Amendments of 1991 First free large online scholarship search database (FastWeb) Student Loan Reform Act (established direct lending, added income contingent repayment) 1990 1991 1992 1993 1994 1995 Omnibus Budget Reconciliation Act of 1990 (elimination of student aid eligibility at high default schools) Higher Education Amendments of 1992

  8. ‘90’s… Higher Education Amendments of 1998 (renamed SSIG as LEAP, created GEAR UP, suspended student aid eligibility for drug convictions, and added Extended Repayment) The introduction of FAFSA on the Web (leads to significant shift from paper applications to electronic applications.) 1996 1997 1998 1999 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) 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

  9. A New Millennium… Section 220 of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Lenders and colleges agreed to abide by a new code of conduct that bans certain practices Economic Growth and Tax Relief Reconciliation Act of 2001 Higher Education Reconciliation Act of 2005 FY2006 Federal Budget cuts 1% from all discretionary spending, including student aid. The Revised Continuing Appropriations Resolution of 2007 2001 2002 2005 2006 2007 2008 2010 Public Law 107-139 (changed education loan interest rates from variable rates to fixed rates for new loans issued after July 1, 2006. The interest rate on Stafford Loans will be 6.8%. The interest rate on PLUS Loans will be 7.9%) The Tax Relief and Health Care Act of 2006 (P.L. 109-432, December 20, 2006), also known as the omnibus tax extender bill extended the Tuition and Fees deduction for two years (2006 and 2007). Reauthorized the Higher Education Act of 1965 after more than a dozen extension acts. The Higher Education Opportunity Act of 2008

  10. So what does this mean? • Financial Aid is constantly changing. • Financial Aid (like board games) have rules and • require strategy! • Adhere to the regulations but find a strategy for administering aid that maximizes your efforts. • Make good use of the FA network! • The financial aid profession is like a geek network. Different people have different experiences and approaches to solving complex problems. Get to know your colleagues and let us help you!

  11. Who Can Help Me? • National Association of Student Financial Aid Administrators (NASFAA) • www.nasfaa.org • NASFAA News • Southern Association of Student Financial Aid Administrators (SWASFAA) • Arkansas, Louisiana, New Mexico, Oklahoma, Texas • www.swasfaa.org • Texas Association of Student Financial Aid Administrators (TASFAA) • www.tasfaa.org • TASFAA listserv • US Department of Education • FSA Conference • Software Providers • Attend conferences, trainings, get involved, network!

  12. SORRY! if we overwhelm you with information • We hope you have a wonderful week of learning!

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