...Through the ages!
The early (early) years…
Mah Jongg
3500
BC
2000
BC
1530
Bingo
Senet - the oldest
board game known to
exist.
Creation of US
Department of
Education
First Scholarship
Established at Harvard
University
1643
1840
1860
First Student Loan
Program Established at
Harvard University
1867
1880
Snakes and Ladders
The Game of Life
‘30’s ,‘40’s and ’50’s…
College Scholarship
Service (CSS)
Created
Parker Brothers produces
Monopoly
Scrabble
1935
1944
GI Bill
1948
1953
1954
John Monro of Harvard
Presents First Need Analysis
Formula
National Defense
Education Act
Risk is
released
1956
CSS Introduces the
Parent's Confidential
Statement (PCS)
1957
1958
‘60’s…
Economic Opportunity Act of 1964
(started college work-study and authorized
Head Start, Upward Bound, and VISTA)
CSS Introduces the Married
Student Supplement which
later evolved into the
Student's Financial Statement
(SFS)
1961
National Association of Student
Financial Aid Administrators
(NASFAA) Created
Password introduced
based on TV game show
Civil Rights Act of 1964
1963
Health Professions
Educational Assistance
Act of 1963 (student
loans)
1964
1965
Higher Education Act
of 1965
1968
1962
‘70’s…
Family Educational Rights
and Privacy Act
(FERPA)
Education Amendments of 1976
(added SAP requirements and state loanguarantee agencies)
Dungeon board
game precedes
Dungeons and
Dragons video
game
1972
1973
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
CSS introduces the Financial
Aid Form
1974
1975
Harry S Truman Memorial
Scholarship Act
1976
1979
1977
Department of
Education
Organization Act
Penté created by a
dishwasher at
Hideaway Pizza in
Stillwater, OK
‘80’s…
US Department of
Education elevated
to a cabinet-level
department.
Tax Reform Technical Amendments
Defense Authorization Act of
1982/1983
(Selective Service registration required
for financial aid eligibility)
1980
1981
1982
Omnibus Budget
Reconciliation Act
(Federal student loans depend on
financial need again and add an
origination fee)
1982
(created Education Savings Bonds)
Montgomery GI Bill Active Duty
1985
Trivial Pursuit becomes an
obsession in the US
Supplemental Loans to
Students Reform Bill
1986
1988
The Consolidated Omnibus
Budget Reconciliation Act of
1985
Reauthorization of the Higher
Education Act
1989
Student Loans
Reconciliation
Amendments
‘90’s…
Introduction of
Jumanji
Veterans' Educational
Assistance Amendments of
1991
Student Loan Reform Act
(established direct lending, added income
contingent repayment)
1990
1991
Omnibus Budget
Reconciliation Act of 1990
(elimination of student aid
eligibility at high default schools)
1992
Higher Education
Amendments of 1992
1993
1994
Establishment of
FinAid web site
First free large
online scholarship
search database
(FastWeb)
1995
‘90’s…
The introduction of FAFSA on the
Web
Direct Lending introduces
loan discounts
(leads to significant shift from paper
applications to electronic applications.)
1996
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)
1997
1998
Higher Education
Amendments of 1998
(renamed SSIG as LEAP, created
GEAR UP, suspended student aid
eligibility for drug convictions, and
added Extended Repayment)
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
1999
A New Millennium…
Section 220 of the Bankruptcy Abuse
Prevention and Consumer Protection
Act of 2005
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.
2001
2002
2005
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%)
Lenders and colleges agreed
to abide by a new code of
conduct that bans certain
practices
The Health Care and
Education Reconciliation
Act of 2010
The Revised Continuing
Appropriations Resolution
of 2007
2006
2007
2008
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
2010
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!
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!
SORRY! if we overwhelm you with
information
We hope you have a wonderful week of learning!