One aspect in which higher education has changed with the times is the payment systems that are in place to deal with the soaring cost of a college education. Many students are able to go to college today thanks to a system in place which is known as financial aid. This system allows many students who would not have the financial means to attend college their own chance at advancing their education.
President Lyndon B. Johnson is responsible for many of the new roles in which government has presented itself. His "Great Society" programs have transformed the way Americans interact with their government. The Higher Education Act of 1965 was part of the "Great Society" as it created the financial aid system that exists today. Thanks to the Higher Education Act of 1965, many areas of college life that were once not governed and unavailable to all students have opened their doors to all.
Title IV of the Higher Education Act of 1965 specifically deals with the system of financial aid. Long overshadowed by the more well known Title IX (prohibiting discrimination based on gender), Title IV is the area of the Higher Education Act of 1965 in which students have a constant interaction. This system of monetary aid that exists today is largely the same one that was constructed and signed into law by President Johnson.
The first step to obtaining financial aid is to fill out the cumbersome form known as the Free Application for Federal Student Aid (FAFSA). The FAFSA requires a student and their family to disclose all financial information as the government assumes that the student's family will help pay part of the cost. It is important that students understand they must return the FAFSA quickly as federal student aid is distributed on a first come - first serve basis.
The most prominent of the federal student aid program may be the Pell Grant. This grant was named for Senator Clayton Pell. The idea of the Pell Grant is to lower the cost of college by providing students in great financial need with money that is under no obligation to be repaid to the federal government. The Pell Grant will not cover the entire cost of college, but can defray a great portion of it.
The Stafford loan is the most prominent loan program encompassed in the financial aid system within the United States of America. These are low-interest loans that are backed in full faith by the federal government. Stafford loans do not have to be paid back until six months after the student's last enrollment in a full time class load.
Federal Work-Study programs allow students to work for their college and receive money to help pay for tuition or other costs of attending school. The federal government requires colleges to set aside jobs for work-study participants, along with paying these students the federal minimum wage.
Attending college is no longer a dream deferred due to finances; not with all the various forms of financial aid available. It doesn't matter if it is a traditional or online college, if a student is willing to put in the work to fill out the forms and work hard in class, the federal government is willing to help with the cost of an education
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