American higher education student financial aid policies, products, and services in America

Abstract

The American higher education student financial aid program is an American national social financing program that has both grant and loan components. This student financial aid program is financed by the public and the private financial institutions, which is a social investment for the American college students for their higher education human resource capital development. Although America provides higher education student grants yearly more than $250 billion; its student debts are accumulating more than $1.5 trillion in 2007-2008. Even now the student debts are more increasing. Therefore, it is important to know what the American higher education student financial aid acts, policies and strategies are at the federal, states and institutional levels; how the private student loan agencies are working; why the student debts are increasing; and what are the issues related to the student financial aid services in America. The federal, state, and institutional financial grants and their policies are continuously changing, but they are legislated by Congress and states legislators. The US Department of Education and many other agencies are monitoring and reviewing the student financial aid policies and budgets. The higher education student financial aid's budgets and policies are altering to comply with the college students' needs and the college's demand. Despite the American student financial aid system is decentralized; however, its policy appropriations need to be democratized.