On November 8, 1965, President Lyndon Johnson signed the Higher Education Act of 1965, which attempted to increase access to higher education. Creating a nationwide uproar of rules and regulation changes via all US Colleges and Universities. With the Influx of most students on campuses rather than the elite alone, students rapidly began to drop out. Many, without a consistent method of loan repayment. Like a slippery slope, debt began to take a snowball effect that added scams, fraud and the Bush administration. Leaving the US in recording breaking trench of debt.
What is the Higher Education Act of 1965?
The Higher Education Act consists of eight different titles that cover a wide variety of topics in higher education. Many of the things that we know about college life today came out of this bill. In his January 1965 education message, President Johnson articulated the need for more higher education opportunities for lower and middle-income families. Including, program assistance for small and less developed colleges, additional and improved library resources at higher education institutions, and utilization of college and university resources to help deal with national problems like poverty and community development. The HEA was a response.
The Success of the Higher Education Act
In 1964, less than 10% of people 25 and older earned a college degree. Today, that number has jumped to over 30%. This was due to HEA creating grants, loans and other programs to help students acquire education beyond secondary school. The Talent Search program, then called Contracts to Encourage the Full Utilization of Educational Talent, was created in the Higher Education Act of 1965. Today, all TRIO programs are authorized under the amended law.
The Failures of the Act
The higher education act did nothing to reduce the rising costs of college. In fact, by providing more access to education, it could be considered one of the reasons why tuition costs have skyrocketed. On January 19, 1965, the Administration's proposals to increase and improve resources at higher education institutions and provide financial assistance to students in postsecondary education, were introduced in the House as bills, H.R. 3220 and H.R. 3221 and in the Senate as S.600. Later, proposals for teacher training programs were introduced in the Senate as bill S.2302 on July 19, 1965. Opening the floor for anyone who has graduated high school, affording the opportunity to attempt college. Fast forward 50+ years later, as a nation we’re are 1.5 trillion dollars in debt. There have been many proposed solutions to solving our second largest national debt, behind home mortgages. A successful approach to our cancer like debt seemed out of reach, until one very recent company may have secured a cure. Recent startup Defynance has reconstructed the age-old ISA (Income Share Agreement). Tailoring its product to each customer for assured insurance. Being that life happens, they want each of their customers to be as protected as possible for the life of their agreement. Reducing our nation’s debt one customer at a time, with goals of 1965 in mind.
