American Higher Education Student Financial Aid Policies, Products, and Services in America Dr. Kazi Abdur Rouf Research Associa

American higher education student financial aid policies, products, and services in America Dr. Kazi Abdur Rouf Research Associate, Center Social Economy, University of Toronto, Research Associate, YCAR, International Visiting Scholar, Indianan University Bloomington USA. 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. Key Words: 21st Century Scholar; Educational Opportunity Grant (EOG); Federal Family Education Loan (FFEL); Financialization of student loans; income-driven repayment plans (IDR); Pell Grants, Perkins Loans; Stafford Loans; Sallie Mae Loans; Student Loan Bill of Rights; Student Debts; and Students Plus Loans. Introduction The American higher education financial aid services are for the college students who are suffering from lack of financial means for studying college higher education. Grants are made available to the eligible college students through colleges who are for participating in their Diploma, Bachelor, and Master programs. In the year 2015- 2016, about seven million undergraduates each year rely on federal loans to enroll in and complete college (Institute of College Access and Success in the United States (2017). The full-time student who has the ‘Good standing’ record, academic transcripts or and merit with exceptional financial need are eligible for getting Federal Grants and Federal subsidized loans or provincial and institutional grants and loans (James, 2009; and Singell, 2002). Because America finds higher education plays an important role in U.S. society. Moreover, higher education helps individuals attain economic and social success. However, a person who comes to the United States primarily to obtain education and return to his native country is not eligible for higher education financial assistance unless otherwise granted pre-landing scholarships, fellowship to pursue higher education in the USA. Many pieces of research find experiences and skills acquired from postsecondary education reverberate throughout life in terms of higher earnings, a lower likelihood of unemployment, and better decisions about health (Daw 2009; Jonathan, 2018; Perna, 2013; and Pawlick, 2012). Yet research demonstrates that one of the primary barriers to college enrollment, especially for low- income students, is the financial outlay required to attend. For this reason, the Federal and Daniel C. Hausera and Alison Johnston (2016) find 82% of parents always expected their child would go to college, but 60% of families don't have a plan to pay for it. Purpose of the American higher education student financial aid program The American higher education student financial aid policies and strategies aim is to support the meritorious students and the students from low-socio-economic status (SES) and culturally/ethnically diverse backgrounds students for enrolling in colleges for pursuing their higher education. By pursuing higher education, these students develop their critical thinking analytical skills (Elmore & Fuhrman, 2001; Frenette, 2008; Heller, 2011; Hossler & Bontreger, 2015; and Kirby, 2007). Hence acquiring a post-secondary education is a smart investment and has several future benefits for both individual and society as a whole to increase thinking skills and employability in society (Alon, 2011; Grant & Stronge, 2013; and Shanahan & Jones, 2007). With these aims, the American Pell Grant initiates and the Stafford Higher Education Student Federal Loan is established in America in 1965 and in 1971 respectively (Heller, 2011; Elmore & Fuhrman, 2001; The Institute for College Access and Success, 2019). Although some policies of the neoliberal student financial aids are favorable to the higher education students and America provides higher education student financial aids $250 billion per year, student debt is increasing 1.5 trillion dollars (Chopra 2013b). The American government spends huge student grants, such as Pell Grants, Cal Grants, Stafford subsidized loans with the hope of encouraging college student enrollment (Hossler & Bontreger, 2015). However, as of May 2013, total outstanding student loan debt in the United States had reached $1.2 trillion, up from $1 trillion fewer than 18 months before (Chopra 2013b). The dominating factor of total outstanding student loan debt is the interest accrued, which is influenced by delinquency, default, and income-driven repayment plans, etc. Following public outcry at these eye-popping numbers, new coalitions led political mobilizations to change both state and federal policy (Gross, 2014, and Hossler & Bontreger, 2015). In the wake of these mobilizations, multiple states froze tuition to limit future borrowing, and new federal policies have eased for repaying the existing student debts. Despite the fact, the American higher education student public and private loan policies, and repayment policies need to be overhauled in order to make the American financial aid program popular and democratic in America. In America, the higher education student enrollment policy ties with the student financial aid policy (Congress, 2017; Frenette, 2008; Grant & Stronge, 2013; and Hossler & Bontreger, 2015). The higher education student financial aid policies and services are trying to address the higher education student financial need (Frenette, 2008; Heller, 2011). The American higher education student grants and loans policies and strategies are a form of assistance available to students from low and-middle-income families, students with permanent disabilities, students with dependents, as well as part-time students in the America (Baldwin & Parkin, 2007; and Collinge, 2010; Gross, 2014; and Hossler & Bontreger, 2015). The American higher education student financial aid policies are implementing through the Federal, state/provincial government agencies and academic institutions (Baldwin & Parkin, 2007). Perception of the higher education student loans by the American students The American colleges/universities are intensively monitoring students’ financial need by students’ family incomes, merits, and other socio-economic characters (Congress, 2017; Frenette, 2008; and Hossler & Bontreger, 2015; James, 2009; Singell, 2002). They revise and improve their student financial aid programs by receiving regular feedback from their multistage agency dialogue stakeholders (Elmore & Fuhrman, 2001; Heller, 2011; Hossler & Bontreger, 2015 and Sutton, 2001) that benefit the existing and prospective students in the America (Elmore & Fuhrman, 2001; and Kirby, 2007. However, it is necessary to look at the effectiveness of the higher education student financial aid policies and strategies to the student financial aid receivers (Elmore, 1985; Elmore & Fuhrman, 2001; Sutton & Levinson, 2001; Sutton, 2001). Because many people believe the higher education is a personal, private "investment" that must be "worth it" to the student; student "aid," flexible loan repayment plans, even debt forgiveness. The student financial aids program of America make financing assistances easier; however, many policies also may "unfairly favor" certain career choices over others (Gross, 2014; and Hossler & Bontreger, 2015). Many American students find that student higher education loans are an excellent investment for their future career and are able to successfully repay their loans. However, many graduate students struggle to make loan payments. However, it is troubling when student loan borrowers’ loan balances are growing, rather than shrinking, many years after leaving college (Gross, 2014). The widespread growth of loan balances during repayment may indicate a serious problem at a college, and that problem is acute if most students at the college borrow. 77% of graduate students borrow federal and/or private loans to help pay for school expenses (Jonathan, 2018). The American full-time first-time undergraduate Federal student loan receivers 1,285,278 receive the Federal Grants $86.13 billion and the Federal higher education student loans $42.513 billion at 5.5% interest rate in 2017 (The Institute of College Access and Success in the United States (2019). Moreover, the

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