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Guaranteed Student Loan

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Guaranteed Student Loan
The Higher Education Act (HEA) of 1965 authorized the foundation of the Guaranteed Student Loan (GSL) program and a federal need-based educational grant program, which thereby established the role of the federal government in facilitating students’ financial access to postsecondary education (Zumeta, Breneman, Callan, & Finney, 2012). Initially eligibility to participate in the GSL program was based on students’ demonstrated financial need, however a 1972 HEA modification eliminated income requirements, an act in response to rising tuition rates and growing concern about college affordability for the middle class (Zumeta, Breneman, Callan, & Finney, 2012). However, these concern over the cost of postsecondary education prevailed throughout
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