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History - Timeline of Important Events
Harvard Establishes First Scholarship
A woman by the name of Lady Anne Radcliffe donated one hundred pounds to help less fortunate students attend Harvard. This is the first documentation of an endowed scholarship.
College Entrance Examination Board was created as a nonprofit institution to manage different standardized tests such as the SAT and PSAT. The first administration of the SAT occurred on June 23, 1926.
College Scholarship Service
The CSS was created by the College Board allowing college students to apply for financial aid. The CSS Profile gives a much closer look into the finances of the student and family.
National Defense Education Act
This program was the first federal student aid program for low-income students. The act provided aid to higher education for both public and private institutions. It provided higher education institutions with 90% of capital funds for low-interest loans for students.
NHHEAF Higher Education Loan Program (HELP)
Twenty-three students receive the first Higher Education Loan Program loan guaranteed by NHHEAF. The maximum loan amount was $500.
NHHEAF Names First Director
The NHHEAF Network Organizations name its first Director, Eleanor Provencher.
Economic Opportunity Act
Established college work-study, authorized Head Start, Upward Bound, and VISTA.
Higher Education Act
This act increased federal money given to universities and created scholarships and low-interest rates for students. It also authorized most federal student financial aid programs, including the Basic Educational Opportunity Grant Program (precursor to Pell Grant) and the Guaranteed Student Loan Program (precursor to Stafford Loan Program).
New Hampshire Charitable Foundation
The New Hampshire Charitable Foundation begins distributing aid to students in New Hampshire. Since 1972, they have distributed over $31.2 million of financial aid. They are now the largest source of independent student aid in New Hampshire.
Educational Amendments of 1972
Provided federal matching grants for state student incentive grants.
NHHEAF Student Loan Guarantees
New Hampshire Higher Education Assistance Foundation guarantees $2.7 million in student loans.
Financial Aid Form
CSS introduces the Financial Aid Form (FAF) as a replacement for the Parent’s Confidential Statement and Student’s Financial Statement. The FAF later became known as the FAFSA.
NHHEAF Names Second Director
The NHHEAF Network Organizations name Mildred L. Dustin as Director and eventual president.
Middle Income Student Assistance Act
The Middle Income Student Assistant Act expanded federal assistance programs to include middle income students by expanding eligibility for the Educational Opportunity Grant Program and eliminating income restrictions for GSL loans.
Reauthorization of the Higher Education Act
This act established Parent Loans for Undergraduate Students (PLUS loans) and also renamed the Basic Educational Opportunity Grant Program to the Pell Grant after Senator Claiborne Pell of Rhode Island.
The NHHEAF Network Organizations converts to a completely automated processing system.
Selective Service registration required for financial aid eligibility.
Alternative Loans for Parents and Students (ALPS)
ALPS, the first program of its kind, is launched, 40 ALPS loans are issued in 1983.
NHHEAF Relocates and Issues Newsletter
The NHHEAF Network Organizations relocate their offices to the historic Central Firehouse Building in Concord. The first issue of the NHHEAF Newsletter is printed providing an update on the 93 active lenders participating in the DSLP. The Montgomery GI Bill for Active Duty is introduced.
Granite State Management & Resources
Granite State Management & Resources is established, the Higher Education Act requires all loan applicants to go through the needs analysis process.
Federal Stafford Loan Program
Guaranteed Student Loan Program is renamed the Federal Stafford Loan program by Congress to honor Senator Robert Stafford of Vermont for his work on higher educations issues. NHHEAF develops a new program called Student Loans for Employees and Dependents (SLED) to help employers provide educational assistance to their employees. Dr. James Reynolds announces his retirement as Chairman of the NHHEAF Board of Trustees.
Federal Direct Loan Demonstration Program
The Federal Direct Loan Demonstration Program was first authorized by the Higher Education Amendments of 1992 as a pilot program.
Higher Education Amendment
This act required FAFSA be free, added unsubsidized Stafford loans, and eliminated PLUS loan limits. This amendment also authorized the Federal Direct Loan Demonstration Program.
New Hampshire Higher Education Loan Corporation is established. NHHEAF reports a record $52.7 million in federal guaranteed loans.
NHHEAF Resource Center
The NHHEAF Resource Center provides 15 evening seminars about financial aid during the Fall. Granite State Management & Resources has 57 employees.
NHHEAF Names New President
President Millie Dustin retires after 20 years with NHHEAF. Rene A. Drouin is named President. Sylvia Larsen introduces a bill to the NH Senate to establish a tuition savings plan for NH to give families an incentive to save for their children’s education. NH State Treasure announces the formation of the College Tuition Savings Plan Advisory whose members included state legislators, higher education officials and a representative of NHHEAF.
NHHEAF Network Initiative
Granite State Management & Resources Board of Trustees commits an annual $100,000 to sponsor the NHHEAF Network Initiative for the Advancement of Postsecondary Education.
The NHHEAF Network Organizations sponsor the first ever statewide Higher Education Summit. Destination College Conference is held at Southern NH University. The Resource for Education Expenses (TREE) replaces the ALPS program.
Low Default Rate
The US Department of Education informed NHHEAF that its 1998 cohort default rate is 2.2%, the third lowest in the country. The national cohort default rate for fiscal year 1998 is 6.9%. The second Higher Education Summit was held, The NHHEAF Network makes a $225,000 commitment towards the establishment of the Forum.
3 Barrel Court broke ground and was completed in 2002.
NHHEAF – Lowest Default Rate in Nation
New Hampshire Higher Education Assistance Foundation achieves the lowest default rate in the nation of 1.4%. Granite State Management & Resources also begins servicing loans for the Rhode Island Student Loan Authority (RISLA).
Teachers for NH
NHHELCO launched Teachers for NH loan forgiveness program.
NHHEAF Network Educational Foundation
The NHHEAF Network Educational Foundation is established with a half-million dollar endowment to fund all charitable programs previously funded through GSM&R. Center for College Planning launches NH93.com, a Web site for free online scholarship searches for NH residents. They also launched the College Equals Opportunity (CEO) early college awareness campaign featuring successful New Hampshire business leaders as advocacies for higher education. Student loan interest rates reach historic low, allowing borrowers who consolidate during the in-school period to lock in a rate of 2.88%.
COGS is Launched
NHHEAF launches the Organizations’ Claims, Origination and Guarantee System (COGS). Record attendance of over 1,300 at Destination College event held at Plymouth State University. NHHEAF partners with USNH Get Ready for College Initiative.
Higher Education Reconciliation Act
The Higher Education Reconciliation Act switches Stafford and PLUS interest rates to fixed rates of 6.8% and 8.5%, gradually reduces loan fees from 4% to 1%, added SMART grants, and allows graduate and professional students to borrow PLUS loans.
The NHHEAF Network Educational Foundation (NNEF)
The NHHEAF Network Educational Foundation awarded $275,000 in grants through the NHHEAF Network Initiative for the Advancement of Postsecondary Education. NHHEAF presents financial-guru Suze Orman to a statewide audience as a part of Borrow Responsibility default prevention campaign. Single holder rule repealed. GSM&R services loans for the Connecticut Student Loan Foundation.
As of the 2008 school year, FAFSA’s will no longer be mass distributed, the form will be online only unless there are specific requests for the paper form.
Due to the turmoil in capital markets and the inability to loan debt or issue bonds, NHHELCO decides to suspend alternative loan to focus its resources on the federal loan programs which provide criticical funding
FFEL Program Discontinued
Due to the passing of the Health Care and Education Reform Act of 2010 the Federal Family Education Loan Program (FFELP) was terminated as of July 1, 2010 and replaced solely by the Federal Direct Loan Program.
NHHEAF was awarded funds from the Department of Education's College Access Challenge Grant (CACG) to promote the importance of pursuing higher education in NH, focusing on increasing access to underrepresented youth in NH. NHHEAF launched the www.iamcollegebound.org website in February as part of this campaign.
GSM&R is awarded a contract for the servicing of federal student loans owned by the U.S. Department of Education. The five-year contract began in late April 2012.
NHHEAF celebrated its 50th anniversary of "Opening Doors of Opportunity for New Hampshire Students" during an open house in August.