Student Financial Supports

Student Financial Supports

Forty million Americans have student loan debt. These citizens owe more than $1.2 trillion for their higher education. This debt has doubled over the past 7 years alone, and forty percent of these loans aren't being repaid. Something must be done to increase affordability and lower the debt burden for college students and graduates.

History of Financial Aid Videos Financial Aid Paper Series Affordability Benchmark

Student Financial Supports

Our Aim

The nation’s models of student financial support – the frameworks for how students pay for postsecondary education – are outmoded, broken; that has made higher education unaffordable for too many potential students. It is time to fundamentally rethink our national approaches to student finance to assure that resources can be used to support the success of the much larger number of students who need postsecondary credentials.

These new models need to be structured so that:

  1. college is more affordable for low-income students,
  2. the cost of college is more predictable and transparent,
  3. students and institutions have incentives to increase completion, and
  4. federal, state and institutional policies and programs are aligned.

Lumina’s aim in this strategy is to help design these new models of student financing and encourage their adoption through policy advocacy.

Our Actions

Through a combination of convenings, research and strategic grant making, Lumina has aided in the development of new financial aid models and encouraged discussion about those models.

This work is led by Lumina Strategy Director Zakiya Smith.

Strategy work

History of Financial Aid Videos »

Financial Aid Paper Series »

Affordability Benchmark »

Needs Analysis Eligibility & Simplification
Needs Analysis Eligibility & Simplification
November 28, 2014

Looking Back to Move Forward: A History of Federal Financial Aid in America, part 1 of 4

Student Financial Supports