The purpose of the Higher Education act of 1965 was to make post-secondary education more accessible financially. It created more opportunities for students studying in college and university to obtain financial assistance through new scholarships and low-interest loans. It also supported the institutions themselves by increasing the dollar amount of government funds available to institutions.
Since 1965 several changes and additions have been made to the act. As of 1998, persons convicted of drug related crimes are ineligible to receive government financial assistance, and in 2003, the funding available to institutions was increased and the mandatory grace period regulated when institutions could ask for more loan money was waived making it easier for institutions to grant more loans.
The effect has been overwhelmingly positive with a gradual increase in enrolment and graduates exiting the post-secondary system in the United States.