Wednesday, October 21, is Financial Aid Day, a nationwide celebration recognizing the professionals who help students navigate the financial aid process and make higher education more accessible. At Southern Maine Community College (SMCC), it’s also an opportunity to highlight the history of financial aid, share some interesting facts and remind students that help is always available.
Financial aid has helped generations of students pursue their educational goals, and its modern history dates back more than 60 years.
Celebrated annually on the third Wednesday in October, Financial Aid Day recognizes the dedicated professionals who help students and families understand their options, access available resources and overcome financial barriers to higher education.
At SMCC, our Financial Aid team works with students throughout their educational journeys, helping them understand the application process, explore funding opportunities and make informed decisions about paying for college.
Financial aid facts: Did you know?
Financial aid started with a big promise. In 1965, President Lyndon B. Johnson signed the Higher Education Act at his own alma mater, Southwest Texas State College (now Texas State University). He called it a door opening for young people across America.
Source: LBJ Presidential Library, Higher Education Act
College enrollment has more than tripled since the HEA. About 5.9 million students were enrolled in degree-granting colleges and universities in fall 1965. By fall 2023, it was roughly 19 million. Among recent high school graduates, about 63% enrolled in college right away in 2024, up from 49% in 1980.
Sources: NCES Digest of Education Statistics, Table 303.10 (1965 enrollment); NCES Condition of Education 2025 (fall 2023 enrollment: 15.8M undergraduate + 3.2M postbaccalaureate); NCES, immediate transition to college (49% in 1980); BLS, College Enrollment and Work Activity of Recent High School and College Graduates, 2024 (62.8% in Oct. 2024)
The Pell Grant has been helping students since 1972. It began as the “Basic Educational Opportunity Grant” and was renamed in 1980 for Senator Claiborne Pell, who said Pell Grants were his greatest achievement. It served about 170,000 students in its first year.
Source: Community College Daily, How Pell grants got started
Pell Grants are gift aid. In general they don’t have to be repaid. For 2026-27, awards range from $740 to $7,395 a year.
Source: Federal Student Aid, 2026-27 Pell Grant Maximum and Minimum Award Amounts
The FAFSA is faster than it used to be. It now has a maximum of 36 questions, down from 108, and your tax info can transfer in directly from the IRS.
Sources: Ithaca College, 2024-25 FAFSA Simplification; Panther Now, FAFSA Adjustments
You can send your FAFSA to up to 20 schools. The old limit was 10.
Source: Panther Now, FAFSA Adjustments
The FAFSA is free, needs to be completed every year, and available in 11 languages. Charging a fee to complete it is prohibited.
Source: MEFA, FAFSA Simplification
Pell can support you for up to six years. Eligible students can generally receive Pell Grant funds for up to 600% of a full award, the equivalent of six full-time years of college.
Source: Stony Brook University, Federal Pell Grant
At SMCC, we’re here to help
Financial aid can make a significant difference in a student’s ability to begin, continue or complete their education.
SMCC is committed to helping students and families explore affordable ways to pay for college. Financial aid may help cover more than tuition and fees, including books, supplies, housing, meals and transportation.
The College’s Financial Aid Office works with students to navigate the application process, understand their eligibility and explore available funding options, including grants, scholarships, loans and student employment opportunities.
Whether you’re applying for financial aid for the first time, renewing your FAFSA or trying to understand your financial aid offer, our team is here to answer your questions and help you take the next step.
Students can learn more at www.smccME.edu/financialaid or log in to MySMCC and select My Finances & Aid to access financial aid information and resources.
This Financial Aid Day, SMCC recognizes and thanks its Financial Aid team for the important work they do every day to help students overcome financial barriers and achieve their educational goals.