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Master-Student Financial Assistance Agreement.

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Master-Student Financial Assistance Agreement.

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Abstract
This paper discusses the master-Student Financial Assistance Agreement as a regulation for higher education activities. The paper provides a detailed description of the law and how it affects students pursuing higher education in various faculties. Besides, the paper presents an analysis and purpose of the requirement of the law. It also suggests the appropriate training institutions where the law can be effectively applied. Finally, the paper proposes the stakeholders impacted by the requirement of the law. The paper then ends with conclusion which provides a summary of the main issues raised in the paper.
Keywords: Stakeholders, Financial Aid, Agreement, Institutions of Higher Education.

Introduction
Most students in institutions of higher learning especially full-time students spent most of their time in classes and may not have sufficient time to engage in income generating activities. However, these students need funds to meet their daily requirements which can only be achieved through financial aid programs. According to the handbook for Financial Aid Officers, the concept of financial aid started long ago where it involved the students getting assistance from a benefactor. The assistance included tuition fees and borrowing books and a room to study. Financial aid has since then developed to date where it is now complex and involves the state, federal and the institutional regulations governing the offered programs.
Financial aid offers should stay informed with the current regulations and must have a better understanding of the idea of financial assistance and how it implicitly affects the ability of the student to access education. Hence, there should be a better understanding and good relationship between financial aid offers at the students in institutions of higher learning. The relationship can be achieved by the Master-Student Financial Assistance Agreement regulation which is available in most countries worldwide.
Overview of the Master-Student Financial Assistance Agreement regulation. The Master-Student Financial Assistance Agreement regulation includes two loan agreements between the students and financial aid officers. The second agreement is between the student and the ministry for higher education. The contract involves the student agreeing to pay his or her total balance of the outstanding Loan as stipulated by the terms and conditions of the Student Financial Assistance Agreement. The students must also certify that all information provided in the application form is true and free from dishonest. Terms and conditions of the agreement are subject to change depending on the prevailing economic conditions of the state. Master-Student Financial Assistance Agreement requirement was established by ministry of higher education and managed by the board of Loans for higher education. Master-Student Financial Assistance Agreement law requires that, all the financially needy undergraduate students be given loans to pursue their careers. The law however requires the needy students to submit all their details with total trust before they are given access to the loans. The main aim of the law was to ensure that all the needy students who qualify for higher education courses make it to the university. Some institutions of higher learning charge considerably large amount of tuition fees. This might hinder some students with financial challenges from enrolling into the universities though they had qualified. Financial aid therefore provides funds to students in form of tuition fees loan, maintenance grants, special support and extra help grants to help them meet all their academic requirements. The Master-Student Financial Assistance agreement was also established to protect the financial aid offers from loan defaulters. Some students may opt not to repay the loans upon completion of their courses. However, the law is legally binding and ensures that the students submit their relevant information necessary for them to be tracked in case they fail to pay the loans. The law therefore guarantees those offering the financial aid that the students will pay the loans once they complete their courses. The law was enacted after the number drop outs from the high learning institutions was reported to be gradually increasing. A commission was formed to probe the underlying cause and the findings revealed that about 94 percent of drop outs were associated with students suffering financial crisis. The ministry then passed the law in order to attract more financial aiders. Cases of loan defaulters among the graduates were also reported to be increasing every year. To mitigate this, the board had to enact this law which required the student to submit all the details that can lead to his tracking before he was given the loan. The Master-Student Financial Assistance agreement applies to both private and public institutions. It is also applicable to both two-year and four-year courses. However, the law does not apply to nonprofit institutions because these institutions are considered to charge smaller amounts of fees which the student or his parent can afford to raise. The law of Master Student Financial Assistance agreement is limited to universities and it is not applicable to colleges. It is believed that expenses incurred by college students are relatively lower hence there is no need for financial aid.
Stakeholders in the law of Master-Student Financial Assistance agreement include, but are not limited to; students, parents, guarantors, financial aid offers, university management, and lawmakers. The paragraph below provides a brief description of each of these stakeholders. Students and the financial aid offers are the main stakeholders in the law since all the rules of the law revolve around them. Students obtain financial help from the financial assistants with a view of repaying the money upon completion of the courses. On the other hand, the financial assistants claim repayment of the money lent to students along with an interest. University management has a responsibility to verify that the loan applicants are bona fide students. Guarantors assure the financial assistants that they will pay the loan in case the student defaults. Lawmakers and parents proves to the financial aid offers that the student is eligible for loan and that his request should be considered.
Conclusion
Financial constraint is the major factor affecting students in the institutions of higher education. Students need funds to pay tuition fees and meet other daily expenses. The law of Master Student Financial Assistance agreement will help students gain access to financial services and their by improve their living standards and academic performance.

References.
Kramer, G. L., & Swing, R. L. (2010). Higher education assessments: Leadership matters. Lanham, Md: Rowman & Littlefield Publishers.
Westerheijden, D. F., Stensaker, B., & Rosa, M. J. (2007). Quality assurance in higher education: Trends in regulation, translation and transformation. Dordrecht: Springer.
Nichols, James O. (1995) A Practitioner’s Handbook for Institutional Effectiveness and Student Outcomes Assessment Implementation. 3rd Edition, New York, Agathon Press.

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