Final answer:
To qualify for the tuition and expense deduction, a student must be enrolled at least half time. The Higher Education Act of 1965 set the basis for determining financial aid eligibility, which includes the level of attendance. With rising tuition cost, financial aid programs have expanded to support education accessibility.
Step-by-step explanation:
In order to be eligible for the qualified tuition and related expense deduction, a qualifying student must be enrolled at least half time in a postsecondary educational institution. The Higher Education Act of 1965 aimed to increase educational opportunities, thereby laying the foundation for various forms of federal financial aid. Attendance, whether full-time or part-time, is one of the main criteria for eligibility, in addition to income and the cost of the institution. The availability of financial aid, like grants and student loans, has become more critical as the costs for tuition and fees continue to rise.
It is important to note that with increasing tuition costs, the financial aid budget has also increased to accommodate more enrolled students. Furthermore, to maintain financial aid eligibility, students must make satisfactory academic progress and submit FAFSA® forms annually.