Final answer:
The Higher Education Act of 1965 made higher education accessible to students of all social classes by providing federal financial aid based on income, attendance status, and institutional cost. It has played a critical role in shaping a more equitable higher education system in the United States.
Step-by-step explanation:
The act that made higher education available to students regardless of social class is the Higher Education Act of 1965. This pivotal legislation aimed to expand educational opportunities and support financial aid for college students, ensuring that lack of financial resources would no longer be a barrier to higher education. The act established criteria based on income, attendance status (full-time or part-time), and the cost of the institution to determine eligibility for federal financial aid. Over time, the act has been renewed by the government to continue its commitment to investing in human capital and to respond to the changing landscape of higher education.
The impact of the Higher Education Act is evident in statistics from the 2011-2012 National Postsecondary Student Aid Study (NPSAS:12), where over 70% of full-time college students received some form of federal financial aid, including grants and student loans. This substantial financial backing illustrates the act's role in fostering a more egalitarian approach to higher education, whereby students from diverse backgrounds can pursue their academic and professional goals without being hindered by socioeconomic constraints.