In fall of 1965 at a SWASFAA meeting held in Hot Springs at the Velda Rose Hotel a discussion was held that determined that the Deans of Students and Business Managers were acting in a dual capacity as Deans and Financial Aid Directors at this time. In light of these discussions, by 1966, some colleges had begun to hire personnel as financial aid administrators to handle the programs that were created by the higher education act of 1965. The Deans and Business managers called this group, Arkansas Student Financial Aid Administrators, which closely resembles the current name Arkansas Association of Student Financial Aid Administrators.
This name first appeared on a list of attendees at a meeting conducted at the University of Arkansas Medical Center, which was chaired by Stanley Reed, Dean of Students. He served as chairman of this group for a year, then relinquishing his position to Colonel Simpson at the University of Arkansas, whose title was Director of Financial Aid. It is believed that Colonel Simpson, who was a retired Army Colonel, was the first Financial Aid Officer in the state.
Lee Schilling, Dean of Students at Hendrix College was elected Chair of the Executive Committee for the year 1966-1967. At the first meeting of this newly formed executive council in August of 1966; Gene Miller with the Department of Education was invited to discuss the current status of the various student financial aid programs, which had been created by the Higher Education Act of 1965.
It was determined at this meeting in August of 1966 to begin planning of a statewide meeting to be held in October of 1966 at the Medical Center to discuss the financial aid programs and how to administer these programs to the state of Arkansas. Thus was formed the current organization of AASFAA and the first official meeting was held on October 26, 1966 in Little Rock, Arkansas.