The purposes, accomplishments, and future of the Higher Education Act are considered in hearings of the U.S. House of Representatives. A brief history of the Higher Education Act over the 20 years since its inception in 1965 is traced, and the role of the federal government in higher education is addressed. The centerpiece of the legislation was an educational opportunity grant for students of exceptional financial need. The law also created a new program of federally guaranteed and subsidized commercial loans to students from low- and middle-income families. Other titles in the act authorized grants to college libraries, aid to developing institutions, and expansion of the 1963 construction grant programs. As the Higher Education Act is being reauthorized, the Reagan Administration is proposing funding cuts for higher education, restricted access to Pell Grants, caps on eligibility for guaranteed student loans at various income levels, and elimination of other programs such as aid for libraries. The success of the Higher Education Act in providing access to the disadvantaged is noted, and other provisions of the act are also considered, including international education and graduate education. Financial aid to students at private career colleges and schools is also addressed. The text of House Concurrent Resolution 207 is appended. (SW)