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Arkansas Associationof Student FinancialAid Administrators AASFAA is dedicated to promotingthe professional preparationeffectiveness training recognition andassociation of student financial aidadministrators in Arkansas. Who is AASFAA. 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 continue reading AboutAASFAA AASFAAMembers High SchoolCounselors Students Parents Well Be There For You.