Word: aids
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Dates: during 1960-1969
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Both parents and universities have been pressing Congress to adopt a comprehensive student aid program like the Zaccharias proposal. Educational costs have been rising at an average rate of five per cent a year, so even middle-income families have been compelled to seek financial aid. Harvard estimates that a typical family with three children will ask for assistance at an income level of $16,000; New York's Board of Regents says that a family with two children needs a net salary of $9,000 to support a student who commutes to a public college. And as costs continue...
Attention has been turning to new proposals because existing federal programs have not been able to provide massive assistance to students. Since almost all of the current measures must rely on Congressional appropriations for funds, they have been kept relatively small--total aid appropriations for this academic year barely reach one billion dollars. One major plan, the guaranteed loan program passed in 1965, was instituted in an effort to turn from government appropriations to private lending agencies, but its performance has disappointed those who saw it as an alternative to endless government grants. High-interest rates in the past...
Unlike the other plans, the Bank would provide a comprehensive solution to the problem of aiding students. For the first time, a student from a low-income family would be guaranteed that he could find enough assistance to finance a college education. In order to reduce the amount an exceptionally needy student must borrow, the Zaccharias committee will probably recommend direct federal aid for families in the lower income levels...
...Bank will be to enable any student to pay his expenses at any college which accepts him. Even when a student's family can afford a more expensive university, his parents often urge him to enroll in a public college or in one which offers him the most financial aid. With the favorable terms available at the Bank, a student will be able to make up these differences with a small loan...
From the student's point of view, the Bank would represent a new source of freedom. Assured of an alternative to total dependence on his parents or college aid program, he could assume greater responsibility for his education. Andrew M. Gleason, professor of Mathematics and a member of the Zaccharias committee, hopes that this independence would make administrators of large universities "more responsive to student desires." He argues that administrators of state universities can ignore student opinion because the vast majority of students are "locked in" by the low fees and cannot afford to attend another institution. With Bank loans...