Word: bank
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Dates: during 1960-1969
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Gleason and others who support the Bank deny that shifting many of these costs to students will by-pass society or hurt borrowers. They point out that the country would still pay in real terms by diverting resources from production to education. They predict that a student who borrowed money to meet his huge expenses would be able to push up his salary to compensate for the large amounts he would owe the Bank...
...money terms, though, it would be the students who would pay for their education, and it is unlikely that many of them would have sufficient market power to force their incomes to such high levels that they would not mind sending a great deal of money to the Bank each year...
...immediate passage of the program are dim. The Administration wants to delay new domestic expenditures until the war in Vietnam ends. The President's Science Advisor, Donald F. Hornig, refused to endorse the plan when he presented it to newsmen. Zaccharias had reported that his committee wanted the Bank plan "pressed and pressed to completion," but Hornig stressed that "we are not proposing establishment of the Bank. We are releasing the proposal as an idea that has to be shaped by public discussion...
...next few years pressure for massive federal assistance to students is certain to increase. The Zaccharias proposal for a Bank is the most efficient way of providing this aid yet devised. Despite the Administration's caution and the opposition from the large public universities, it seems likely that the Zaccharias plan will eventually be enacted...
Besides helping individual students with their choice of college, the Bank would reinforce currently strong aid programs at the high-cost colleges like Harvard, which is already searching for new ways to help students meet their bills. If it is coupled with increased public and private aid to universities, the Bank can present one long-term answer to the financial problems besetting higher education...