Word: bank
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Dates: during 1960-1969
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...major effect of the 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...
Advocates of "free tuition" have denounced the plan because it would make student indebtedness a permanent feature of their higher education. Supporters of the Bank are not worried by this charge. College graduates receive much higher salaries than people with less education, so they can be expected to pay part of the cost, By basing re-payment on a borrower's income, the Zaccharias plan in theory charges each participant in direct proportion to the financial benefits which his education gives...
Nevertheless, sentiment for free tuition is not completely unfounded. Society also benefits if its electorate and labor force are well educated, and it has a vital interest in helping maintain its educational institutions. The second question uncovers the greatest trouble with the Zaccharias plan: the Bank might serve to excuse the nation from its responsibility to educate its citizens...
...soar. Kingman Brewster, president of Yale, estimates that his operating budget will climb from 89 million dollars to 206 milion dollars by 1976 without a change in enrollment. At present, no one foresees any significant increase in public or private aid to cover these rising costs. If the Bank loans were generally available, Congress and wealthy donors might even feel justified in reducing the present level of their aid. Since the Zaccharias plan assures that every student can finance his education regardless of its cost, colleges would probably raise student charges to incredibly high levels to pay for the vast...