Word: borrow
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Dates: during 1980-1989
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...only if they suffer from a disability or a hardship, which the IRS has traditionally interpreted to mean something as serious as costly medical expenses. They must also pay a 10% penalty to retrieve their funds. One way to withdraw the money without paying the penalty is to borrow against one's 401(k) savings. But employees must pay market-rate interest (currently about 9%) and repay the loan within five to ten years...
Public Service skirted bankruptcy in 1984 and had to halt Seabrook construction for three months until the state Supreme Court let it borrow $425 million, the largest utility financing deal in U.S. history...
...should improve the public school system by opening it up to competition," said DuPont. "Give families a choice of where to send their kids." He also said his father supports a system of federal aid to college students under which "anyone could borrow the money to go wherever they want...
Another passenger said he did not borrow from the shelf because "I like to own books." He said he would want to keep the books, if he took them to read during his commute...
...downturn in personal saving comes at a time when the Federal Government is doing even worse, running budget deficits that have totaled nearly $1.3 trillion so far during the 1980s. Result: America's pool of savings is inadequate for the country's investment needs, forcing the U.S. to borrow more and more money from abroad. America's net foreign debt, nonexistent only three years ago, is expected to jump from $264 billion in December 1986 to more than $400 billion by the end of this month. Says Sheila Tschinkel, director of research for the Federal Reserve Bank of Atlanta: "What...