Word: budgeted
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Dates: during 1980-1989
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EVERYONE KNOWS that the budget deficit is killing the economy, and everyone knows that Congress is only making the deficit worse...
...Administration's proposal would cut funding for student aid by 46 percent. The cuts include a $1.2 billion reduction in the Pell Grant program as well as a change in eligibility requirements. The new budget would disqualify any student from receiving a Pell Grant whose annual family income was over $20,000. The current income limit is about $28,000. This proposed change would effectively deny aid to more than one million students...
...addition, the budget would entirely abolish a number of key student aid programs. These include Supplemental Grants, College Work-Study, Direct Loans, State Student Incentive Grants, and several graduate fellowship programs. The cuts would eliminate and additional two million federal aid awards...
...take the place of eliminated or diminished programs, the FY 1988 budget would expand the Income Contingent Loan program (ICL). Congress rejected ICL when it was proposed as part of the FY 1987 budget, but agreed to fund it at $5 million on a pilot basis. Although the results of the pilot program are not yet in, the FY 1988 budget proposes to expand ICL into a major loan program funded at $6000 milion. The Education Department claims that under ICL "financially needy students would be able to borrow large amounts of money on manageable, income-sensitive repayment terms...
Moreover, there are many who question the very premise behind ICL--the notion that students must shoulder the financial burdens of education because they are its beneficiaries. Boston University President John R. Silber, for example, vigorously attacked the Education Department's budget on these grounds in a recent New York Times editorial...