Word: cents
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Dates: during 1970-1979
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...plan would require students who draw money out of the fund to pay back to the government the sum advanced plus a 50 per cent surcharge--through a 2 per cent withholding tax for each year their income exceeds $5,000. Because the loan would be paid back through the Internal Revenue Service, the bill's sponsors argue that the TAF would avoid the problems of default that have plagued past government loan programs...
...government subsidy on the 7 per cent loans means that students will not have to begin paying back the debt until nine months after graduation. Savings on interest payments could run "upwards of $1,000 on a $1,500 a year loan" Gibson said...
Gibson estimated that of the 4,000 students in the University currently receiving loans for their education, 80 per cent of those loans came from federal programs. Since all but about 5 per cent are currently subsidized by the federal government, the new law should not have much effect on those currently receiving federal assistance, Gibson said...
Additionally students whose adjusted family incomes fall below the $25,000 ceiling can only qualify for the grants if their families spend 10.5 per cent of their discretionary income on education. Previously, the discretionary income figure used to be 25 or 30 percent, Gibson said...
John P. Catalini, Boston area coordinator for Oxfam, estimated yesterday that 70 per cent of the approximately $1800 Harvard will contribute to Oxfam will go directly in Oxfam project work around the world. The remaining 30 per cent will be spent in promotional campaigns to encourage awareness of world hunger...