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...Dukakis FY '90 budget is contingent upon legislative approval of a two-year $735 million tax increase requested by the administration. Many legislators have called for further spending cuts rather than a tax hike...
Federal Funding For Major Student Aid Programs (In millions of dollars) Appropriation FY 1988 Appropriation FY 1989 Proposed FY 1990 Pell Grants 4260.4 4483.9 4740.0 Guaranteed Student Loans (GSL) 2565.0 3174.4 2962.5 Work-Study 588.2 610.1 610.1 Supplemental Grants 408.4 438.0 452.9 Perkins Loans 210.6 205.5 22.0 Income Contingent Loans...
...FY 1988 budget proposal calls for a reversal of this trend. They would eliminate many of the established sources of financial aid, replacing them with an unsubsidized loan program that would force students to incur exorbitantly high debt levels in order to finance their education. The Reagan Administration attempts to justify this proposed change with the assertion that students, as the beneficiaries of a college education, should shoulder the major financial responsibility themselves...
...GUARANTEED Student Loan Program would continue, but it would be cut 61 percent, from $3 billion in FY 1987 to $1.2 billion in FY 1988. Ending the federal subsidy of in-school interests and substituting a nine percent "guarantee fee" for the current five percent origination fee would increase costs to borrowers. Meanwhile, new caps on interest rates would make the program less attractive to lending institutions and might induce them to end their participation altogether...
...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...