Word: loan
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Dates: during 1960-1969
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Harvard may submit a few request for up to $800,000 in NDEA loan funds for the current fiscal year, under an amended National Defense Education Act authorization bill which passed the Senate yesterday. The bill raised the maximum amount available to any one institution from $250,000 to $800,000, and authorized a four step increase in total expenditures from the current $90 million to $150 million in fiscal '67. A bill passed by the House earlier this year authorized annual expenditures of $135 million...
...Loan funds have a particular appeal for financial aid officers. For one thing they are repaid, so that a loan program becomes, after a while, nearly self-perpetuating; for another they do not require the large capital endowment that marks a sound scholarship fund. NDEA funds are especially attractive, because recipients who go into teaching are forgiven ten per cent of the principal for each year of pedagogy up to five years; thus the Graduate School of Education, perenially short of cash, can actually use NDEA money in place of scholarship funds...
...University added NDEA funds to its coffers for the first time last year, when the offensive provision for a disclaimer affidavit was repealed, but officials must be wondering how they ever did without. Although the last decade has seen a sharp expansion of Harvard's own loan program, from less than $80,000 to $600,000 last year, the strain of expansion had become considerable. NDEA funds have been welcome relief, and the hope of larger appropriations in 1964-65 for the scholarship office is the nearest thing to a silver lining in a sky growing cloudy with next year...
Expansion of the NDEA loan fund and raising the amount available to any one institution rest, of course, in the uncertain hands of Congress. But observers report that sentiment in Washington is more favorable now toward aid to education than at any time in recent years, and officials in the Office of Education are privately elated at the string of successes they have...
...except for the abberation of section 1001 (f), NDEA has been free from the tight supervision and bureaucratic nitpicking that can hamstring federal programs. While the money for elementary and high school curriculum reform has come from Washington, the inspiration and technique have been undeniably local. In the loan program the government has simly passed the funds on to institutions, after determining their need, and--once the stated priorities were met--left them free to allot it as they wished...