Word: loan
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Dates: during 1960-1969
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...higher learning," the budget does not provide a substantial increase in student aid. The U.S. Office of Education will receive an additional 112 million dollars to help students, but Johnson wants more than half of this increase to be used for interest and other payments under his "guaranteed loan program." Frugal congressmen may ignore the President's recommendation that banks receive a service charge of 35 dollars for the cost of paper work involved in administering the plan, since it seems unlikely that Congress will want to appear to be covering banking interests. The rest of Johnson's proposed increase...
...federal programs have not been able to provide massive assistance to students. Since almost all of the current measures must rely on Congressional appropriations for funds, they have been kept relatively small--total aid appropriations for this academic year barely reach one billion dollars. One major plan, the guaranteed loan program passed in 1965, was instituted in an effort to turn from government appropriations to private lending agencies, but its performance has disappointed those who saw it as an alternative to endless government grants. High-interest rates in the past two years have made it difficult for students to persuade...
Both the older NDEA loan program, which is funded by the government, and the guaranteed loan program limit the amount that can be borrowed and require that it be re-paid in ten years or less. Without these limitations, compound interest charges would make re-payment almost impossible...
...repayment provisions would make the Zaccharias plan much more attractive than other loan programs. Interest rates would not influence the payment schedule, so a student could borrow as much as he needed. Having repayment tailored to income would also free a borrower from the compulsion to enter a high-paying job in order to pay off his loan and accumulated interest charges as quickly as possible. A borrower's obligation to the Bank would end at his death instead of being passed on to his estate...
...family can afford a more expensive university, his parents often urge him to enroll in a public college or in one which offers him the most financial aid. With the favorable terms available at the Bank, a student will be able to make up these differences with a small loan...