Word: loan
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Dates: during 1960-1969
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...Harvard Glee Club may be forced to seek a commercial loan, possibly as large as $18,000, to finance a tour of nine Asian and European countries with the Radcliffe Choral Society this summer...
Edwin M. Goodhue '67, manager of the Asia Tour, said yesterday that a decision on whether to request the loan or cancel the tour entirely would not be made until January. The final decision will depend on how large a loan would be needed to cover the deficit, he added...
...decision to replace the successful National Defense Education Act loans with GILP was made at the urging of Bureau of the Budget officials, who sought to erase the $190 million capital expenditure needed each year for NDEA. The specific form of the new loan system was dictated chiefly by a small private corporation in what has to be one of the smoothest power-grabs in years...
Despite a tiny staff, United Student Aid Funds (USAF) has been the largest private loan guaranteeing firm in the nation since its formation in 1961. When the government first hinted several years ago that it might shift the loan program to private firms, USAF lobbied hard and successfully to have the new program run through the states -- thus giving itself a chance to offer its services to any state that did not have a going loan guaranteeing service. In 30 states, it has managed to become the major administrator of GILP, using federal funds as collateral behind student loans...
...make GILP viable the federal government will have to take back some of the power it rashly signed away. It will have to establish a federal agency to lend money to those denied it because of discrimination, and it will have to institute a need clause in the loan application so that the poorest credit risks will be given priority. In the meantime President Johnson should press the new Congress to pass a bill making $30 million available to the colleges for present loan needs, easing the financial pinch until permanent changes can be made...