Word: loan
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Dates: during 1960-1969
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Because the neediest students would not be able to negotiate their own loans, the financial aid resources of many colleges would be severely strained. Harvard, with its enormous private loan funds, could stand by its students, but many small private colleges depend completely on NDEA money. Colleges like Radcliffe could no longer afford to admit great numbers of students with financial need. Northeastern, Boston University, and other colleges whose enrollments are drawn from lower-income families, would find that many of their students simply could no longer afford higher education...
...administering the guaranteed loan program, colleges would be caught in snarls of paper work, trying to gather financial information from thousands of banks across the country before determining students' needs and resources. The visions of this jungle have turned administrators, at least at Harvard, against the plan. They think it would be simply unworkable...
...that the proposed revisions would be more expensive than the present plan. Under the NDEA, the government is the banker; students get 90 per cent of their money from the government--the colleges put up the rest--and they repay the full amount after graduation. But under the guaranteed loan plan, the government would be subsidizing the interest on student loans and that money, paid to private banks or lending agencies, would never be returned to the government...
...guaranteed loan program originated in the Higher Education Act of 1965, but was designed to give aid to "middle-income" families--too wealthy to qualify for aid from ordinary loan programs but not wealthy enough to finance college education without a hefty strain. It ought to be used for this and this alone...
Guaranteed loans are simply not appropriate for the country's neediest college students, those whose families will be unable to negotiate loans privately; NDEA loans are easily accessible to the poorest. College administrators envision a two-headed federal loan program; they would like to retain National Defense loans, on a much smaller basis, and also establish a guaranteed loan program for middle-income families. If Congress wants to make the best--and today that unfortunately means the most costly--higher education available to rich and poor, it will follow the college's advice...