Word: loan
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Dates: during 1970-1979
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...grant at each income level. The plan also adds more funds to the Supplemental Educational Opportunity Grant (SEOG), which is distributed to students by individual colleges, and to the College Work Study Program, which provides federally-subsidized jobs for college students. Finally, the plan would liberalize the Guaranteed Student Loan Program so that all students would be eligible for federally-subsidized low-interest loans no matter what their income level...
...Jerrold Gibson '51, director of the University's office of fiscal services, says the Opportunity Act would benefit Harvard students more than the tax credit because students at high-cost schools like Harvard are more apt to borrow money to finance their tuition payments and therefore need the expanded loan program. Also, a $500 tax credit hardly makes a dent in a Harvard term-bill whereas the different grant and loan programs can provide more meaningful amounts of aid for those students eligible...
Gibson says "some of the bloom is off the rose of the tax credit" as a result of a recent Roper Organization survey that shows that given a choice between expanded grant and loan programs and tuition tax credits, people prefered the expanded programs. A New York Times-CBS poll and a Gallup poll show, however, that the tax credit is more popular than expanded grants programs...
Radcliffe also suffered a 45 per cent cut in its federal grant for the National Guaranteed Student Loan program which provides federally-subsidized loans to students at an interest rate of only 3 per cent. This mix-up stemmed from the academic year 1976-77 when NGSL funds were denied to freshmen men so Harvard would have enough NDSL funds to continue the low-interest loans to upperclassmen. Radcliffe had plenty of NDSL money for all undergraduate women, but a number of freshmen women thought they too were ineligible and did not apply for the loans. When...
...cost of a conventional mortgage. Engineer John Passarello, 24, and his wife, a secretary, saved for a year to get a down payment for a $45,000, two-bedroom house on the city's South Side, but were unable to find regular financing under 10.1%. The city-backed loan, Passarello says, "will make the difference between having to scrimp and being able to enjoy our new home...