Word: loan
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Dates: during 1970-1979
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...added to the surplus in state revenues, expected to amount to $5.3 billion by the end of the fiscal year, and applied to help fill the property-tax void. He proposed that $4 billion be promptly allocated to local districts and $1 billion be kept in a reserve loan fund for emergencies...
...them were never billed, because the HEW computers were not working on their cases. Says Leo Kornfeld, a former computer executive hired by Califano to clean up the mess: "If a student was in default, we had no system for detecting it. He could even take out a second loan while in default on the first loan. We wouldn't know about...
...University. A $900 scholarship from the state coupled with a $1,600 grant from HEW'S Educational Opportunities program covered more than half of the $4,370 cost. His job in the library, which he obtained through an HEW-assisted work-study program, and an HEW-financed student loan, made up the difference...
...anyone with a spare $10,000 lying around. On June 1, commercial banks began offering six-month, Government-guaranteed $10,000 savings certificates with interest equal to what the Government has to pay to large investors in order to sell six-month Treasury bills. Savings banks and savings and loan associations that market the certificates can pay as much as ¼% above the Treasury bill rate. In the past year, inflation and the ballooning federal deficit have driven that rate from...
...purpose of the new certificates ?which have been authorized jointly by the Federal Reserve, the Federal Deposit Insurance Corp. and the Federal Home Loan Bank Board?is to induce depositors to leave their savings in the bank instead of withdrawing them and investing them in bonds and in mutual funds that specialize in high-interest-bearing securities. Such withdrawals reduce the money available for housing mortgages and place a drag on the entire economy...