Word: loaned
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Dates: during 1970-1979
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...effort to relieve the financial squeeze on middle-income families who are not eligible for financial aid but who are still hard-hit by rising college costs, Harvard announced a new loan program this week...
...program, developed by R. Jerrold Gibson '51, director of fiscal services, and called the Parent Loan Program (PLP), allows families with incomes from $15,000 to $50,000 to spread out four years' tuition, room and board bills over a six- to eight-year period...
Gibson began working on the loan program after the admissions office feared that they were losing middle-income students to less-expensive state universities...
Knight will process the loan payments for Harvard at a "very modest cost," Gibson said, because they want the parents' insurance business. If enough parents elect to use the loan program, Knight will process the loans at "essentially no cost," Gibson said yesterday...
Gibson is also developing a loan program that could be used by other private universities to aid middle-income students. He says that the procedures the Knight company is setting up could easily be expanded to include more than one university. Gibson said he hopes that other schools will want to join Harvard if the PLP is a success next year...