Word: loaned
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Dates: during 1970-1979
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Last year administrators took one step towards a more economically balanced student body. After the number of students in the $20,000 to $35,000 income range declined, Harvard instituted a parent loan plan. The plan enables students who do not qualify for financial aid to stretch out tuition payments over an eight year period, paying an interest rate on the loans below the 12 per cent commercial rate...
...lowest rate was offered by a Pasadena savings and loan. If the salesman had $2,000 or more in a savings account, he could borrow on his passbook and pay 1 % more in interest on his loan than he received in interest on his savings. The high-end 22% rate was quoted by a finance company in Los Angeles. Some rates in between...
...generally lend to a salesman-member at 12% annually. But if he belonged to Polaroid Corp.'s credit union, an annual refund of interest would reduce the real rate to 9.6%. Payments: about $80 a month for three years. BANKS offered strikingly varied terms on a straight installment loan. In Boston, National Shawmut Bank would lend at 14% per year for 24 months (monthly payment: $96.02). First National Bank of Boston would offer a "revolving line of credit" with an indefinite repayment period and charge interest of 18% annually on the first $500 of unpaid balance...
FINANCE COMPANIES charged the highest rates. Typically, Household Finance Corp. would demand 18% annually on a 30-month loan. Monthly payment...
...happy thought for the salesman: though his loan would be unsecured-since a vacation cannot be foreclosed or repossessed-he would have little trouble getting it. Only one lender, People's Finance Co. of Somerville, Mass., expressed reluctance. If the salesman were salaried, he would get $1,000-the company's maximum to anybody-at 18% interest. If he worked on commission, Manager Edmund Naddaff would turn him down flat. Why? Like many people in the business, Naddaff has his own intriguing theory: a commission salesman, he says, is likely to be "manic-depressive as a person...