Word: loaned
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Dates: during 1990-1999
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Under the new plan, aid recipients will have to complete less paperwork as the entire loan will be handled through college financial aid offices. Students will also be able to borrow at lower interest rates than before...
Under the old system, Harvard acted as a lender for some of its students But the process also included outside lenders such as banks and loan guaranteeing agencies...
Recognizing that direct lending would cause them to lose profits, the banks and loan guaranteeing agencies fought the change. But the plan passed over their objections...
...Student Loan Reform...
...streamlined loan system is part of the Student Loan Reform Act passed last August, which also allows students to receive lower interest rates and increases payment options available to them...