Word: loaned
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Dates: during 1990-1999
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...students whose institutions areparticipating, though, the new loan program meansthat students will no longer have to go through abank to get federal loans. Instead, the school'sfinancial aid office will handle the transactions,thus noticeably reducing the paperwork involved,she says...
Harvard was actually one of about 30 schools toact as a lender under the old loan system. Itcould loan out federal money to students, but ithad to deal with numerous intermediaries andlevels of bureaucracy at several differentcompanies...
...many Harvard student know, under the presentfederally guaranteed loan plan, repayments ofloans generally occur over 10 years at a fixedrate...
That option will still be present under thedirect loan program, but there will be addedpayment plans available...
Hicks gives this example of the progression ofa loan under the present system. "Right now astudent goes to a bank like BayBank for a loan,"she says. "If they pay it off on time things don'tget too complicated...