Word: loaned
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Dates: during 1990-1999
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...Linking individual student loan repayment plans to post-graduation incomes...
...Just as the taxpayer in the United States has been asked to pay for the savings and loan fiasco, so too are Harvard alumni being asked to bail out the President and Fellows for their egregious lack of oversight in the management of Harvard's money," said one Harvard graduate who is a major contributor to the University. "This is a bailout. It's nothing more complicated than that...
Commercial banks and S&Ls confidently assure loan applicants that under federal law, qualifying for a home mortgage isn't a black-and-white issue -- it's green. Theoretically and legally, the sole criterion is whether the borrower can repay the loan. But a new nationwide survey by the Federal Reserve Board shows that in 1991 banks denied home mortgages to 37% of all black applicants but only 17% of whites. Sadly, income disparities don't account for the gap. Even among the highest income blacks, 23% of applicants were denied loans, vs. 9% for whites of comparable income...
Congress has now responded to the howls of frustrated parents with new financial-aid rules that are meant to make college more affordable to the embattled middle class. Starting last month, any family, however rich, may borrow the entire cost of college, however expensive, with low-interest government loans (though interest payments are not deferred as in other federal loan programs). Outright federal grants will still be scaled to financial need, but home equity and family farms no longer count as part of a household's assets, which means more middle-class families will qualify...
...problem is the law of unintended consequences; if it is easier to get a loan, colleges may feel free to raise their tuitions even higher. Wealthy parents will be able to borrow at bargain rates. Poorer parents, meanwhile, may be tempted to borrow more than they ever expect to repay; the default rate on government-backed loans is roughly 22% and bound to rise. As for outright federal grants, many more families will be eligible. But Congress has not set aside enough money to cover everyone and so is cutting the maximum grant amount. Neither the states nor the colleges...