Word: loaned
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Dates: during 1990-1999
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Basically, the student loan program used to be rather inefficient. The federal government would guarantee student loans made by banks, who enjoyed a generous subsidy and often ignored defaults because they were insured by Uncle Sam. Also, this system generated a great amount of paperwork for colleges and students...
...President Clinton's few good ideas was to reform this wasteful system. His direct student lending program eliminated many of the problematic aspects of student loans. Instead of going through banks, the federal government would loan money directly to students. The government's repayment schedules were far more flexible, and colleges and students bypassed the administrative headaches of dealing with banks. Also, budget estimates projected that the government would save billions by switching to direct student lending...
...competition was not what these bankers wanted--competition would destroy their monopoly on the lucrative student loan market. They quickly began to mount a campaign against direct student lending. One of their attempts to defeat the new system was to turn public opinion against it. This was done by sponsoring intentionally biased polls and placing dishonest editorials in newspapers such as The Washington Times. One of the most distorted polls was conducted by Frank Luntz, a conservative pollster with a history of ethical bankruptcy...
After the hangings, the World Bank canceled a $100 million loan to Nigeria. Supporters of Saro-Wiwa are calling for a boycott of Nigerian oil, half of which is exported to the United States. Harvard should join the rest of the world in giving Nigeria's military leaders a clear financial incentive to respect human rights...
...approve the loan, but undaunted, Ptashne says he sold shares in the violin to friends, which put him "way into debt...