Word: loaned
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That would seem to be a fantastic turn of events, transforming microfinance institutions into more sophisticated operations that can reach millions more people. In the dusty Indian village of Veeravelly, in the state of Andhra Pradesh, for example, loans from SKS Microfinance have led to a spate of small businesses and, in turn, money for onetime luxuries like refrigerators and solid roofs. A more competitive, more developed industry means lower loan rates and new services like savings accounts, mortgages and insurance. "Clients are coming into our offices and saying, 'O.K., if I go to another microfinance institution...
This year SKS plans to reach 4 million customers like those in the village of Veeravelly, who have been using loans for projects like buying buffalo and opening a welding shop. "Unless we have capital markets interested in microfinance, there's no way we could get to that many borrowers," says Akula. A deal in which Citigroup will buy $44 million in loans off SKS's books, for instance, is expected to help SKS reach 200,000 people across 7,000 villages. Among the beneficiaries are women like Parajata, a widow in Veeravelly who was working as a day laborer...
Despite these shortcomings, the central administration has excelled in one notable area this year: financial aid. Most remarkable was the December expansion of financial aid, which eliminated loan-based aid in favor of grants, stopped including home equity in loan calculations, and guaranteed that families making from $120,000 to $180,000 would pay only 10 percent of their income to send a child to college. This program will benefit students as well as the university as a whole, allowing it to recruit and admit students that would be otherwise unable to attend. The trend toward expansion of financial...
...serious roadblock to this mission stems from the structure of the private student loan industry. The common practice of private loan corporations entering into partnerships with universities to be listed as “preferred lenders” has a deleterious impact on students. This year, the Department of Education issued new federal rules aimed at curtailing financial exploitation. Though these new policies were well intentioned, they were also more lenient than many state regulations already in place. The federal intervention could weaken current state laws and undo the accomplishments of New York State Attorney General Andrew M. Cuomo...
...eventual removal of Craigie Arms from the rent control roster did not have the feared negative impact on affordable housing in Cambridge, since the University invested much of the profit from the sale of the apartments in 1985 to the Harvard Emergency Loan Program (HELP) fund, a half million-dollar program designed to rehabilitate deteriorated low-income housing...