Word: loaning
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...legislation has sparked protest from higher education advocacy groups because student loan programs face a net cut of approximately $12 billion, which accounts for nearly a third of the $39 billion reduction in federal spending...
...Reiterating the views of many in the higher education community, Day, the Harvard official, said in an interview last month that money cut from certain aspects of the student loan program should have gone to fund education initiatives—not toward deficit reduction or other measures such as tax cuts...
...We’re disappointed that the Congress has voted to take significant resources out of the student loan program, particularly when there is increasing recognition of the connection between higher education and our nation’s global competitiveness,” said Association of American Universities spokesman Barry Toiv...
...total, the legislation cuts over $20 billion from student loan programs, but it also provides $8 billion for new programs that will benefit some students, Day said...
...Starting in 2007, federal loan limits increase from $2,625 to $3,500 for college freshmen and from $3,500 to $4,500 for sophomores...