Word: loaning
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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...
...commend Harvard for its leadership insupporting the move to direct lending and inpioneering the new programs on campus," thestatement says. "Students will benefit directlyand immediately from lower loan fees, reducedinterest rates, flexible repayment options andsimplified applications...
Under the new system, all financial processingdone at the school itself, using data managementsoftware provided by the Department of Education.Once the loan has been completed, according toHicks, the money should be transferred into thestudents' accounts within three days. Under theold systems, students were forced to wait severalweeks...
Part of the reason Harvard pushed for theprogram was that it had experience in dealingdirectly with the government on loans through theold Perkins Loan Program, Hicks says. Workingunder that program, University officials saw thateliminating secondary institutions eased the loanprocess...