Word: loans
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Dates: during 1970-1979
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Harvard recently implemented the Parent Loan Plan (PLP) which enables parents whose incomes range from $15,000 to $50,000 to pay tuition in monthly installments over eight years. First offered to the Class of '80, the program has helped to increase the percentage of middle income students who come to Harvard after being accepted...
...bill also adds money to the Supplementary Education Opportunity Grant program (SEOG) funds that individual schools would allocate mostly to middle income students. The College Work-Study Program would get an extra $50-70 million and the Guaranteed Student Loan Program would be increased so that all students would be eligible for federally subsidized low-interest loans no matter what their income level...
When the student aid supporters say two parallel bureaucracies would be wasteful, the tax credit backers answer that leaving the job to one bureaucracy is worse--considering that bureaucracy is the Department of Health, Education and Welfare (HEW). Roth's aides cite the Guaranteed Student Loan Program as an example of a bureaucracy at its worse. Calling the program "the worst administered program in the government," one aide says that one in every six loans granted under the program now stands in default, and 316 people who have defaulted on their loans work within HEW itself. The aide also says...
...hurt by increasing funding for middle income students. If the budget were to need tightening somewhere in the future, Congress would be more likely to authorize and across-the-board cut in funding for these programs rather than graduating the cuts according to income. Also, the open eligibility for loan subsidies would put low income students into competition with a larger group of people for the same money, and may make borrowing harder for those who need it most...
Harvard, of course, has an interest in which bill passes and is lending its voice, along with those of other expensive schools, to support the student aid bill. Gibson says the increased funding for the SEOG program and the Guaranteed Student Loans are particularly helpful for students in such schools. The BEOG has a maximum grant and is not affected by the cost of the school the student attends, but the SEOG money goes directly to the schools to allocate as part of their financial aid program and is therefore sensitive to the costs of each school. Most students...