Word: ndea
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...present, there are three different ways a college student can borrow money. At Harvard, for example, a student can obtain a loan directly from the University, from the University's supply of federal National Defense Education Act (NDEA) funds, or through the Guaranteed Insured Loan Plan (GILP...
...about a year ago the President attempted to phase out the NDEA plan and to replace it with GILP. Under GILP, students borrow money directly from banks; under NDEA they borrow funds from the federal government which were channeled through the college. To increase the banks' willingness to cooperate with GILP, the federal government guarantees each loan and pays part of the interest for borrowers whose families earn less than $15,000 per year...
This attempted phasing out of NDEA--largely motivated by a desire to reduce the federal budget to compensate for defense spending -- was greeted with howls of protest form colleges all over the country. Many of the colleges had already commited themselves to loans in the expectation of receiving NDEA money. In addition, there were numerous criticisms of the proposed alternative -- GILP...
...response to these criticisms, the White House launched a thorough study of the question of college loans, and delayed the killing of NDEA. As a result, some colleges -- Harvard, for example -- have never had it so good. GILP has worked out better than many critics expected and the NDEA program is still supplying a substantial amount of money to students
...smaller scale, alter its operation? How much will federal funds affect the balance between different disciplines? But, though reservations are strong, it is clear that universities, Harvard included, want more federal money and that they will fight to get it: when President Johnson proposed that the NDEA program of student loans be substantially changed, universities yelled like hell, and, along with other affected interests, actually won a major modification in the President's plan...