Word: payments
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Dates: during 1970-1979
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...Office of Education is also empowered to collect defaulted loans. If a regular payment is overdue by more than 180 days, the government repays the lender and undertakes to collect the full amount of principal and interest...
...provision limits repayments in any one year to no more than 6 per cent of an individual's income or his share of joint income, whichever is higher. An unmarried graduate who makes less than $4000 or a married graduate who makes less than $6000 also receives a deferred payment privilege...
...Deferred payments are one-year loans at 7 per cent for the amount in excess of what the graduate can pay, which may be renewed so long as the graduate remains in a low-income situation. Applications for post-ponement of payment are to be decided on the basis of Federal income tax returns. If any indebtedness remains after 13 years, the graduate may apply to have the loan "forgiven," with all repayment obligation cancelled...
...wall. At many motels, a light goes on at the front desk if a television set is unplugged. All bills are presented when they reach $50; though most people do not have to settle until they leave, this policy gives the desk clerk a chance to demand immediate payment if the guest looks like a deadbeat...
What McGovern is proposing is that everyone pay some income tax. One formulation would apply to those with total incomes in excess of $50,000, regardless of the source. "The entire income of any person in this range would be subject to payment of taxes at a rate of 75% of the current statutory rates at the rate they would have to pay if there were no loopholes...