Word: payments
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Dates: during 1970-1979
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Although the group has not articulated the formula it used to derive the $4 million total, it is clear that some payment above the current level may be in order. University officials are fond of saying that a large part of the $2 million Harvard pays now is "voluntary," but such claims represent mere semantic distinctions. Of the three projects on which officials say Harvard makes some payment to the city, one is a housing project financed by Citicorp and therefore not legally tax-exempt. Another is a housing project on which Harvard agreed to make in-lieu...
...college or trade school now and pay later, borrowing money from their schools, banks or other lending agencies while the Government guaranteed repayment. In 1972 the plan was even extended to students whose parents earned more than $15,000. The terms were easy: students were allowed to defer payment until ten years after graduation...
...past the University waited as long as a year before turning default loan accounts over to the federal Office of Education, but the new law requires Harvard to begin federal collection procedures four months after a payment is missed, R. Jerrold Gibson '51, director of the Office of Fiscal Services, said yesterday...
Financing innovations hold promise of helping middle-income people to afford better housing. HUD is backing a bill to authorize "graduated-payment mortgages" for FHA-insured loans. These would set low monthly payments during the first five years, which would rise thereafter, when the householder presumably would have a higher income. Some lenders are experimenting with such mortgages on their own; federal blessing would give these tests a needed boost...
...California legislature is considering a bill that would allow graduated-payment mortgages and introduce several other ideas not now widely used. Among them: mortgage loans on which the householder would pay only interest the first year, deferring principal repayments until the second year; and "reverse annuity mortgages" that would sensibly permit retired people to borrow on the equity in a home and live, in it at the same time, with the loans to be repaid by their estates when they die. Whether such mortgages are permitted now is a tangled question of federal and state regulation; in any event, giving...