Word: planned
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Dates: during 1970-1979
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...plan would require students who draw money out of the fund to pay back to the government the sum advanced plus a 50 per cent surcharge--through a 2 per cent withholding tax for each year their income exceeds $5,000. Because the loan would be paid back through the Internal Revenue Service, the bill's sponsors argue that the TAF would avoid the problems of default that have plagued past government loan programs...
Silber says that provision limiting college tuition hikes to the annual cost-of-living index is needed "to prevent colleges from abusing the plan," but Congressional sources indicate that the objections of several major universities, including Harvard, make it unlikely that the tuition limitations provision will survive committee review of the House bill...
...That is just Harvard's way of saying that they oppose the plan," Silber said last night. "If I had one-tenth of the college endowment in the U.S., I wouldn't want someone limiting my tuition charges either. Harvard's huge endowment disqualifies them from the discussion," he added...
...essence the plan will make a lot of students poorer and a lot of parents richer over a transitional period of about 40 or 50 years," Olson said yesterday. He added that the plan could serve as a "disincentive" for students to earn higher incomes and thus pay back more of the loan each year...
Silber denied last night that he was "fanatically committed to the plan, saying, "I think the man who refuses to compromise is the man who refuses to do any good...