Word: planning
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Dates: during 1960-1969
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Advocates of "free tuition" have denounced the plan because it would make student indebtedness a permanent feature of their higher education. Supporters of the Bank are not worried by this charge. College graduates receive much higher salaries than people with less education, so they can be expected to pay part of the cost, By basing re-payment on a borrower's income, the Zaccharias plan in theory charges each participant in direct proportion to the financial benefits which his education gives...
Nevertheless, sentiment for free tuition is not completely unfounded. Society also benefits if its electorate and labor force are well educated, and it has a vital interest in helping maintain its educational institutions. The second question uncovers the greatest trouble with the Zaccharias plan: the Bank might serve to excuse the nation from its responsibility to educate its citizens...
...without a change in enrollment. At present, no one foresees any significant increase in public or private aid to cover these rising costs. If the Bank loans were generally available, Congress and wealthy donors might even feel justified in reducing the present level of their aid. Since the Zaccharias plan assures that every student can finance his education regardless of its cost, colleges would probably raise student charges to incredibly high levels to pay for the vast increase in their own expenses...
While students will naturally have to absorb some of the rising costs, shifting all of the increase to them would be an undesirable result of the Zaccharias plan. "It would be unfortunate if attention were focused on just this one program," R. Jerrold Gibson, Assistant Director of Financial Aid, cautions. "When you head into a crisis like this one, you have a tendency to look for first aid. What you really need is a balanced solution...
...lems with the proposal. Under the terms suggested by the panel, it would be profitable for a wealthy student to borrow money, invest it, and buy out of the program immediately after graduation. Nevertheless, the easy availability of the loans is one of the principal attractions of the plan, and the committee has recommended that a student be required only to sign a form stating that he needs the money for his education...