Word: planning
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Dates: during 1960-1969
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...proposals because existing federal programs have not been able to provide massive assistance to students. Since almost all of the current measures must rely on Congressional appropriations for funds, they have been kept relatively small--total aid appropriations for this academic year barely reach one billion dollars. One major plan, the guaranteed loan program passed in 1965, was instituted in an effort to turn from government appropriations to private lending agencies, but its performance has disappointed those who saw it as an alternative to endless government grants. High-interest rates in the past two years have made it difficult...
...Zaccharias plan avoids all of these problems. After an initial funding period of about 20 years, the proposed Bank would be self-sustaining. Borrowers would begin to re-pay more than they had been loaned, so there would be no need for perpetual government expenditures. However, the initial outlay needed to set up the Bank might be a formidable obstacle. Assuming that costs continue to rise and that all college tuition fees are paid by Bank loans, the Zaccharias committee estimates that in 20 years the Bank's outstanding fund might be as large as $250 billion, or one-seventh...
...repayment provisions would make the Zaccharias plan much more attractive than other loan programs. Interest rates would not influence the payment schedule, so a student could borrow as much as he needed. Having repayment tailored to income would also free a borrower from the compulsion to enter a high-paying job in order to pay off his loan and accumulated interest charges as quickly as possible. A borrower's obligation to the Bank would end at his death instead of being passed on to his estate...
...locked in" by the low fees and cannot afford to attend another institution. With Bank loans available, students would no longer be forced to enroll in a college whose policies they did not like. Predictably, the National Association of State Universities and Land-Grant Colleges condemned the Zaccharias plan just a few hours after it was released to the press...
Criticism of the plan has centered on two questions--whether students should pay for any of their education, and whether they should...