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These changes will impact Harvard undergrads who go on to attend graduate schools and influence their decisions in choosing career paths, Donahue said.
For loans taken out after July 1, 2004, the legislation will reduce the share of income a graduate must devote to loan payments from 15 to 10 percent, and the loan forgiveness period from 25 to 20 years.
The legislation includes the Student Aid and Fiscal Responsibility Act, which will provide an expanded government direct-lending program and eliminate the role of private financial institutions as intermediaries in providing student loans, saving an estimated $68 billion over 11 years.
According to Donahue, even though Harvard’s financial aid program is able to meet the full need for all students without loans, the increase in Pell Grants—which amount to approximately 3 percent of Harvard’s grants—will be beneficial.
But Tufts Director of Financial Aid and Co-Manager of Student Financial Services Patricia Reilly predicted that the overhaul will have “very little benefit for students,” according to an article in the Tufts Daily.