Word: borrowers
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Dates: during 1950-1959
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Harris' plan is simply this: each student who needs aid would borrow $1,000, one half of which would go towards his current needs, the other five hundred towards tuition. The financiers would be either private business, such as insurance companies, or hopefully the federal government. If this program were taken up and handled properly, Harris says that "private institutions of higher learning could increase their tuition by $400 to $600 in five years." Such a program also would make doubling of current teacher salaries possible...
...Japanese, so often accused of slavish copying, are capable of adding their own fantastic variations to what they borrow. Take parliamentary government, for example...
...tighten credit, explained the Fed, but to bring the central bank rate in line with other short-term rates. Reason: the average yield on Treasury bills has been running three-quarters of 1% above the Fed's 2% discount rate, making it possible for commercial banks to borrow from the Fed at 2% and invest in Treasury bills that pay nearly 3%. By narrowing the spread, the Fed hoped to stop the practice...
...further aid the students, the Bursar's Office has initiated a new program enabling students to borrow up to $600 at six per cent interest. The program is available to all undergraduates, regardless of financial need. So far, Pyne noted, about ten students have applied for these loans...
...This plan requires a public relations job," Harris stated. "People are afraid to borrow." Harris cited the lifetime earnings of $500,000 that the average college graduate can expect. "The costs exclusive of tax deductions for a 20 to 40-year loan would be less than one per cent of lifetime income," he emphasized...