Word: programing
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Dates: during 1980-1989
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Interest borrowers pay in a related, but far smaller, program, Auxiliary Loans to Assist Students, will increase from 9 to 14 per cent on October 1. This program, which provides maximum yearly loans of $3000, benefits parents, graduate students and independent students without regard to income...
Congress has also approved cutbacks in the so-called Pell Grant program for low-income students. The approximately 1000 Harvard students receiving these outright subsidies will receive a maximum of $1670 next year, down from $1750. Other students who qualify for special National Direct Student Loans will have to pay 5-per-cent rather than 4-per-cent interest...
Richard W. Black, coordinator for financial aid, says the University is already considering ways it can ease some of the cutbacks with expanded benefits of its own. He adds, though, that students receiving aid from the GSL program "should really be all right as things stand now." Any student whose family can show a "demonstrated need"--as calculated by a complicated Department of Education formula (or by the college's formula if the student receives aid directly from the school)--will qualify...
Under the GSL program, the government guarantees the loans against default and pays banks the difference between the student interest rate, now set at 9 per cent, and market interest rates, which stand at 15.5 per cent. The government also pays the interest while students are in school...
...Secretary of Education T.H. Bell to make further cuts in the department's budget, most experts expect the White House to renew its initial support for such changes as requiring students to pay interest while still enrolled, imposing a stricter needs test and eliminating entirely the Auxiliary Loan program...