Higher Education: Resources and Finance

By Seymour E. Harris | Go to book overview

time to get wide acceptance of such long period financing. Nevertheless one should not keep quiet because institutional blocks are apparent. Over the years these may be broken down. In the meanwhile we should give serious consideration to a massive loan program providing repayment in ten to twenty years.


FOOTNOTES
1
See Table 16-1.
2
Cf. O. Eckstein, "The Problem of Higher College Tuition," in Higher Education in the United States: The Economic Problems, 1960, pp. 66-68.
3
Even if the student borrowed all the money he needed for four years at college, say, $8,000 in all, the annual payment on a 3 per cent, forty-year loan would be just $345.60, or about 5 per cent of lifetime income.
4
$3,000 during his undergraduate work and $8,000 while at medical school.
5
Cf. S. E. Harris, The Incidence of Inflation: Who Gets Hurt?, Joint Economic Committee of Congress of the United States, Study Paper 7, 1959, pp. 80-82.
6
The $2.6 billion figure is obtained as follows:
Total loans, 1970
Private enrollment--2 million;loans to one-half --average tuition =$1,300 . . . . . . $1.3 billion
Public enrollment --4 million;loans to two-thirds--average tuition =500 . . . . . . 1.3 billion
7
On the basis of past trends, I assume a 3 per cent gain of productivity per year. Any inflationary trends would increase the rise of incomes further.
8
Cf. the Vickrey proposal given earlier.
9
For a proposal of a billion-dollar insurance program (total outstanding) see Senate Committee on Government Operations, 1958, Science and Technology Act of 1958, pp. 50-51; also see Federal Assistance to Higher Education, Senate Subcommittee on Education, 1960, pp. 101-123 and 179-248.

-302-

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