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Wednesday, August 22, 1990 / University Daily Kansan
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Loan guarantor to lose position
The Associated Press
Education Department places blame for collapse of foundation
NEW YORK — The chairman of the nation's largest student loan guarantee agency is being ousted by Education Department officials who are planning a bailout of the troubled bank. The New York Times reported Monday.
Richard C. Hawk, chairman of the Higher Education Assistance Foundation, said he was being made a partner in the program, which makes loans mainly to
"The theory is that somebody has to be held accountable." Hawk said. "They would much prefer for it to be the Department of Education official."
Department officials, who have endorsed a private-sector takeover of the agency, directly directed executives to begin mentoring new members of the Marketing Association, better known as Salilie Mae, which has offices in Lawrence, and United
Student Aid Funds, the newspaper said.
Both have submitted proposals to rescue the foundation.
trade-school students.
The bailout of the foundation, which encountered hundreds of millions of dollars in defaults, is expected to raise $2 billion to $2 billion, the Times said.
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Since the government normally repays a large portion of student loan defaults anyway, it is not clear how much highcost the cost will be
because of the foundation's collapse.
In an interview at the foundation's headquarters in OVERIAD Park, Hawk said he had been told by Edward Stringer, the Education Department's chief counsel, that the department would insist on his resignation as a condition for approving any rescue package.
Hawk, who owns a bank in Minne-
sota, said he would step down after
participating in the bailout negotiations.
Campaign Kansas contributions climb
By Kathleen Dolan Stinson
Kansan staff writer
Contributions to Campaign Kansas have reached $162.2 million, said John Scarfe, director of public relations for the Kansas Endowment Association.
Campaign Kansas is the University's five-year, $717 million fundraising drive. The campaign will enter its last phase in November, Scarfe said.
He said recent contributions to the campaign included:
A $125,000 gift from Dow Chemical USA to the department of chemical and petroleum engineering.
at the Spencer Museum of Art. The remainder will finance the purchase of books at the law library.
A $90,000 gift from the estate of Ruth Aadir Dyer, a Lawrence resident who earned a degree from the University of Kansas in 1921. About $41,000 of the gift will go toward renovation and display of materials
Ruth A $30,000 gift from James and Ruth Ann Marsh慰贺 of Dallas. The gift will provide resources for the accounting program at the School of Business and the elementary edu- cation program in the School of Education.
A $685,797 gift from the estate of Verna Small, an Abilene resident who died in 1989. Small stipulated that the gift be used for medical education at the University of Kansas Medical Center and the education of resident students.
ness degree in 1951 and Ruth Ann Weimer earned a KU education degree in 1953.
James Weimer earned a KU busi-
Small's husband, O.D. Small, received cancer treatment at the Med Center before he died in 1965.
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