Student loan money sought
TOPEKA — The Kansas House Education Committee was asked this week to support state contributions to a fund which would make more loans available to Kansas college and university students.
The committee heard Marlin Schrader, administrative officer of the Kansas Higher Education Facilities Commission, estimate that a state contribution of $50,000 this fiscal year plus $200,000 next fiscal year would back most student loan applications at Kansas universities.
IF AUTHORIZED, the state money would be channeled through the Higher Education Facilities Commission to the United Student Aid Fund (USAF), Schrader said.
The USAF is a private organization which guarantees student loans made by banks and other conventional lending institutions. The fund receives contributions from the federal government, individual schools, gifts, and other states to guarantee that a student's loan will be repaid.
The UAF guarantee thus enables students to obtain loans from banks, savings and loan companies, or credit institutions at a lower interest rate since the institution's risk is practically eliminated.
ROBERT BILLINGS, director of KU's financial aid office, said KU helps students obtain about $400,000 annually in USAF-guarantee loans, with about $1.65 million in USAF-backed loans currently outstanding.
"This makes KU the nation's second largest user of USAF backing." Billings said, "and state
contributions to the fund would allow even more loans to KU students."
Should the Kansas Legislature authorize contributions to USAF.
Daily Kansan Wednesday, March 8, 1967
5
KU would receive a proportional share which would be placed in a USAF reserve fund to guarantee KU student loans granted by private lending institutions.
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