College Aid to Be Based on N E ^ Onmkv, Reagan to Propose Benefit
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28 - THE HERALD. Wed., Sept. 16, 1981 College aid to be based on n e ^ f l r i l h / r O a a a > I O ".V»r > Of all the federal programs to aid in financing college While the details of the (“need test" for the 1982-3 can be borrowed through GSL. education that have been the targets of the Reagan ad school year have not been completely worked out, for “Federal costs of Guaranteed Student Loans have ministration’s budget ax, the program hit hardest has the 1981-2 term the financial aid officer at your child’s mushroomed since Congress opened the program }o any, been the widely u ^ (and widely abused) Guaranteed Your college can quickly determine whether you qualify for a student, regardless of inctme, in 1978,” Gladieux Student Loan Program (G Money's GSL. 'The formula used takes into consideration family stresses. SL). And of all the parents or students who will feel the income, household size and number of children In ^‘This year’s reforms return the program to the more adverse impact, the hardest hit will be families earning Worth college, then comes up with a number called “expected, traditional federal philosophy of tasing assistance on Rain tonight Manchester, Conn. more than $30,000 a year, particularly with children family contribution.” ’This contribution, together withi financial need. The challenge is to reduce the burden on with only average scholastic grades. Sylvia Porter any other aid or benefits your child is receiving, is sub taxpayers without unfairly burdening needy students and Friday .Thursday, Sept. 17, 1981 tracted from the total college costs to determine the and families.” It’s entirely understandable, even if imolications of — See page 2 25 Cents the trend make you wince. In 1981 alone, this program amount that can be borrowed through the Guaranteed And the challenge to you, the parents and students? nas invoived an estimated $7.2 billion of lending far Student Loan Program.) Start as fast as you read this, even if you’re still a high beyond the total any of us ever contemplated. And the If you borrow under the GSL Program to pay 1981-82 school junior, to line up your sources of future financial loan defaults in the GSL program have been infuriating. college bills, you’ll probably have to seek other sources aid. That involves working summers and vacations and Starting last January, the interest rate for of funding next year, if your’’expected family con investigating all possible aid packages that might be Guaranteed Student Loans was boosted from 7 percent income, before your children can be considered for a tribution” is higher than your child’s college costs. available through employers, unions, fraternal Here’s an example of how the formula works; if your to 9 percent. Now: gsl. (If you’re a family with earnings of less than $30,- organizations, etc. ’The “dream” of an education for all Ail those who receive loans must pay a 5 percent 000, you still can borrow up to $2,500 a year for each un family’s adjusted gross income (from line 31 of your in America’s young is a fading memory. “origination fee." ’This fee, taken right off the top, cuts dergraduate. ) come tax form 1040, or line 11 of form 1040A) is 935,000, “Sylvia Porter’s New Money Book,for the 80’s,” 1,328 the amount of cash the borrower gets. In effect, the fee Most affected by the new provisions of the GSL and your child’s total college costs are $7,0(X) per year, pages of down-to-earth advise on personal money reduces a $2,500 loan, (the maximum allowed for one Program are students who expect to start college in fall, your eligibility for GSL would shope up this way for management. Is now available through her column. Reagan to propose benefit hike <del(3y year) to $2,375, although the borrower must pay interest 1982. 1981-2: Send $9.95 plus $1 'or mailing and handling to “Sylvia on the entire 2,500. “Students who are enrolled this fall will be largely un Total college costs, 97,000; expected family contribu Porter’s New Monev Book for the 80’s,” in care of this As of (Jet. 1, student loans will be based on family in affected by the need test,’’says Lawrence E. Gladieux, tion, $3640. newspaper, 4400 Johnson Drive, Fairway, Kan. 66205.. come, as loans were before 1978. If you’re a family with executive director of the College Board’s Washington of Remaining demonstrated need; $3,360 other finan Make checks payable to Universal Press Syndicate. earnings of more than $30,000 a year, you will have to fice, “because they will already have had their loans ap cial aid or benefits, $2,000. Copyright 19812 Universal Press Syndicate meet a new requirement, a “need test,“based on your proved by Oct. 1." Remaining need, $1,360. This portion of the expense New cut package ■.4k. .< 0 •V. threatens agencies s /■ \ By Helen Thomas ment would not represent a retreat on Reagan's promise Tuesday he BETTER VALUE’S OF UPl White House Reporter h - would not seek to balance the budget WASHINGTON - President “at the expense ot those on Social Reagan today confirmed he will Security " THE propose delaying scheduled cost-of- Officials said the proposed three- living increases to recipients of month postponement was first (\X-f. federal benefits next year in his recommended by the Democratic WEEK newest attack on gov£>rnment spen leadership '■'] ‘ 1: ding. The cost-of-living increases in The proposal is part of a package Social Security would be deferred of cost-cutting measures being from July to Oct 1. 1982. Other readied by the White House — in programs would be affected on ;j5SypERD0l) volving $16.3 billion in fiscal 1982 different dates next year littDOC outlays — that also could include After the president makes his U&R COLONIAL REDWOOO .FARMS closing the Energy and Education decision, he publicly will unveil it New U&R built 8 Rm. Colonial. 1st floor family rm, 2'/i Lovely 9 Rm. Cape, 1st fl. family rm. plus a panelled departments and trimming the and his set of new budget cutbacks baths, 4 bedrooms. Priced realistically at $117,000. Rec rm, fireplace, 1 '/^baths. Only $89,500. federal payroll by 75.000 jobs in a nationally broadcast address, through attrition and terminations. probably in prime-lime Tuesday But during a picture-taking ses night. See U&R for your housing needs. We are a full service co mpany; new homes at Timber Ridge in South Windsor and sion with congressional leaders. Boulder Mt. in Vernon, or custom designed on your lot. Call us and we will be glad to discuss your housing needs. Reagan told reporters he will resist pressures to cut any more than $2 billion from Pentagon spending next year. “I happen to believe that the Income, changes we recommended are U&R REALTY CO. 643-2692 • 643-9551 necessary," he,said. White House sources said the proposed 1982 cutbacks were drafted spending nerald photo by Tarquinio at a meeting Wednesday on Capitol Hill of budget director David AUbrio Realty, Inc. offers you No joy in Funland Stockman. Senate Republican U&R CONTEMPORARY CAPE leader Howard Baker and White House chief of staff James Baker. increase Wednesday found one advantage to the wet weather — no lines / ' 2 The few people who braved the rain to attend the opening day They said the proposals have the of the Eastern States Exposition in West Springfield for any of the attractions on the midway. approval of GOP congressional leaders. WASHINGTON lUHli - The per- , Reagan conferred with the bipar sonal income of .Americans rose 1 1 tisan congressional leadership today percent in .August and spending - before discussing the budget situa mostly on new automobiles — in Report: Housing potential here tion with his Cabinet. Aides said the creased even more, the Commerce meeting with the leadership focused Department reported today primarily on the sale of AWACS The new figures showed spending NEW LISTING By Nancy Thompson mittee, which states, “Every year into 350 apartments, was proposed Manchester, including repeal of radar planes to Saudi Arabia continues to provide the'economy Well maintained 4 bedroom home. Smartly remodeled with new Herald Reporter that passes, a smaller and smaller last month. Voters will decide federal mortgage subsidy bond tax The three-month deferra'l-oM982” with a source of strength and that wall to wall carpeting, new hardwood floors, family room, percentage of Manchester’s popula whether to support the project with legislation, enactment of housing cost-of-living increases would apply pricing deals are motivating poten enclosed porch, and more. So pack your bags and bring the kids. Manchester can avert a “housing tion is able to afford a decent a $2 million bond issue for public im savings accounts and tax deferrals to all federal benefit programs, in tial car buyers despite liigh interest You'll love the price. Only $62,900. Hurry call (or an appointment home.” rates “LOVELY, UIRGE, UVEABLE and LUXURIOUS” This 2,6(X) sq. ft. split level home situated near today!! crisis of potentially catastrophic provements in a referendum on the for rehabilitation. cluding Social Security, military in a prestigious area of Glastonbury. Custom proportions" through the conversion According to the housing Nov. 3 ballot. Locally, the report calls on the retirement, food stamps and black Personal income was up $26.9 Rt. 2 in Glastonbury. Must be seen!! Check resources subcommittee, housing billion in .August to a seasonally built home with many extra features.