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222??. Octob
THE DAILY TAR HEEL
Page 3
College Money Available
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The
new York (na
lege students whn 7 u 0l" dents can borrow to $1,500
rwed funds to fLn ;d or- a year in most states, with no
education are J their need to begin repayment un
precedented brpff ;guan un" tU they're out of school and
student loan the new established in a job.
big share of the intlSay How does -a student qualify
charges, students J f, st for one of these low - cost
less interest than 71 I p,ay. loans? The word from the
"Prime rate exfJfS bankers and" o t h e r private
such favored borroiore v lenders who'll be making the
treasurer of SS iSV loans is that while perhaps 85
or DuPont Less 1 1 t ?rs Per cent of all college students
the interest Ko,' than wiU be eligible, under terms
another. wrrws from S0Urce of funds is going to be
In addition the real problem in today's
won't have ?A St Students tight-money market.
Sr fnf!P!y a c.ent. 0 Many students, say the
while thPv'rT- P?nciPal bankers who ...elped set up
while they re m school. Stu- the program, won't start go-
S8SMWW .
THE CENTER FOR NAVAL ANALYSES
OF THE FRANKLIN INSTITUTE OFFERS
Rewarding Opportunity to perform
critically important scientific tasks
for the Navy or Marine Corps!
IMMEDIATE CAREER OPENINGS FOR:
Physical Scientists, Mathematicians and Statisticians, Systems
Analysts, Operations Research AnalystsResearch Engineers,
and Social Scientists, with Masters degree or better
Excellent starting salary and fringe benefits.
CNA investigates all major warfare fields, includ
ing problems of future force requirements and
allocations, the cost effectiveness of proposed Naval
systems, the evaluation of new weapons and
sensors, technical aspects of strategic planning;
and the correlation of research and development
programs with military needs.
' A representative of CNA will interview applicants
at your campus Placement Office on - Oct. 28
or wrf for an interview, fo: James C. P. Hifaorgtr
CENTER FOR NAVAL ANALYSES
1401 Wilson Blvd., Arlington, Va. 22209
CENTER FOR NAVAL ANALYSES
OF THE FRANKLIN INSTITUTE
IKS Institute of Naval Studies OEG Operations Evaluation Group
St 8 Systems Eval uation Group NAVWAG Naval Warfare Analysis Group
MCOAG Marine Corps Operations Analysis Group
An equal opportunity employer
ROUND 4
-.v of -the fait Swii vu:
'MttWitt tribe! fortf ;"V v"il4
05)
main
CHILDREN'S
in "hurt" condition
$1.98 to 2.98 - HALF-PRICE
v m . jsw v . in m
The
open every evening until 10 p.m.
am Pay
.Bills
ing after these loans until
they're in school this fall. De
tails of the program haven't
yet been widely publicized,
and most students probably
will learn of them from their
school's financial aid officer.
Because of this, it's expect
ed . that banks and other
lenders in college and univer
sity towns will be swamped
with applications. "Tight mon
ey" being what it ; is, that
means a lot of students are
going to be disappointed.
There just won't be enough
money to go around as bus
inessmen, home buyers and
others needing borrowed funds
have already discovered.
EARLY BIRD
Advice from those who'll be
making the loans, therefore,
is: Be an early bird. Students
with the best chance of get
ting one of the new loans will
be those who apply at once,
to their home - town banker
or other approved lender.
Even though you have your
finances all set for the fall
term, get an application start
ed now, in your home town,
if you're going to need bor
rowed funds in the second
half of the school '. year. If
you wait until you get to
school, and apply to a lender
there, it's ' going to be like
trying to get World Series
tickets on opening day.
ADJUSTED FAMILY
INCOME
How do you know whether
you can qualify for one of
these low-cost loans? There's
a formula that determines
"adjusted family income"
of the student, his parents,
and his wife, it he's married.
If that figure is less than
than $15,000, the government
will pay all interest while
you're in school, and half the
interest during repayment of
the loan. That leaves the stu
dent only 3 per cent to pay.
If family income is too high,
and a student doesn't qualify
for an interest-subsidized loan,
he may still apply for funds
to cover college expenses. But
he must pay the full interest
6 per xent while in school
and during repayment of the
loan. , ' '
It's possible that, under the
formula for "adjusted family
income," a student . may qua
lify for an interest-subsidized
loan even when the family's
gross income is as big as
$20,000. The liberal income
limits have raised a few eye
brows, but as President John
son said earlier this year, the
cost of higher education has
risen faster than family in
come, and "what was a
sacrifice ten years ago is, for
many, nearly impossible in
1966."
NO PROFIT FOR BANK
Bankers emphasize that
they're "not making any mon
ey on these loans." The 6 per
cent interest established by
law is far from a good rate
in today's scarce money mar
ketand the long-term loans
can tie up a bank's lendable
money for as long as 15 years.
A student begins repaying
his loan nine to twelve months
after leaving school, and re
payment can be spread over
five to ten years, depending
on the amount borrowed.
Nevertheless, most bankers
will stretch availability as far
as they can. More than a
year ago, when there were
bills in Congress that would
have set up a government-financed
and government - op
erated program, it was the
banking industry that went to
Congressional and administra
tion leaders to argue that pri
vate lenders could do a better
job.
Banking spokesmen won
their point, in face of skepti
cism by some lawmakers, who
doubted they could live up to
t h e i r 'claims. Bankers are
therefore going to make every
effort to prove that private1
lenders can do the job, de-
Graham Memorial Presents
MANITAS PE PLATA
i MEMORIAL HALL l'-
0 Monday, oct. 31 8:00 p.m.
FREE t0 U.N.C. STUDENTS
SHOW I.D.
DAILY CROSSWORD
: ACROSS
1. Immerse
4. Crowd
7. Window
part
8. Mine
entrance
10. Islands off
. Scotland
12. Scrutinize
14. Girl's
nickname
15. Bang
17. Beverage
18. Strange
20. Cut
22. Look-
askance
24. Antlered
animal
25. Small,
roofed
theater: Gr.
27. Branches
31. Place
S3. Ship's deck
34. Nerves: sL
38. Part of
-to be"
39. Japanese
- sash
40. Child
42. Compass
point
43. Wait for
45. Separated
47. Japanese
drink
49. Chinese
money of
account
50. Guide4
-51. Finis
DOWN
1. Mail: India
- 2. Wayside ,
taverns
3. Pares
4. Yes:
Ger.
5. Public
- notices
6. 0.T. book
7. Rated
(oneself)
highly
9. Story
10. Convex
molding
11. University
in Conn.'
13. Man's
nickname
16. Shaded
walk
19. English
river
1QC AF 1GIUISI I
tigig ADJ jANlS 1
"SjA P St L A I RL
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a bTe t tTor Is rjo f
gjEjTiO gPjOt"?A NfT
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B AIB E r"4S UPS
"HI I!! 1 T E
ACAI HE P
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21. Pass
over
23. Cor
rosion on
metal
26. En
counter 28. Extinct
bird
29. Island
In the Yetterdmy'i Auwir
East Indies
30. Celerity 37. Ray -32.
Journey 41. Ireland
34. Task 44. Piece out
35. Wading .. 46. Little
bird child
36. Kind of 48. Man's
basin nickname
spite the way Federal mone
tary controls have clamped
down on their supply of mon
eyone of the ways in which
government is trying to stem
inflation, banking industry
leaders are urging individual
banks to stretch a point in
making student - loan money
abailable.
Last year, banks made $150
million in guaranteed loans to
students, under various state
and private plans. Under the
new loan program, it's es
timated that as much as $400
million may be loaned during
the coming school year.
Though under supervision
of the U.S. Office of Educa
tion, the new program relies
on loans from private sources.
In each state a "guarantee
agency" will administer the
program and guarantee repay
ment of the loans.
Such agencies have now
been established in 30 states.
In 11 of these, and in 19 states
with no agencies of their own, -the
program will be adminis
tered by the nonprofit United
Student Aid Funds, which for
six years has operated nation
ally a private loan program.
In two states, plans are still
unformulated.
HOW TO APPLY
Just how does a student go
about applying for one of these
loans? Here are some of the
questions he'll want answered
and the answers:
Q. Where do I go for a loan?
A. Any commercial or sav
undergraduate study, and up
ings bank, savings and loan
association, credit union or
other eligible private lender.
A list of participating lenders
in your state can be obtained
from the designated state
agency. To get its name and
address, write or call your
state's Commissioner of Edu
cation. Q. How much can I borrow?
A. Up to $1,000 a year for
to $1,500 a year for graduate
study or professional school,
in an accredited college or
university.
Q. How do I know whether
I am eligible for a subsidized
interest loan?
A. Roughly, add up total
family income-that of par
ents, ' student ' and student's
wife. If this totals more than
$20,000, you are not eligible.
If the total is less than $15,000,
you are eligible. If total family
income is between $15,000 and
$20,000, do this: Add together
; the deductions allowed on the
most recent income tax re
turn, and $600 for each exemp
tion claimed. Subtract this
from the family's total or gross
income. If the result is less
than $15,000, you're probably
eligible. Banks and other lend
ers have forms for computing
accurately this "adjusted
family income" figure.
Q. Do my parents have to
co sign a note if I am a
minor?
A. State laws vary. Many
states permit a minor to exe
cute a binding obligation for
educational expenses. -
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THE NEW YORK LIFE
agent on your campus is a
good man to know.
Write . . . Phone . . . Visit
: I
GEORGE L. COXHEAD,
C.L.U.
20316 East Franklin
(Over Dairy Bar) Ph. 942-4358
s
NEW YORK LIFE
INSURANCE COMPANY
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Prehistoric Monster? io, It9 s The Town's New Streetcleaner
-DTH Photo By Jock Lauterer
' TT, 71
A button-down in a basket weave. U i
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--ARROW-
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Like trees, most companies show their age
So how does a growing company keep young?
With people. Skilled and trained.
Imaginative and motivated.
The best people we can get.
People who want to make Westvaco the best name in paper.
Who want to make Westvaco the best company to do business with..
That's one way to do it.
Come to think of it, it's about the only way.
CAMPUS INTERVIEWING ON:
WEDNESDAY, NOVEMBER 9, 1966
West Virginia
Pulp and Paper
Want to grow with Westvaco? With over 20 locations to choose
from and openings for engineers, scientists, business and liberal
arts majors, we've probably got the career combination you want.
See your placement officer for details, or write West Virginia
Pulp and Paper, 230 Park.Avenue, New York, New York 10017.
IO-2b