Milestones: Go Now, Don't Pay Later

Those delinquent student loans

In 1966 the Federal Government offered a generous and farsighted plan to help low-income students through college. Under the terms of the guaranteed student loan plan, they could go to college or trade school now and pay later, borrowing money from their schools, banks or other lending agencies while the Government guaranteed repayment. In 1972 the plan was even extended to students whose parents earned more than $15,000. The terms were easy: students were allowed to defer payment until ten years after graduation.

So far, about 8.8 million loans...

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