Direct
Continued from Page 1
but the student would have to pay
income tax on how much they owe.
White said.
“This gives the borrower more time
to pay off their loan, but is that really
a good thing?” White said. “It looks
like a good program, but when you
have students paying oflf loans for 25
years arc you really acting in the stu
dent’s best interest?”
Though the program has passed
both houses, rule negotiations between
the Department of Education, indus
try participants and schools have been
the subject of intense debate. The in
come-contingent repayment program
and its interest rate have been the
main focus.
Interest rates on the direct-lending
program will be based on a yearly rate
set by the government. The rate, set in
July of each year, would be exactly the
same rate as the interest attached to
the Federal Stafford Loan. The inter
est rate of the Stafford Loan this July
was around 7.5 percent, White said.
Colleges will not be forced into the
direct-lending program until around
1998, White said.
“Right now, it’s very untested,”
White said. “Next year will be a far
better test of the system.”
According to an article in the July
13 issue of The Chronicle of Higher
Education, 60 percent of national lend
ing for student loans will account for
direct lending. With the gradual
instatement of the direct-lending pro
gram, middleman agencies, such as
banks and private distributors, may be
eliminated. Agencies at UNL would
not be harmed in the near future.
White said.
— 44
This gives the
borrower more time to
pay off their loan, but
is that really a good
thing? It looks like a
good program, but
when you have
students paying off
loans for 25 years are
you really acting in the
student's best
interest?
—Marcia White,
Vice President for Corporate
Communications for the
Foundation of Educational
Funding
-99
“We don’t anticipate job loss for
our program,” White said. “When
direct-lending becomes a reality, the
demand for alternative programs is
going to rise.”
White said that direct-lending was
an issue that should be carefully stud
ied before enacting the program. In
four years a successful attempt to ban
the program could be accomplished
White said.
“It comes down to customer service
and we bel ieve that we can provide the
better service,” White said.
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Federal Sources of Funds by Agency
Q 1 Dept, of Agriculture
H 2 Dept, of Education
D] 3 Nat’l Science Foundation
® 4 Department of Energy
El 5 Health & Human Svs *
B3 6 Agency for Intemat'l Dev
0 7, Other sources
S3 8 Dept, of Defense
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M 10 Dept of the Interior
'National Institute of Health is an agency of
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Source: Office for Sponsored Programs
1992-1993 Annual Report
Less funding may discourage applicants
By Deborah D. McAdams
Editor
Fewer beginning researchers arc
applying for funding from the Na
tional Institute of Health, accord
ing to a report by the National
Academy of Sciences. One reason
for the decreased number of young
applicants could be that fewer arc
successful in their attempts to re
ceive funding.
Dr. Pill-Soon Song, chairman
of the University of Nebraska-Lin
coln chemistry department, said he
hadn’t seen the academy’s report,
but he was aware of applicants who
had been repeatedly turned down by
theNIH.
“Within my department, we have
both senior and junior faculty mem
bers who have been funded by the NIH
and continue to be,” he said, however,
“there are some junior faculty mem
bers who have applied for N1H fund
ing for two or three years in a row and
haven’t received it.”
“Usually, if you’re a beginning
professor, you have to rank within the
top 15th percentile, which means you
have to beat out seven or eight other
proposals to get funded,” he said. “Six
or seven years ago, one may have
gotten funding from NIH between
the 17th or 18th percentile.”
The success rate of all appli
cants for NIH funding has de
creased within the last decade, ac
cording to the report, which was
cited in The Chronicle of Higher
Education. The most significant
difference was a 54 percent drop in
the number of applicants who were
36 years old or younger.
UN L received over $3.7 mill ion
from NIH during fiscal 1992-93
according to the Office of Spon
sored Programs.
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