March 18, 1992
Time for a New National Loan Program
An invasion of armies can be resisted, but not an idea whose time has come." If Victor Hugo, the author of that statement, is correct, we may be about to witness the creation of a new federal student-loan program based on a model that educators and economists have been talking about for over 40 years.
The economists Milton Friedman, in 1945, and Robert Reischauer, some 20 years later, were among the first to suggest that direct government loans to students, with repayments keyed to