The Aquinas 1984-04-03

              UNIVERSITY·OF SCRANTON
~ .•Serving the_
University and
the Community...
VQI~ 56, No.-18
the- -tIJ , . In ...Call it with a
coin flip...
Tuesday, April 3, 1984
State announces student loan program
-BY-MARIA MASCARO
_Aquinas A8S~. News Editor
-Pennsylvania students will be able
to borrow more money to:help pay'college
costs this faIT when a new
bond prpgTam-for the state is
finalized, ,said John Ebersole, Public
Infofmation Officer for: the
Pennsylvania Higher Education
Assistance Agency (PHEAA).
The program willm~e available
$300 million for students who were
unable-to,get aid from the
Guaranteed Student Loan (GSL)
program,_ said -Governor' Richard
Thornburgh.
Presently, students must file a
Needs Test-form: with PHEAA to
determine eligibility for a loan.
Under the GSL program, a studentmay-
borrow up to $2,500 if he
qualifies, and his parents can
borrow an additional $3,000' .to
supplement this under the Parents'
Plus Program. The present GSL
interest rate is eight percent, and
the rate for the parents" program'is
12 percent.
More than half of all college
students from Pennsylvania are
getting the guaranteed loans and
that is one of the reasons for the
new bond issue, Ebersole said.
The- new bond program will help
students who can only get partial
aid from the GSL program, or no
-aid at all, said Ebersole. Families
who have incomes in excess of
$30,000 will probably be helped
most by this program, he said.
-The parents and the student may
b'orrow up to $5,500 depending on
eligibility and the amount received
through the GSL, Ebersole said.
The interest rate for this program
is 10 percent and the repayment
period may be as long as 10 years,
depending on the amount of the
loan.
Unlike the GSL, there is no grace
period before interest starts
compounding, Ebersole said. The
federal government subsidizes the
guaranteed loans, but not the new
loans and the state cannot afford
to do so.
An insUrance policy is provided-for
in the bond issue so that if the
borrower dies or defaults on the
loan, the state will be covered,
Ebersole said.
The new loan program will allow
people in the higher income
brackets to borrow money for
education purposes. "Often income
and assets are tied up in the
family's business or property which
can't be easily liquidated to pay for
the costs of college," Ebersole said.
"The $2,500 (offer~d in the GSL
program) doesn't go very far
sometimes."
The program is funded by the
first student loan bonds, he said,
which are made up of contributions
from banks and other institutions.
-:. Rev. J.A. Panuska, S•.,., second from right, throws the first shovel-full of dirt at
ground-bre(Jking ceremonies for the ReW dorm yesterday. Trustee James Haggerly,
Esq., Auxilary Bishop Ja'!Je8 Timlin and architect Alex Camayd also took part.
Photo by,Keith Lane
_suites with a common
bathroom, stated Flanagan.
Connecting the Commons
to the new dormitory will
. be a walkway'decorated
with a large sculpture at
the connecting point, noted
Panuska.
....
Groundbreaking
starts: new do'rm
Construction to begin shortly
BY LEONARD BECHTEL ground breaking of Loyola
Aquinas News E~tor Hall, the first major
construction project on
With the stroke of a campus. _
shovel, Rev. Joseph A. Panuska noted that the'
Panuska, S.J., officially new-dormitory was just part
began construction for a of a recent movement to
new dormitolY complex at develop the city of
the corner of Linden Street Scranton. . '
and North Webster Avenue "The optimism being
during ground breaking expressed by this action,"
ceremonies yesterday, said the president, "reflects
The dorm, which will the optimisf!l we feel for the
house 244 students and region."_
provide study and activity Contracted to a
space, should be ready 'for construction firm from
use by September 1985, Dunmore, S.G. Mastriani
Panuska said.' Co., the new dorm will cost
"We are doing ~ometbing approximately $4 million. It
here other schools would was designed by the
not dare to do, -that being - Scranton architectural firm
constructing a major new of Leung, Hemmler and'
building while planning to Camayad, P.C. _.-
remain stable at our present One of the features of the
enrollment," Panuska said. new dormitory will be a Air conditioned for M f th fl
"We do recognize the need collegiate hall that could be summer use, the brick and 'ost 0 e oors,
to proVl'de adequate hous.mg used ~~Ior acade.u..."..c, cultural - steel structure will consist FlatnaaigaInis'tated, twi ill ~
..lL! or our reSl'de'a1nti' an'd SOCl'al actiVl'ties, stated'of-five floors, Flanagan c2o4nstundenvtms gorselecsso. nAs .Lor
stUdents," he added~ John S. ,Flanagan} vice stated. . lounge will be located in
The shovel used_ 9'uring president _for administrative "Each ,floor will have a each living section.
the ceremony was the same services, in' a recent press view of the city," Panuska _The rooms will be
.-o....,n~e~us..~..e..d...:t-.o~r~t~h~e'""!'1_9_5_5..,...:.._......,.;.~ release.' said. - """+"~ned in two bem-oom
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