Reagan OKs Student Loan Curbs
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SANTA BARBARA — President Reagan interrupted a vacation regime of horseback riding and ranch chores long enough today to sign legislation tightening provisions of a federal loan program for college students.
The legislation sets more stringent review and eligibility rules for the Supplemental Loans for Students program, which enables qualified students to borrow up to $4,000 a year at near-market interest rates. The Education Department has expressed concern that excessive loans and loans to otherwise ineligible students helped push the volume of the program from $256 million in fiscal 1986 to $687 million in fiscal 1987.
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