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THE VETERANS Administration is now processing applications for new educatRm loans for veterans attending school under the GI Bill. The loans, up to a maximum of $600 in one academic year, were established by the Vietnam-era Veterans Readjustment Assistance Act of 1974, enacted by Congress in December.
Vet-Rep-on-Campus at .Lord Fairfax Community College, Bob Conwell, said the new measure provides that applicants must have exhausted all efforts to obtain guaranteed student loans administered by the U.S. Department of Health, Education and Welfare. The student must list all lenders applied to, with dates notified of final decisions. If denied a guaranteed student loan, copies of the denial statements from each lender must accompany the VA application.
All financial resources must be reported by the student, including other educational loans, grants, scholarships, VA educational assistance, cash assets and income. Conwell also said the school must certify the student’s course study, tuition and fees, and any room and board charges. No loan may be approved for intersession or other enrollment periods of less than ten weeks.
THE EFFECTIVE date for the loan program was January 1. However, all eligible veterans, wives, widows, and children will be considered for initial loans based upon the full amount of their tuition and all other costs of attendance anticipated for the entire 1974-75 academic year. This is considered to have started about September 1.
Under the new law, persons granted loans will be required to execute promissory notes agreeing to repayment of principal plus 8 per cent interest. Repayment of principal and interest will be de
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