Johnson's Guaranteed Loan Programme Was a Deal the Banks Couldn't Really Refuse

Banks were afraid of federal overreach, and they fought it. Johnson himself got involved in the negotiations with the leaders of the american bankers association to stop their opposition. They came up with what was the guaranteed loan programme the government basically cosigned. College costs had gone up 90 % since 19 and four years of college averaged about seven thousand dollars a year at the time. The us. Government would make sure banks didn't lose out on the loans or the interest.