March 26, 1982

Educators, financial-aid officers and students expressed optimism and relief yesterday following reports that Congress was unlikely to make any cuts in the Government-guaranteed student loan program. They said they were gratified by the action taken earlier this week by the House Appropriations Committee in approving an extra $1.3 billion in emergency funds for the current fiscal year - more than $300 million over the amount requested by the Reagan Administration. But they still voiced concern over what the specific terms of the loans would be and what kind of compromise Congress would eventually reach on the President's proposals for additional reductions in the program, which has already been cut severely. ''I'm ecstatic about it,'' said Howard Shapiro, a 20-year-old junior at Yale who is editor of The Yale Daily News, referring to his relief over reports that the current aid program would be essentially retained.

The nation's new military ruler announced today that special courts would be set up to punish all guilty of corruption, with the power to impose heavy prison terms or even the death penalty. Lieut. Gen. Hussain Mohammed Ershad, the army chief of staff, who seized power Wednesday to ''end corruption in public life,'' issued martial-law regulations that said those facing prosecution could include former presidents, former Government ministers and members of the defense and police forces. There were reports of many arrests, and several former Cabinet members were said to have been imprisoned for trial, but apparently none from the Government that was ousted in the coup. The deposed President, 75-year-old Abdus Sattar, was said to be at his home here in Dacca, with police guards posted outside. Some reports said they were there for his protection; others said he was under house arrest.

Cuba is ready to discuss all aspects of the situation in the Caribbean basin with the Reagan Administration, diplomatic sources said today, but it will not withdraw support for Salvadoran rebels as a condition for such negotiations. The sources said that was the essence of the message delivered last weekend by President Fidel Castro through Mexico's Foreign Minister, Jorge Castaneda de la Rosa, to a special State Department envoy, Gen. Vernon A. Walters, who had held a secret four-hour meeting with the Cuban leader early this month in Havana. The sources added that Mr. Castro was pleased by his meeting with General Walters, who is a former Deputy Director of Central Intelligence, and was hopeful that it would be followed by further negotiations with the Reagan Administration. Cuba Prefers Wide Talks ''The Cubans say that no arms have gone from Cuba to El Salvador for the past 14 months, but they can't assume an obligation to stop aiding the guerrillas if this problem is seen in isolation,'' a knowledgeable Western diplomat said. ''They argue that the situation would be different if the United States stopped arming the Salvadoran junta or peace talks began in El Salvador.''

The Chicago Board Options Exchange suffered a legal blow today in its bid to become the pioneer exchange in the trading of options on debt instruments. In a 100-page decision, the United States Court of Appeals for the Seventh Circuit ruled, 2 to 1, that the Securities and Exchange Commission overstepped its statutory authority last year when it granted the C.B.O.E. permission to trade options on the debt certificates of the Government National Mortgage Association, or Ginnie Mae. The options have not yet been traded on the exchange. ''We hold that pending further action by the Commodity Futures Trading Commission, all trading of options on Ginnie Maes is prohibited,'' said the majority opinion, written by Judge Walter J. Cummings.

An Israeli Army sergeant was killed and three other soldiers were wounded today when a hand grenade was thrown into their jeep in occupied Gaza. It was the first Israeli death in a week of rioting that has taken the lives of six Palestinian Arabs. In today's incident, a second grenade missed the jeep and wounded three Arabs in a car behind. The Palestine Liberation Organization said it was responsible for the grenade attack but retracted the claim a short time later. (Page A4.)