NPR unlikely to go off the air

''All Things Considered'' fans can breathe easier. It now looks as if both ''All Things'' and ''Morning Edition'' on National Public Radio will continue uninterrupted due to a last-minute financial agreement between NPR and the Corporation for Public Broadcasting (CPB), through which most of NPR's funding is channeled.

Today is NPR's payday, and for much of this past week it seemed that NPR would not be able to meet its payroll, leaving the threat of bankruptcy hanging over the heads of NPR's 300 Washington employees.

NPR needs a $9.1 million loan from CPB to cover past debts and continue operations, writes Monitor correspondent Arthur Unger. CPB had demanded that NPR hand over title to its satellite equipment as collateral for the loan. NPR interpreted that as a power play by CPB, although CPB officials said they were simply reacting to the fiscal irresponsibility that seemed to cause NPR's financial crisis.

NPR submitted a revised compromise plan that reportedly would place control of the satellite equipment in the hands of a committee of three individuals, whose names were not disclosed. CPB accepted this plan, saying the satellite system wil be held in trust until NPR divests inself of its debt. it is believed that public and congressional pressure for an agreement was a major factor in reaching the accord.