TTo the Association of 
University and College Business Officers of the Eastern States 
Gentlemen : 
At the last meeting of this Association, Mr. William E. Harmon of 
the Harmon Foundation, very generously offered to contribute the sum 
of $5,OCX) to cover the expense of a year’s study and research in Connec 
tion with Student loans and their administration. This offer was accepted 
and a committee of three appointed to confer with Mr. Harmon and 
report to the President and Executive Committee any plan or conclusions 
that might be reached as to the best method of Cooperation with Mr. 
Harmon along the lines that he had indicated. 
We were most fortunate in securing as our investigator, Mr. L. J. 
Chassee, a Lecturer in Banking in the School of Business of Columbia 
University,—a man well qualified to carry on the details of this research 
and one who has in addition evinced a very great interest in the work. 
We are indebted to him for a thorough investigation of the subject as is 
evidenced in the report we submit herewith. 
Your Committee held its first meeting with Mr. Harmon in January 
at which time plans for the work were outlined, including the decision 
to secure the Services of some one to do the necessary research work. We 
reported to the Executive Committee in March and, receiving approval 
of the plan under which we proposed to operate, the work was imme- 
diately started on the investigation. 
While your Committee was not charged with the recommendation of 
any specific plan that should be generally adopted, the Executive Com 
mittee feit the report should include such recommendations as our inves 
tigation indicated should be presented to the Association. We have 
therefore embodied in Chapter VI general recommendations which we 
hope will form the basis for a discussion of this subject and lead to the 
adoption by our membership of some general plan of Operation. 
Respectfully submitted, 
Charles S. Danielson 
November 6, 1925 
\7) 
LeRoy E. Kimball