24
A Study of Student Loans and
doubt, a conservative estimate of the funds permanently invested in
higher education, since it is based on the information furnished only
by those universities, Colleges, and Professional schools which report
to the U. S. Bureau of Education (780 institutions in all—119 public and
661 private). It includes the property held in 1921-22 and does not take
account of the many gifts and appropriations that have been made since
for permanent investments, nor the increase in value of the property
held. On the basis of the above figures, it should be safe to say that
the present value of such property owing to accretion, additional gifts
and appropriations amounts to almost three billion dollars.
Accepting with due caution the estimates in Table 2 made by the
U. S. Bureau of Education, some light may be thrown on the distribution
of these values as in the different forms of property. The forms of prop
erty listed in Table 2 are very definite sources of income to institutions
of higher learning and must be included as such. It is not possible to
assign to philanthropy and the public their proper share of this income
from fixed assets. It is reasonably accurate, however, to assign the income
from the property of public institutions to public sources and that of the
property of private institutions to philanthropic sources. The overlapping
will just about balance.
Philanthropic Sources
The philanthropic sources were the first means of support for
higher education. Religious organizations, later on individuals, and at
present both of these as well as certain corporations, associations, and
foundations are contributing heavily to higher education. The motives
underlying these different gifts are diverse. Philanthrophy, the desire
to help society in a general way, is a strong incentive; religious zeal
is also an important factor and is closely allied to the purely philan
thropic sentiment—it is a desire to spread one’s own religious belief.
(The numerous religious institutions of higher learning are ample evidence
of this.) Next should be noted the desire to advance learning. This has
come to the fore recently and is exemplified in the numerous foun
dations and institutes for research—all endeavoring to ascertain truths
along certain specific lines. Millions of dollars have been set aside for this
purpose within recent years and the result should be a rapid advancement
of knowledge rather than just the dissemination of knowledge already
acquired, as was the case in the most part under the purely philanthropic
and religious motives. The other motive of primary importance is the
personal one. When donations and endowments are given for philan
thropic, religious, or research purposes, there is offen in them the personal
Stimulus; thus large endowments, gifts, professorships, and scholarships,