Their Relation to Higher Educational Finance 
79 
urgent that such training be made a part of the College and university 
education, for it is an essential element in our national life and vital to 
economic and intellectual advancement. 41 There is no reason to believe 
that training the Student how to handle his personal finance will act as a 
drawback to his moral, intellectual, or physical development. In fact, 
it will act as a Supplement to these in the molding of a well rounded out 
life. 
The Student’s Budget 
The best approach which the institution has for training the Student 
in personal finance is by way of the budget. The Student has often been 
asked or told to budget himself, but he has never been taught how to do it. 
It is even a difficult matter for many mature people. Therefore, it is 
unreasonable to expect this of young people who have never before been 
thrown on their own resources and responsibilities. The estimated costs 
as printed in university and College catalogs are the one guide which the 
Student has to follow. These as a rule are underestimated and incomplete. 
They are not sufficient to carry the Student through on the Standard 
of life that his environment will require. They are based on what he 
could get along on if his equipment were complete and his self-denial 
perfect. Seldom are provisions made for clothing and amusements. The 
students and the parents, for instance, usually forget to plan on these items 
which are bound to arise. The result is that the amount set aside as neces- 
sary to carry through the year gives out and the Student resorts to various 
means to make up the deficit. Many seek employment who had considered 
themselves provided for and thus the Situation becomes all the more acute. 
The Student who plans to work his way through finds he must do more 
work than he had contemplated. If he does not find the additional work, 
a rush on the loan office results. The loan office is not prepared to meet 
the Situation. Large numbers of students become disappointed and dis- 
couraged. This then reflects itself in the academic work and on the Situa 
tion as a whole. It is discouraging to students and officials alike. Lack of 
foresight caused in part by ignorance has created this Situation. More 
loans are not the only remedy, but more reliable figures at the outset 
should be given the Student. 
The Announcement and the Student’s Budget 
It would be well to have the estimated costs given in the announce 
ment cover all expenses which the Student will have for the entire year 
41 Ibid., p. 2.