TABLE OF CONTENTS 
PAGE 
Foreword 5 
Letters op Transmittat, 
Committee on Loans • 
Secretary of Student Loan Information Bureau 9 
Perspective 
Student Loans and “The Business of Higher Education” 11 
Chapter I 
Financial Development op Higher Education 
Early Development 17 
The Spread of the University Idea 17 
Motives in Higher Education 17 
Martin Luther and the New Motives 18 
Beginning of State Support 18 
England and its Philanthropic-Religious Institutions.... 19 
The Early Colonial Period in America 19 
Early National Period—(1776-1825) 20 
The Present Period—(1865-1925)—and the New Purpose 20 
Financial Support and Purposes 21 
Chapter II 
Sources op Educational Income 
Three Sources 22 
Property Values of Institutions of Higher Education 23 
Philanthropie Sources 24 
Gifts to Higher Education 25 
Recent Gifts 25 
Reliability of Philanthropie Sources in the Future 26 
Philanthropie Sources in 1924-25 27 
Public Sources 27 
Incidence of Public Revenue for Higher Education 27 
Public Sources in 1924-25 29 
Student Fees for Tuition and Other Educational Services 29 
The Increasing Cost to the Student 30 
Comparative Fees and Tuitions in State Institutions 31 
Present Schedule of Fees and Tuition 32 
Comparative Fees and Tuitions in Private Institutions 37 
Fees and Tuitions in Private Institutions in 1924-25 38 
The Cost of Education to the Student 40 
Cost of Building 44 
Sources of Income versus Benefits 44 
Chapter III 
Allocation op Higher Educational Costs 
Two Phases 45 
Costs and Increased Enrollmcnts 45 
Points of View 46 
Society Should Bear the Cost 46 
Recipient Should Pay Full Cost 48 
Dividing Cost Between Recipient and Society 48 
The Problem of Cost Allocation 49 
Arriving at the Ratio 50 
The Present Situation 50 
Basis for Cost Allocation 52 
Reasons for Such Allocations 54 
The Individual 55 
Knowledge with an Economic Purpose 56 
The Share of Philanthropy 56 
The Share of Society 56 
The Share of the Student 57 
The Results 57