[9] 
Columbia University 
New York City 
October 15, 1925 
Tf/ie Association of Unioersity and College 
Business Officers of the Eastem States 
The Committee on Student Loans 
Genteemen : 
The result of the study on Student loans made by the Student Loan 
Information Bureau is being transmitted to you for appropriate action. 
The study began as one of Student loans proper, but as the work pro- 
gressed, it was found that the fundamental wrong with Student loans 
was not so much the loans themselves as the position which they occupy 
in the financial policies of universities and Colleges. It was found neces- 
sary, therefore, to expand considerably the scope of the study in Order 
to treat the subject of Student loans adequately. 
The study is divided into eight parts. The first, a Perspective on 
“Student Loans and The Business of Higher Education”, is a summary 
of the seven parts which follow. It should be valuable to those who lack 
time to read the entire work, since it takes up the salient points in digested 
form. Chapters II and III will be of interest to those who lean toward 
the broader aspects of higher educational finance. Chapters IV, V and 
VI will be of interest to those who are close to the Student and are re- 
sponsible for the administration of some of the university and College 
funds. Appendices A and B should be of value to those who are working 
out the mechanism for the administration of Student loans. 
In the preparation of this study we have received the most generous 
Cooperation from the members of both the Eastern and Western Asso- 
ciations of University and College Business Officers. We must feel in- 
debted to them, since without such Cooperation in the way of furnishing 
the desired material and giving valuable suggestions the work could not 
have come to a successful end. The members of the Harmon Founda 
tion Staff have also given untiring cooperation and have made available 
to us all information at their command. Miss Ethel C. O’Neill, who has 
been associated with me, did all the secretarial work connected with the 
study, prepared all the graphs and charts, made the digest for Appendix B, 
and has given constructive criticism at every step in the work. The sug 
gestions made by Mr. W. E. Harmon and Professor Samuel McCune 
Lindsay of the Faculty of Political Science at Columbia University and