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,