76 
A Study of Student Loans 
Under the plan advanced above, there are two alternatives suggested : 
(1) to require only the borrowers to contribute to the guarantee fund; 
(2) to require all the members of the dass to contribute to it. If the 
first plan is followed, then the money should be refunded. If the second 
plan is followed, then the sum left over after losses are paid could be 
turned over to the alumni fund to be disposed of by an alumni committee 
composed of members who have borrowed in the past. Or it could be 
left as a surplus guarantee fund. In any case, after experience in 
administering funds in this manner, the surcharge for this purpose should 
be such that few refunds would have to be made.