Full text: A study of student loans and their relation to higher educational finance

Scholarships and Fellowships 
1. A scholarship should be awarded as an honor to one who gives 
promise of scholastic ability. 
2. A fellowship should be awarded as an honor for proven scholastic 
ability with an indication of greater development of that ability for useful 
3. Financial consideration should accompany such honors only in 
cases where scholars or fellows need such assistance in order to do their 
best work. 
4. If the study undertaken has an economic value, financial assistance 
should be given in the form of a loan; when the training received has not 
this value, needed assistance should be given in the form of a scholarship 
or fellowship allowance at stated periods during the year. 
5. A scholarship or fellowship should be held only so long as the 
recipient makes specific contribution to the advancement of knowledge or 
hs co-ordination. 
1. Revolving Fund.—A revolving fund, where principal as well as 
interest is loaned, serves many more students as compared with the 
restricted fund. 
2. Department of Administration.—Loan funds should be adminis- 
tered in the business office of the institution under the direct supervision 
of the business officer. He should have final authority in granting or 
rejecting loans, as well as the responsibility for collections. 
3. Selection of Risks.—Present need, past performance as an indica 
tion of future ability and willingness to repay should be the deciding 
factors. Preference should be given to former borrowers from the same 
loan fund after a careful study of their budgets, the principle being to 
assist them to the point where they can more readily repay. 
4. Amount of Loan.—The amount of the loan should be decided only 
after a careful investigation of the individual applicant, taking into con 
sideration his personal budget, opportunities for self-help, his scholastic 
rating, general health, and the average yearly cost per Student at the insti 
tution. Usually, total loans of not more than $1,000 should be granted.

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