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

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Monograph

Identifikator:: 1028402236

URN:: urn:nbn:de:zbw-retromon-41825

Document type:: Monograph

Author:: Chassee, Leo Jeannot

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

Place of publication:: New York

Publisher:: Harmon Foundation, Inc.

Year of publication:: 1925

Scope:: 1 Online-Ressource (170 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV. The student as a financial risk

Collection:: Economics Books

68 A Study of Student Loans and In the small business concern character becomes more important; a loan to an individual, regardless of the assets he has at the time of the loan, is based primarily on character; in loaning to the Student character is the fundamental test. But it becomes more than an estimation of character, for the student’s character is in a formative period and so the loan is in reality based upon his character as it is expected to be rather than as it is. This is what makes the problem of Student loans a unique one. It may therefore be said that the Student has nothing to offer—not even character. Business principles and methods cannot be applied directly, but can and should be applied in a modified manner. As has just been noted, the student’s character is not yet fully formulated, but with a careful selection of the individuals, the institution can bank on the material the Student has for the formation of character. Having estimated this, it can then proceed to advance him a loan and administer it in such a way that not only financial Service will have been rendered, but also a Service which will build him up into a reliable individual. There is a character building power in well administered financial assistance to students which the institutions have been overlooking. The integrity of the selected Student has been established beyond question in the experience of institutions and individuals who have loaned money to students on a quasi-business basis. 33 Reasons for Lösses Where loans to students have been a partial failure, one or more of the following reasons can be assigned: 1. The loans have not been properly administered. a. Lack of a definite agreement. &. Student was not made to realize the Obligation he was under- taking—the institution failed to develop a clear-cut sense of responsibility. c. The risk was not properly selected. d. There were no systematic collections. e. No interest or too low interest. 2. The institution failed to “see the student through.” Loans were made in the early part of the College career and additional loans were refused, which kept the student from finishing his education. 3. The institution missed the opportunity to use loans as a character building weapon. 34 33 See article by Mary B. Brady, “How Students Can Borrow Money with Character as Security”, Independent, Jan. 5. 1924. 34 “If student loans are conducted on a strictly business basis, their character building value may be many times greater than their financial value. Traits of character developed and strength- ened as a result of receiving such assistance will do far more towards bringing success and happiness than the money alone. Self-respect is the foundation of good character and a business- like method of making student loans fosters this trait. However, it does not increase a student’s self-respect so much as it does nothing to decrease it.” Pansy G. Glenn of Berea College, quoted in Harnion Foundation Bulletin, June, 1925, p. 1.

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