Foreword  to  Study  of  Student  Loans  and  Their  Relation  lo
Higher  Educational  Finance

r EAR  ago,  in  December,  1924,  I  agreed  to  finance  an  independent

investigation,  and  study  of  established  Student  aid  methods,  under

the  auspices  of  the  Association  of  University  and  College  Business ­
  Officers  of  the  Eastern  States.  I  did  so  because,  from  the  threeyear
  experience  of  the  Harmon  Foundation  in  this  field,  we  feit  that
existing  methods  of  handling  eight  or  ten  million  dollars  of  public  moneys
in  trust  funds  for  Student  aid  loans,  scholarships,  etc.,  each  year  by  the
Colleges  were  often  based  on  doubtful  premises,  conducted  with  a  poor
technique,  were  seriously  wasteful  and  in  a  very  large  number  of  cases
engendered  harmful  influences  on  the  character  of  the  recipients.
Mr.  Chassee  started  with  only  the  most  meager  outline  of  data
embracing  the  scope  of  the  work  to  guide  him,  and  obviously  without  any
attempt  to  influence  his  judgment.  His  mental  attitude  was  so  judicial
that  for  three  or  four  months  it  was  impossible  to  determine  the  trend
of  his  mind  in  the  many  Conferences  he  had  with  the  members  of  our
staff,  and  only  as  the  various  chapters  or  sections  of  the  final  report  were
submitted  did  we  realize  the  extraordinary  character  of  the  conclusions.
The  reception  of  “A  Study  of  Student  Loans  and  Their  Relation
to  Higher  Educational  Finance”  by  the  Association  of  University  and
College  Business  Officers  of  the  Eastern  States  at  its  annual  Conference
was  also  a  source  of  great  and  unexpected  satisfaction.  A  copy  of  the
report  was  sent  in  typewritten  form  to  each  member  in  advance  of  the
meeting  and  the  endorsement  of  Mr.  Chassee’s  position  was  cordial  if
not  even  enthusiastic.
The  objectives  of  the  Harmon  Foundation  have  been  two-fold—
Service  and  Education.  The  Service  could  be  handled  with  independence
and  in  accordance  with  our  convictions  because  we  were  using  our  own
money.  It  was  necessary,  however,  to  limit  our  educational  program  to  an
exhibit  of  the  results  of  our  experience  and  an  expression  of  our  opinion
when  asked  for  by  educators,  which  happily,  has  been  of  almost  constant
occurrence.
With  the  “Study  of  Student  Loans  and  Their  Relation  to  Higher
Educational  Finance”  available,  prepared  by  a  man  with  scholastic,  scientific, ­
  and  business  training—endorsed  as  a  whole  and  rejected  in  no
particular  part  by  the  Association  of  University  and  College  Business
Officers  of  the  Eastern  States—we  feel  that  culpable  or  careless  methods

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