Their Relation to Higher Educational Finance
79
urgent that such training be made a part of the College and university
education, for it is an essential element in our national life and vital to
economic and intellectual advancement. 41 There is no reason to believe
that training the Student how to handle his personal finance will act as a
drawback to his moral, intellectual, or physical development. In fact,
it will act as a Supplement to these in the molding of a well rounded out
life.
The Student’s Budget
The best approach which the institution has for training the Student
in personal finance is by way of the budget. The Student has often been
asked or told to budget himself, but he has never been taught how to do it.
It is even a difficult matter for many mature people. Therefore, it is
unreasonable to expect this of young people who have never before been
thrown on their own resources and responsibilities. The estimated costs
as printed in university and College catalogs are the one guide which the
Student has to follow. These as a rule are underestimated and incomplete.
They are not sufficient to carry the Student through on the Standard
of life that his environment will require. They are based on what he
could get along on if his equipment were complete and his self-denial
perfect. Seldom are provisions made for clothing and amusements. The
students and the parents, for instance, usually forget to plan on these items
which are bound to arise. The result is that the amount set aside as neces-
sary to carry through the year gives out and the Student resorts to various
means to make up the deficit. Many seek employment who had considered
themselves provided for and thus the Situation becomes all the more acute.
The Student who plans to work his way through finds he must do more
work than he had contemplated. If he does not find the additional work,
a rush on the loan office results. The loan office is not prepared to meet
the Situation. Large numbers of students become disappointed and dis-
couraged. This then reflects itself in the academic work and on the Situa
tion as a whole. It is discouraging to students and officials alike. Lack of
foresight caused in part by ignorance has created this Situation. More
loans are not the only remedy, but more reliable figures at the outset
should be given the Student.
The Announcement and the Student’s Budget
It would be well to have the estimated costs given in the announce
ment cover all expenses which the Student will have for the entire year
41 Ibid., p. 2.