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A  Study  of  Student  Loans  and

There  is  needed,  then,  a  more  careful  appraisal  of  the  individual;
not  once  but  frequently.  Better  gauging  of  the  individual  is  as  important
to  society  both  in  its  social  and  economic  aspects  as  it  is  that  the  future
of  business  enterprise  or  business  conditions  be  gauged.  This  is  necessary
to  social  progress  and  there  could  be  no  better  place  than  the  university
to  start  this  selective  process.  Some  work  is  already  being  done  along
these  lines  in  the  way  of  mental  tests  for  admission  to  Colleges  and  of
grouping  for  instructional  purposes.  Since  scholarships  and  fellowships
are  awarded  to  a  few  who  are  supposed  to  be  at  the  top  of  the
scale  in  the  university  community,  it  is  most  imperative  that  the  selection  of
these  be  made  with  certain  fundamental  principles  in  mind.  In  the  past
students  have  received  these  awards  principally  on  the  basis  of  scholastic
ability,  with  the  exception  that  some  scholarships  and  fellowships  were
granted  to  those  individuals  who  were  in  need.  There  have  been  many
variations  between  these  two  extremes,  which  makes  it  difficult  to  determine
  the  principles  which  should  prevail.
That  which  is  of  the  greatest  importance  in  this  consideration  of
scholarships  and  fellowships  is  what  part  they  should  play  in  Student  aid;
what  relation  they  should  bear  to  self-help;  what  ratio  should  exist
between  them  and  loans.  It  is  neither  possible  nor  prudent  to  go  into
detail  here  in  regard  to  the  administration  of  such  aid  to  students,  but
there  are  certain  guiding  principles  which  would  go  far  toward  setting
matters  aright.
The  first  Step  is  to  draw  a  sharp  line  between  scholarships  and  fellowships. ­
  They  do  not  and  they  should  not  mean  the  same  thing.  The  fellowship ­
  should  be  held  by  a  Student  with  a  high  order  of  scholastic  ability.
He  should  be  able  to  push  forward  into  the  field  of  knowledge  in  an  independent ­
  fashion.  If  he  is  incapable  of  this,  there  is  no  reason  why  he
should  be  supported  while  acquiring  knowledge  to  be  commercialized
later.  In  a  case  like  this  a  loan  should  be  made.  Appointment  as  a
fellow  does  not  necessarily  mean  that  financial  assistance  should  be  given.
A  fellowship  should  be  formal  recognition  of  intellectual  accomplishment.
Therefore,  universities  could  establish,  for  instance,  an  Adam  Smith
Fellowship  in  Economics  or  a  Barnard  Fellowship  in  Medical  Research,
not  necessarily  carrying  any  compensation,  but  denoting  an  honor  which
should  be  sought  by  those  who  are  scholastically  ambitious.  The  first
considerations  are  the  scholasic  attainment  and  promise  of  greater  future
development.  These  are  to  be  considered  regardless  of  financial  need.
After  the  selection  has  been  made  on  this  basis,  the  financial  element  should
enter  in  and  financial  assistance  given  to  those  who  need  it.  If  the  Student
is  to  commercialize  his  training,  he  should  be  given  a  loan;  if  not  a  periodical
  allowance.