Their  Relation  to  Higher  Educational  Finance

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A  scholarship,  on  the  other  hand,  should  indicate  less  than  a  fellowship. ­
  The  person  holding  it  need  not  have  proved  his  ability  so
conclusively,  but  should  have  shown  signs  of  promised  scholastic  ability.
The  award  should  be  made  in  the  same  way  as  the  fellowship,  first  as  an
honor  and  then  as  a  financial  aid.  The  financial  consideration  should  be
the  same  as  with  fellowships,  that  is,  it  should  be  secondary  to  other  considerations
  and  brought  in  only  when  the  recipient  of  the  award  needs
monetary  assistance.
In  both  cases  the  performance  of  something  specific  should  be
required.  Actual  performance  as  well  as  potentialities  should  be  deciding
factors  in  the  granting  of  these  awards.  However,  actual  performance
should  weigh  more  heavily  than  potentialities  in  the  question  of  renewing
the  funds.
There  may  be  established  certain  guiding  principles  for  the  administration
  of  scholarships  and  fellowships:
1.  A  fellowship  should  be  an  honor  awarded  for  proved  scholastic
ability  with  a  promise  of  greater  development  of  that  ability.
2.  A  scholarship  should  be  an  honor  awarded  for  promised  scholastic
ability.
3.  The  financial  consideration  should  be  of  secondary  importance.
Money  should  be  given  only  to  those  fellows  and  scholars  who
need  it  in  Order  to  do  their  best  work.
4.  If  the  training  received  and  the  work  done  has  an  economic  value,
the  financial  assistance  should  be  in  the  form  of  a  loan;  if  not,  it
should  be  in  the  form  of  a  periodical  allowance.
5.  The  fellowship  and  scholarship  should  be  retained  only  so  long  as
the  holder  produces  something  specific  in  the  way  of  advancing
or  of  organizing  knowledge.