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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapther VI. The administration of student loans

Collection:: Economics Books

Their Relation to Higher Educational Finance 103 in which the loan is made. The period of turnover in education is neither one nor ten years, but is in fact five years and loans to students must be made on this basis to be successful. The Student must not be given terms with which it may be concluded in advance, he will not be able to comply. Five years from the date of the loan is the best period. What he borrows in his freshman year he will not be able to pay before one year after graduation. On the other hand, if he is planning for a successful career he must manage to pay his freshman loans within two years after graduation. The obligations which he incurs during his sophomore year likewise can and should be paid at the end of three years after graduation. So, too, loans made in the junior year can be paid four years after grad uation and those contracted for in the senior year paid five years after graduation. If the Student is planning a College course of more than four years, the term of the loan should be adjusted accordingly. Some will need six year loans, some seven year loans, and perhaps a few will require loans for a longer period. In all cases the term of the loan is not to depend on the institution, but on the number of years that the Student will remain in College and how soon he will begin to “cash in” on his training after leaving College. This will depend on what profession or field of endeavor he enters. By far the largest number of loans are long term loans, but it is also necessary that institutions be prepared to help the students over emergency periods of a few weeks or months. A short term loan can be handled in the same manner as a commercial loan, its duration being no longer than is necessary for the Student to obtain funds to cancel the note. In no case should it extend over one semester. If the money is needed for a longer period than this, it would be well to consider it a long term loan and handle it as such. Methods of Repayment The policy of institutions on the question of repayments has been varied. Much laxity is to be found in this respect and especially is there a lack of definiteness as to how and when the loans are to be paid. Three reasons may be assigned for this: first, sheer neglect of entering into a definite agreement; second, entering into agreements which will be impossible for the Student to carry out; and third, not understanding how collections can best be made, or not making such knowledge efifective. Of one hundred and five institutions answering an inquiry sent out by the Student Loan Information Bureau in regard to methods of making repayments, sixteen institutions reported that payment was required in full when the loan became due, sixty reported the installment method of

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