A study of student loans and their relation to higher educational finance

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

? i'-' Their Relation to Higher Educational Finance 149 The branch is divided into two parts; a management division which directs all the activity of the branch, and a decision board which decides on the proposals of the committee and, after a personal conversation with applicants, as to the extension of loans. Method of Granting Loans In general, loans are extended only to students finishing their academic studies, that is, those who are within a year of their final examinations in a German University. Proof of successful scientific work and scholastic achievement are often required. Those students who have earned a large part of their funds through work during vacations or at other times are usually given preference when loans are extended. If a Student wants to secure a loan, he must file an application for it with the branch. In this application he must submit his complete vita in- cluding a review of his past educational training, his experience in working, his health, his family relations, and his economic position. As a rule there is a personal conversation with the borrower in regard to his prospects in academic and Professional life. If all the necessary requirements are ful- filled, the central office remits, upon request from the branch, the full amount of the loan. The loan made is never lower than the minimum amount of funds necessary for subsistence in the community where the Student is located. The borrower signs a contract with the branch in which he obligates himself to present security, repay the loan in installments and interest semi-annually, and to send in to the branch a yearly report of his economic and Professional Status. The interest payment on the loan is two per cent for the first five years, after which it is five per cent. Repay- ment begins in the fifth year after the loan is issued and runs in install ments for five years. In case of premature repayment three per cent interest is discounted after the fifth year. Origin of Funds and Uses The money used in loans is derived from three sources; the con- tributions of the members and donations, which are to be distributed in loans; the payments of the students in German universities, which consti- tute an insurance fund to cover losses through non-payment; and the interest from these two sources, which is used to pay the expenses of the business management of the association. Internal Organization The original plan was that the capital of the Loan Association should be increased to a sum large enough to provide for loans over a period of

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