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RECOMMENDATIONS

Scholarships  and  Fellowships
1.  A  scholarship  should  be  awarded  as  an  honor  to  one  who  gives
promise  of  scholastic  ability.
2.  A  fellowship  should  be  awarded  as  an  honor  for  proven  scholastic
ability  with  an  indication  of  greater  development  of  that  ability  for  useful
work.
3.  Financial  consideration  should  accompany  such  honors  only  in
cases  where  scholars  or  fellows  need  such  assistance  in  order  to  do  their
best  work.
4.  If  the  study  undertaken  has  an  economic  value,  financial  assistance
should  be  given  in  the  form  of  a  loan;  when  the  training  received  has  not
this  value,  needed  assistance  should  be  given  in  the  form  of  a  scholarship
or  fellowship  allowance  at  stated  periods  during  the  year.
5.  A  scholarship  or  fellowship  should  be  held  only  so  long  as  the
recipient  makes  specific  contribution  to  the  advancement  of  knowledge  or
hs  co-ordination.

Loans
1.  Revolving  Fund.—A  revolving  fund,  where  principal  as  well  as
interest  is  loaned,  serves  many  more  students  as  compared  with  the
restricted  fund.
2.  Department  of  Administration.—Loan  funds  should  be  administered
  in  the  business  office  of  the  institution  under  the  direct  supervision
of  the  business  officer.  He  should  have  final  authority  in  granting  or
rejecting  loans,  as  well  as  the  responsibility  for  collections.
3.  Selection  of  Risks.—Present  need,  past  performance  as  an  indication ­
  of  future  ability  and  willingness  to  repay  should  be  the  deciding
factors.  Preference  should  be  given  to  former  borrowers  from  the  same
loan  fund  after  a  careful  study  of  their  budgets,  the  principle  being  to
assist  them  to  the  point  where  they  can  more  readily  repay.
4.  Amount  of  Loan.—The  amount  of  the  loan  should  be  decided  only
after  a  careful  investigation  of  the  individual  applicant,  taking  into  consideration ­
  his  personal  budget,  opportunities  for  self-help,  his  scholastic
rating,  general  health,  and  the  average  yearly  cost  per  Student  at  the  institution. ­
  Usually,  total  loans  of  not  more  than  $1,000  should  be  granted.