Their Relation to Higher Educationae Finance 
125 
This borrower had not even asked for an extension of time. The Founda 
tion is confident that fundamentally this man is all right, and that the debt 
will be paid. This letter is a grave reflection on some one or some insti- 
tution, or perhaps the social System under which the young man grew up. 
In Belgium, Switzerland, and Holland, and other European countries, it 
is often the practice of young men to Start in business on borrowed Cap 
ital raised on unendorsed paper, but these men have been trained in busi 
ness ethics that apparently have not been a conscious part of the American 
System of education. 
In looking toward the future development of its loan System, the 
Harmon Foundation extends honorary membership to all its borrowers 
who repay their loans satisfactorily according to agreements. With this 
goes a character certificate on the reverse side of which is set forth the 
estimation of three leading New York bankers of its value. The Division 
of Student Loans maintains that the Student who through his own initiative 
borrows to obtain an education and then repays, has established a credit 
rating that should be of immediate and continued use to him in obtaining 
banking accommodations. As the plan becomes better known and its 
Services extended, as the number of borrowers grows and their records 
become known, this should have an increasing value. Ninety-eight cer- 
tificates have thus far been granted. 
The Honorary Certificate is taking on a surprising significance—as 
shown by letters written in acknowledgment and appreciation of its receipt. 
The primary result of education is not learning, which of itself is a lifeless 
thing, but that inspiration which vitalizes the forces created or developed 
through study. The Foundation’s Honorary Members have caught that 
inspiration and are, because of it, approaching life’s problems on their 
toes. The change in the mental attitude of the graduate who has not yet 
paid his Obligation to that of the man who has won his spurs, from the 
point of view of the Division of Student Loans and his own, is most 
marked. The Foundation is beginning to harbor the hope that these young 
men and women have acquired something through their loan experience 
that will translate itself in other activities throughout their lives. Fach 
of us can probably look back on some minor experience or spontaneous bit 
of advice that has colored our whole career. The Honor Certificate is 
working that way with gratifying uniformity.