A Study of Student Loans
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Original Sieb, 8A x II
Form 1.—Page One
RULES FOR THE ADMINISTRATION
OF
HARMON LOAN FUNDS
AFFILIATION WITH COLLEGES
I— Procedure
It is first necessary for the President of a College to apply to the Division, of Student Loans for
affiliation. If accepted, the-College signs an agreement to co-operate with the Foundation in the
administration of the loan fund. A stated appropriation is granted for loans to students during the
ensuing school year, according to the following rules prescribed by the Harmon Foundation.
II— Basis of Selection
Colleges are chosen to participate in the Harmon Student Loan Fund because of their:
1. Need
2. Educational Standards
3. Type of School
4. Geographical distribution
5. Desire to co-operate in loan experiment
III— Student Loan Committee
1. A committee of three faculty members, one preferably a business officer, shali be appointed by
the president who shall also designate one as chairman.
2. It shall be the duty of this committee:
(a) to investigate all applications for loans and forward those recommended to the Harmon
Foundation for formal approval.
(b) to assist the Harmon Foundation in the general administration of the fund.
IV— Forms
Uniform blanks and other necessary papers will be furnished by the Foundation. Applications
made out on other forms will not be considered.
SELECTION OF BORROWERS
I— Applications
1. A detailed application is required from all students. It must contain pertinent facts such as
the personal history, grades, indebt'edness, school activities, and a careful budget of receipts and
expenses.
2. All applications must be submitted through the Student Loan Committee of the College, on
the form provided by the Foundation.
3. Each aoplication shall be carefully investigated by the loan committee, and its recommendation
shall be required before acceptance by the Harmon Foundation.
4. The Foundation will not consider applications which are not made through the above
channels.
5. Three references, at least two of which should come from the applicant's home town, are
necessary.
II— Eligibility
1. Loans are limited to students of junior grade or above in courses leading toward a degree
in the liberal arts or one of the professions.
2. Loans are made without regard to race, religion, sex, or age. If the borrower is a minor at
the time the loan is made, the endorsement of an adult is required, it being understood that
upon reaching majority the borrower will sign an affirmation of his agreement and thus relieve
his endorser.
3. All borrowers must be either citizens of the United States, or Have taken out their first
papers.
