Their  Relation  to  Higher  Educational  Finance

79

urgent  that  such  training  be  made  a  part  of  the  College  and  university
education,  for  it  is  an  essential  element  in  our  national  life  and  vital  to
economic  and  intellectual  advancement. 41  There  is  no  reason  to  believe
that  training  the  Student  how  to  handle  his  personal  finance  will  act  as  a
drawback  to  his  moral,  intellectual,  or  physical  development.  In  fact,
it  will  act  as  a  Supplement  to  these  in  the  molding  of  a  well  rounded  out
life.
The  Student’s  Budget
The  best  approach  which  the  institution  has  for  training  the  Student
in  personal  finance  is  by  way  of  the  budget.  The  Student  has  often  been
asked  or  told  to  budget  himself,  but  he  has  never  been  taught  how  to  do  it.
It  is  even  a  difficult  matter  for  many  mature  people.  Therefore,  it  is
unreasonable  to  expect  this  of  young  people  who  have  never  before  been
thrown  on  their  own  resources  and  responsibilities.  The  estimated  costs
as  printed  in  university  and  College  catalogs  are  the  one  guide  which  the
Student  has  to  follow.  These  as  a  rule  are  underestimated  and  incomplete.
They  are  not  sufficient  to  carry  the  Student  through  on  the  Standard
of  life  that  his  environment  will  require.  They  are  based  on  what  he
could  get  along  on  if  his  equipment  were  complete  and  his  self-denial
perfect.  Seldom  are  provisions  made  for  clothing  and  amusements.  The
students  and  the  parents,  for  instance,  usually  forget  to  plan  on  these  items
which  are  bound  to  arise.  The  result  is  that  the  amount  set  aside  as  necessary
  to  carry  through  the  year  gives  out  and  the  Student  resorts  to  various
means  to  make  up  the  deficit.  Many  seek  employment  who  had  considered
themselves  provided  for  and  thus  the  Situation  becomes  all  the  more  acute.
The  Student  who  plans  to  work  his  way  through  finds  he  must  do  more
work  than  he  had  contemplated.  If  he  does  not  find  the  additional  work,
a  rush  on  the  loan  office  results.  The  loan  office  is  not  prepared  to  meet
the  Situation.  Large  numbers  of  students  become  disappointed  and  discouraged.
  This  then  reflects  itself  in  the  academic  work  and  on  the  Situation ­
  as  a  whole.  It  is  discouraging  to  students  and  officials  alike.  Lack  of
foresight  caused  in  part  by  ignorance  has  created  this  Situation.  More
loans  are  not  the  only  remedy,  but  more  reliable  figures  at  the  outset
should  be  given  the  Student.
The  Announcement  and  the  Student’s  Budget
It  would  be  well  to  have  the  estimated  costs  given  in  the  announcement ­
  cover  all  expenses  which  the  Student  will  have  for  the  entire  year

41  Ibid.,  p.  2.