University might designate and in such sums as might be determined. This was done for one year, but the effect upon the men themselves was to my mind not a good one; they were not stimulated by it, their self-respect and self-reliance were not strengthened. I therefore wrote the trustee of the fund suggesting that the amount which he should put at our disposal be lent to students, rather than given to them, at a low rate of interest for a reasonable period of time and upon its repayment that it be used to increase the fund available. This was done, and the effect in my opinion has been much more salutary. What we get for nothing we seldom value.
The time set for the repayment of the loans, which I am discussing, is two years following the date of the borrower's regular or expected graduation. It has been interesting if disappointing to me to find that only a very small percentage of the loans are paid within that time; if they were, the University would each year have at its disposal nearly twice as much money available for loans as it now has. The time the notes actually run, I have no doubt, if the matter were investigated, is fully twice as long as that agreed upon. Most of the loans are ultimately paid, for however careless he may be and however long he may delay the liquidation of his debt, the college borrower is innately honest and at least means well.
There are exceptions to this last statement of course, one of which I recall. I met an old college acquaintance of mine a few months ago. He had been graduated twenty-five years or more, and though he had not made any marked success in his profession, yet he was in comfortable circumstances and
