McDonald Gives Approval to Plan For Loan Fund
Wallace McDonald '44, Director of Freshman Scholarships, revealed yesterday that he would give full support to the possible development of a University loan program designed to let students repay loans in installments after graduation.
McDonald, who returned recently from two New York education conferences, stated that he had seen "real concern" for similar programs among college representatives. He hoped that if Harvard started such a plan, it would be joined by other Eastern colleges in advancing a "study now, pay later" plan.
"If you can buy a Cadillac this way, why can't you do the same for an education?" McDonald asked. His question referred to statements made on television Sunday by Dean Bundy and Adlai Stevenson, who criticized Americans for devoting too much "social capital to tail fins and not enough to education."
McDonald pointed out that any installment payment proposal for education would have to consider that students are sometimes afraid that by borrowing they commit themselves to immediate repayment. "I would be afraid of a loan program that in effect governed a student's professional planning." McDonald said, advocating that the University maintain in a flexible repayment system based on income tax returns. "We may have to convert some loans to scholarships, after the fact," he added.
McDonald also announced yesterday that as a result of the recent College Scholarship Service conference in New York, the scholarship officers of the Ivy Schools would hold a discussion session independent of their deans this fall. McDonald said the talks, which he described as "lower level," would consider the problems of scholarship aid keeping up with cost rises and of reducing apparent competitive bidding in the whole Ivy League.