The Yale Plan would allow students to defer the cost of their education over a 35-year period after graduation. Students electing to borrow under the plan would pay back four per cent of their future pre-tax income for 35 years or until their class debt is paid off.
"I'm very worried about the plan because it may allow the government to relieve itself of its responsibility toward scholarship funds," Peterson said. "Yale's plan entails a legal obligation to pay back the borrowed funds. Harvard has always operated on the spirit of an obligation to pay back scholarship funds with no legal obligations."
James H. Rogers, Brown Director of Admissions, said yesterday that Brown is expecting about 6800 applicants this year, a decline of about four per cent. "There simply aren't that many affluent parents with sons who have aptitude scores sufficient for admission to Ivy League colleges," he said.
Rogers said he does not expect the quality of students admitted to be affected by the decline in applicants. He said he expects a similar four or five per cent decrease next year. Applications to Brown never declined during the 1960's.
Columbia is expecting a rise of about five per cent in their applications to a total of 4000. "Columbia's stigma as the radical school of the east seems to have worn off," Gerald Speca, Assistant Director of Admissions, said yesterday.
Speca said that Columbia has given serious consideration to the Yale Plan as a possible solution to the financial problems encountered by many entering students. He said that Columbia may adopt it by the spring of next year.
Nathaniel Abbott, an Assistant Director of Admissions at Princeton, said yesterday that Princeton expects a decline of about two per cent to 8100 in the number of applications this year. Abbott attributed the general decline in Ivy League applications to the rising cost of education but said that Princeton has not given serious consideration to the Yale Plan.