Graduates of the Harvard Business School have repaid approximately $90,000 to the School Loan Fund during the last nine months, officials of the School announced today. Of this amount over 94 per cent was repaid by men who have graduated from the School during the depression.
Students with satisfactory scholastic averages are eligible to apply for loans up to $300 in their first year at the Business School and $600 in their second year. The average account of the 850 men with loans now outstanding is $450.
The Loan Fund at the Business School has been in operation for twenty years and during that time $900,000 has been loaned to needy students. Losses from bad debts have totalled only 1 per cent of this amount, and some of this small loss has been caused by the death of the beneficiaries.