Lower income bracket students cannot stay out of the red if they depend on standard sources of revenue, a Student Council report on undergraduate finances revealed yesterday.
A committee headed by Harry P. Haveles '48 reported that a poll completed last month showed that non-veterans in the bottom income quarter spend an average of $699 per term, yet have a planned revenue of only $550. Corresponding figures exist for veterans.
Four major sources of money--the G. I. Bill, parent finances, student employment, and scholarships--can no longer support the student, the report states, and with added tuition and rent costs next fall, the strain will be even greater.
Veterans' aid is becoming less significant, the report explains, because only 22 percent of the Freshman class are eligible for it.
More Loans Needed
If the balance of economic and social groups in the College is to be maintained, Haveles's figures show, the University will have to increase its present scholarship and loan expenditures. Already there are long lines waiting at the scholarship office door, Haveles commented yesterday.
The Council has set up a special investigating committee to figure out where the added money can come from. Haveles's committee recommends, as a starter, a 65 cent minimum wage for student employees of the University--"except for most library and baby-sitting jobs."
Meanwhile, students who are not breaking even must wire home for more money, seek out University or other loans, request College grants-in-aid, or swell their working hours.
"However, statistics indicate that most lower income bracket students either do not know about or do not worry about their finance troubles until late in the term," harveles said, "when they are suddenly forced to look for an additional source of income."
In a separate report, the Committee said that University wages are generally equitable, except for some jobs paying under 65 cents per hour.