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Business School Granted $25,000 To Establish Student Loan Fund


Students will have "no legal obligation" to pay back the loans they receive from a new $25,000 fund that the Business School established last night.

Instead, they "would sign a statement of their very firm intention" to reimburse the fund whenever it is possible.

Paul C. Cabot '21, treasurer of the College, made the gift in memory of his father, Henry B. Cabot '83. He calls the new kind of financial help an "advance-in-aid."

"It has long been in my mind," he told Dean David "that there night he developed a type of financial aid lying midway between loans and scholarships. This procedure would, it seems to me provide the satisfaction which comes from meeting one's own obligations and from aiding another student to attend the Harvard Business School."

Helps Match Rockefeller Gift

Cabot added he was making the gift at this time "to help match the $5,000,000 offered by John D. Rockefeller, Jr."--a gift that will be made only if it is equalled by other donations before June.

The Business School ultimately hopes to have loans up to $1,200 for every stu-student who needs them. Scholarships will be available to outstanding men whose needs exceed the loan limit.

Reports from the Business School indicate that a substantial gap still exists between funds received and the goal set.

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