73 Men Gain Loans, Grants From College

Total value of loans and aid grants awarded by the College this year went up to $59,000 yesterday when the Financial Aid Center announced 73 Spring term awards.

Notifications went to 50 undergraduates who will get $12,000 worth of long term loans, and 23 men who will get $3,500 worth of beneficiary aid.

Of the $59,000 total, about $30,000 is in long term loans under the College's new loan policy. No interest is charged on this money until the debtors have been graduated from College or graduate school. Then the loans fall due at three percent simple interest with a required repayment rate of $10 per month.

$20,000 in Short Term Loans

$20,000 of the year's total is short term loans, which are given, interest free, for periods up to six months whenever a student needs money temporarily. The other $9,000 was beneficiary aid grants, which are given to especially hard working and needy students.

The year's $50,000 worth of loans is double the amount given last year. The increase was made available by the establishment by members of the Lowell family of Boston of a "Harvard Loan Fund."

Applications will be taken by the Aid Center next term for long term loans and grants. Short term awards are given any time to temporarily-needy students.