President Pusey has agreed to be a charter member of the proposed Massachusetts Higer Education Assistance Corporation, it was learned yesterday.
In testimony given before a state legislative committee yesterday State Senator Philip A. Graham named Pusey as one of 23 incorporators who would elect the corporation's first board of directors. The list, headed by Governor Christian A. Herter '15, includes educational leaders, businessmen, and politicians.
The proposal, first of its kind in the country, would set up a corporation to provide loans of up to $1000 annually to Massachusetts residents during their last three years at any U.S. college, according to its originator, Graham.
The corporation, which may include financial institutions, will not generally make direct loans but only guarantee them for college students at any regular lending agency, Graham explained. The main purpose of the corporation, he added, is to remove the student's difficulty in putting up the guaranteed collateral required on educational loans.
"One aim of the program," Graham stated, "will be to convince high school seniors that it is financially possible to get a college education." Graham estimated that students will have to repay the loans during the ten years following graduation at the rate of about $30 per month.
Students whose grades are not good enought to obtain scholarships will be the main recipients of loans, Graham predicted. The bill requires that the student complete his freshman year with only "satisfactory" grades before requesting a loan.
"This category often becomes more successful than scholarship-holders in later life," Graham claimed.
Use of state funds in the loan program is forbidden by the bill and the corporation is placed under private control.
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