NEW LOAN FUND FOR STUDENTS
A $1000 loan fund to be called the H. H. Powell Student Loan Fund has been made available for Dartmouth students for the coming year, by the Harmon Foundation, Inc., of New York, a non-profit membership corporation organized by William E. Harmon, for charitable, educational, and philanthropic purposes. Sums not exceeding $250 will be loaned to applicants selected from the junior and senior classes or from the Graduate Schools, applications being made to the Harmon Foundation through Russell R. Larmon, secretary of the faculty committee appointed by President Ernest M. Hopkins to represent the Foundation in Hanover.
The plan of the Harmon Foundation is to lend money to needy students on a scientific, businesslike basis, utilizing as security, character rather than commercial collateral. Notes in the form of installment contracts shall be given by the students, bearing interest at the rate of six per cent per annum. Accumulated interest will be payable during the student's year out of college in two installments: One half of the accumulation will be payable on the first day of December following the date of leaving college, the balance not later than six months thereafter.
Each note will be payable at the rate of not less than $10 monthly, which payment shall apply toward the reduction of principal and interest. In the case of juniors and seniors, monthly payments shall begin one year after graduation or three months after leaving college if the student leaves before graduation.
Each student's note will be taken to the amount of ten per cent more than the actual sum of money received. In no case will any part of this ten per cent be used to augment the funds of the Foundation, but will be used for the purpose of making up defaults in the repayment of loans to other students in the borrower's own college. After the entire amount loaned in a year has been repaid with interest at six per cent, any premium remaining will be distributed among the borrowing students in that year with interest at six per cent in proportion to the premium paid by them.
If the principal and interest of a student's note are repaid within one year from graduation a discount of six per cent will be allowed on the amount actually borrowed.
Selection of applicants will be made on the basis of the student's capacity, need, thrift, industry, and probability to repay, preference being given to the marginal student to whom the loan may be vital for continuance within the College.
The faculty committee appointed by President Ernest M. Hopkins to represent the Harmon Foundation in Hanover, is composed of Dean Craven Laycock, chairman; Mr. H. C. Edgerton, and Mr. R.R. Larmon.
Hanover's busiest corner: with 10,000 visitors in town the corner of Wheelock and Main streets took on a metropolitan aspect
