State May Offer Funds To Needy College Men

A bill providing for financial aid to needy Massachusetts college students has been introduced into the State Senate by Sen. Philip A. Graham (R) of Beverly. If the bill is passed, any student from the state may borrow up to $1000 for each of his last three college years.

The proposed loan system, first of its kind in the country, would be administered by a corporation, with Governor Herter as its head. President Pusey, Graham said last night, will be asked to serve as one of the group's 25 incorporators.

The corporation will have facilities for loans totalling as much as $3,000,000. To receive assistance, students would have to obtain statements of good standing from their colleges. A personal note for the amount borrowed would be given, endorsed by the corporation. No security or collateral would be necessary.

The bill was drafted jointly by Graham, C. Henry Glovsky (R) of Hamilton, and David B.H. Martin, LL.B. '49 (R) and is intended as assistance for the "big 'average student' group," Graham explained.

John U. Monro '34, Director of the Financial Aid Center yesterday praised the two senators for their efforts in drafting the measure. "They went about it very intelligently, talking to many educators and bankers before proposing the bill," Monro said.

He pointed out, however, that "we have a very large loan program here, and I'm not sure that this program will be utilized extensively by Harvard students." He felt, that for most colleges "this is a very worthwhile effort, and I am certainly all for it."