Massachusetts HELP Program Assists Several Undergraduates

John U. Monro '34, University Director of Financial Aid, reported that several undergradulates had applied for loans under the Higher Education Loan Plan of Massachusetts.

Monro said that he was "surprised and pleased that undergraduates are using the plan" since most undergraduates can obtain non-interest bearing loans through the Financial Aid Office. Most of the students applying for HELP loans are those having obtained maximum credit from the University.

The HELP loans are not of overly great use to Harvard undergraduates because of their four and one half percent interest, because they are limited to students living in Massachusetts, and because they are payable six months after graduation. Monro said that the HELP loans were much more useful at the graduate level than the undergraduate, since 70 percent of Harvard College graduates enter graduate work.

Monro thought the HELP plan a good one even though it is not directed primarily at Harvard. The loans are limited to not more than $500 in any one academic year, and a total of $1500 in three years. First year students are not eligible for loans. The program, set up by the Massachusetts Higher Education Assistance Corporation, means that loans are available at lower rates and for longer periods than usual bank credit.

Although students under HELP will sign notes due and payable six months after graduation, they may receive from the bank an agreement to extend the repayment as much as three years beyond the date.