University of Virginia Library

Chairman

Mr. Shannon is chairman of
the executive committee of the
State Universities and Land-Grant
Colleges Association.

If the plan is put into effect—
it was not officially proposed for
implementation, but for "serious
consideration"—a bank would
make loans to cover the cost of
a student's education.

The loan would be repaid by
withholding the borrower's income
tax at the rate of about
one per cent of his gross income
per year, over a period of about
30 years.