University of Virginia Library

STUDENT LOAN FUNDS

The President reported that the Dean of the University, Mr. B. F. D. Runk, had recommended to
him that all student loan funds over which the Board of Visitors has the power to set the conditions
of the loan should follow the uniform practice, now prevailing for National Defense Student Loans,
of requiring that interest should begin on the loan one calendar year after the student borrowing
the funds had terminated his status in the University. The President proposed and the Board adopted
the following resolution

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that
in the case of all loans to students from loan funds for which the Board of Visitors sets the conditions
of the loan, the loan shall begin to bear interest one calendar year following the termination
of the borrower's status as a student in the University.

The President stated further that the Dean of the University had recommended to him that additional
loan funds could be used very effectively by the Scholarship Committee in the case of students who do
not qualify, because of their academic records, for a full scholarship award on the basis of academic
standing alone. If loan funds should be made available, the Scholarship Committee could conserve the
funds available for scholarships

The President proposed and the Board adopted the following resolution

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that,
subject to the approval of the President, an anount not to exceed $10,000 of the income of the du Pont
Scholarship Fund may be used annually for loans to students