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Caption: Board of Trustees Minutes - 1928
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1928] UNIVERSITY OF ILLINOIS 623 STUDENT LOAN F U N D S Mr. Trees, for the Finance Committee, presented the following proposed regulations governing student loan funds. GENERAL REGULATIONS AND PROCEDURE FOR STUDENT FUNDS Subject to the provisions of the deed of gift of any particular Fund, the following regulations shall apply to all student loan Funds. 1. A n application on a uniform blank must be made by each student desiring to secure a loan. 2. Each application must be approved by the Dean of M e n (for m e n students) or by the Dean of W o m e n (for w o m e n students), by the Dean, Director, or Assistant Dean of the College or School in which the student is registered, by the Comptroller, and by the Chairman of the Finance Committee of the Board of Trustees. 3. Security in the form of an endorser or collateral satisfactory to the Comptroller and the Chairman of the Finance Committee shall be given in all cases, unless otherwise provided in the deed of gift of any Fund. 4. O n the approval of the application as above indicated, the Comptroller shall make the loan upon the receipt of a note or notes in the form approved by the Legal Counsel. 5. Notes shall be payable not later than three years after graduation or date of leaving the University, or in installments during that period. 6. All notes shall bear interest at five per cent from date until maturity and seven per cent after maturity, unless otherwise provided in the deed of gift of any Fund. 7. The Comptroller shall collect all notes and the interest thereon and, when necessary, refer delinquent notes to the Legal Counsel for action. 8. The m a x i m u m amount which m a y be lent to any one student shall be $850, of which not more than $100 m a y be lent in the freshman year, $200 in the sophomore year, $250 in the junior year, and $300 in the senior or graduate years, unless otherwise provided in the deed of gift of any Fund. The procedure for the handling of applications will be as follows: Applications shall be filed with the Comptroller, w h o shall institute inquiry as to the references. H e shall forward each application to the Dean or Director of the respective College or School in which the student is registered. That officer shall endorse his recommendation or opinion on the blank and forward the application to the Dean of M e n ; or, if the student is a woman, to the Dean of W o m e n . Each of these officers will review the evidence submitted in each case and on the basis thereof and of their o w n knowledge of the case shall make his (her) o w n recommendation and forward the application with all papers relating thereto to the Comptroller. The Comptroller shall determine the fund from which the loan may be made and shall examine the security offered, if security is required. In any case in which he has any doubt or question he shall consult the President. W h e n he approves the application he shall forward it to the Chairman of the Finance Committee. T h e Chairman of the Finance Committee shall indicate his action on the application and return it to the Comptroller. If the application is approved by the Chairman of the Finance Committee the loan shall be completed by the Comptroller. O n motion of M r . Trees, these regulations w e r e adopted. AMENDMENT TO ARTICLE IV, SECTION 3, OF THE BY-LAWS M r . Trees r e c o m m e n d e d that Section 3 of Article I V of the B y L a w s of the B o a r d of Trustees dealing with the powers of the Executive Committee b e and hereby is a m e n d e d b y the addition of
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