Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 1200]

EXTRACTED TEXT FROM PAGE:

1964]

UNIVERSITY OF ILLINOIS

1155

A participating institution is required to provide one-ninth of the federal contribution to the loan fund. A student may be loaned up to $2,000 in one academic year (September to June) or $2,666 for any year enrolled in excess of the normal academic year consisting of approximately nine months. Persons who enter as first-year students after June 30, 1963, are to be given preference. Loans are to be made only to a student in need of the amount to pursue a full-time course of study. Loans are to be repaid in equal or graduated periodic installments over the tenyear period which begins three years after the student ceases to pursue a full-time course of study. Additional repayment time is available for active duty performed as a member of a uniformed service or for service as a volunteer under the Peace Corps Act. The maximum deferment for these reasons is six years; the maximum for each is three years. The liability to repay the unpaid balance will be cancelled upon the death of the borrower, or if he becomes permanently or totally disabled. Loans bear interest, on the unpaid balance, computed only for periods during which the loan is repayable, at the rate of 3 per centum per annum or the going federal rate at the time the loan is made, whichever is greater. Loans are to be made without security or endorsement, except in the case of minors. The Department of Health, Education, and Welfare has now requested institutions wishing to participate to file applications for funds to be used the last quarter in 1963-64 and the 1964-65 year not later than March 31, 1964. It is estimated that $55,000 could be utilized during the last quarter in 1963-64 and that $372,500 will be required during 1964-65. Estimates of need were prepared by the Deans of the College of Medicine and Dentistry and the Dean of Student Affairs in accordance with guidelines supplied by the Department of Health, Education, and Welfare. Since the amount finally available to the University for use during the periods indicated is uncertain, it is requested that the Comptroller be authorized to execute the necessary documents to secure a grant not to exceed $427,500; and that an appropriation be made to provide an amount equal to one-ninth of that received from the federal government, but not exceeding $6,111 for the 1963-64 year and $41,388.88 for the 1964-65 period. Funds to be made available to the University from the National Defense Education Act will be reduced next year as medical and dental students will no longer qualify for loans from this source. The reduction in the University matching fund requirement for the N.D.E.A. program will be applied to the Health Professions Educational Assistance Act, thereby reducing the requirement for additional funds by approximately $18,000. I concur. O n m o t i o n of M r s . W a t k i n s , a u t h o r i t y w a s g i v e n a s r e q u e s t e d , t h i s action b e i n g t a k e n b y t h e f o l l o w i n g v o t e : A y e , M r . C l e m e n t , M r . Dilliard, M r . J o n e s , M r . P o g u e , M r . S w a i n , M r s . W a t k i n s , M r . W i l liamson; no, n o n e ; absent, M r . H u g h e s , M r . Johnston, M r . K e r n e r ,

Mr. Page.

INVITATION TO VISIT UNIVERSITIES IN WEST GERMANY (12) I request the Board of Trustees to authorize my acceptance of an invitation to attend meetings of the rectors of the universities in West Germany and to visit some of the universities following these programs. The official visitation is scheduled for the period from June 23 until July 3, exclusive of travel time. The invitation has been presented through the Association of American Universities. The presidents of twelve member institutions of that Association will constitute the delegation. The members of the delegation will have unusual opportunity to exchange information with the leaders of higher education in West Germany and to discuss common problems and international relationships. The mission will involve no travel expense to the University of Illinois. O n m o t i o n of M r . D i l l i a r d , t h i s r e q u e s t w a s a p p r o v e d . PURCHASES Purchases Authorized (13) The following purchases were authorized by the President's Office on the recommendation of the Director of Purchases and the Vice-President and Comp-