A Review of Commercial Tuition Payment Plans

In October of 1962, Changing Times, The Kiplinger Magazine, as a service to families, published a survey of commercial educational loan programs. Table I, page 2, from that study gives immediate evidence that there has been a very rapid growth of commercial loans for education. Several reasons may be cited for this phenomenal growth of commercial loans. Of primary influence in the development of commercial loans for education was the sharp rise in educational costs over the past six years. A review of studies made by the United States Office of Education showed that average tuition and fees in private colleges and universities within the continental limits of the United States increased thirty-five per cent between 1957 and 1962