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Published online by Cambridge University Press: 24 February 2017
Faced with the ubiquitous problem of financial solvency, Pennsylvania's denominational colleges, in the nineteenth century, adopted an unusual—and unsound—method of securing prepaid tuition. Temporary and permanent scholarships were sold at varying prices, frequently far below the normal charge for tuition, presumably on the assumption that the large sum of money so collected and invested would realize an income adequate to meet the operating expenses of the institution.
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