William M. Prest 1888 Fund

The William M. Prest 1888 Fund was established in 1945 by bequest of Judge William M. Prest, Class of 1888. The bequest noted that the Amherst College faculty is charged with determining the use of the principal and income. In 1972, the Committee on Priorities and Resources noted that a portion of the principal will be used to initiate new approaches to the problem of providing appropriate forms of financial assistance. The balance of the income, and up to 5% a year of the principal, will be used for a loan program. The aim of the program will be to help lessen the effect of the “tuition gap” between Amherst and public colleges and universities by offering students financial assistance in a form which is not presently available to them — long-term loans (15 to 20 years) at a moderate rate of interest (approximately 6%) and with the option of a graduated repayment schedule. The repayment conditions for this loan should be tempered by a recognition of special circumstances. The will noted that the income of the fund be used for the erection, equipment and maintenance of a building for the use of the members of the faculty of the College, the type of building and layout of it and the location to be decided by a majority vote of the faculty, provided however that the faculty by a majority vote may excuse the estate to be used or applied for anything or purpose they believe beneficial to the College (which they did).