President MacCracken announced an agreement between the trustees and the Associate Alumnae of Vassar College: in recognition of the college’s 75th anniversary, AAVC would seek to double the scholarship endowment, currently $1 million, by June 1940.  Scholarship aid at Vassar had started with a $50,000 endowment designated by Matthew Vassar in his founding gift.  The president’s announcement stated also that Vassar would seek to add an additional million dollars to the general endowment.

A quarter of the student body received scholarship aid in the 1938-39 academic year.