The Faculty Council and student groups are currently considering major calendar changes for 1976-77, including revisions that would place reading and exam periods before Christmas vacation.

Francis M. Pipkin, associate dean of the Faculty for the Colleges, said yesterday that the impetus for calendar reform comes from the Faculty's need to save money because of increased oil costs, and a desire voiced by many students to finish the semester before Christmas vacation.

Start September

One proposal drawn up by the calendar committee of the Faculty Council and supported by Pipkin would start the school year on September 7, end it on May 21, and have a six-week winter break to cut heating costs.

James S. Duesenberry. Maier Professor of Money and Banking and chairman of the calendar committee, said yesterday a six-week winter break may save the Faculty $300,000 to $400,000 in fuel costs if substituted for the present two-and-one-half week vacation.

The proposal and a student proposal that would have a school year running from August 30 to May 14 with a four-week Christmas vacation will be discussed at the Faculty Council meeting on Wednesday.

Vote in May

If the Faculty Council decides to recommend any calendar changes, the Faculty will have to vote on them, probably in May, before they an be enacted.

In the spring of 1973, the last time the Faculty council recommended calendar changes that would place exams before Christmas vacation, the Faculty voted to recommit the motion to the council.

The council considered but decided not to legislate calendar reforms in 1974.