Information

Eligibility Requirements for a Private Student Loan

• United States citizen.


• Full-time student (12 hours per term) enrolled in classroom instructional credit hours on the campus of a 4-year college or university located in the United States. The college or university must be an institution that is currently accredited by an accrediting agency recognized by the U.S. Department of Education. A loan cannot be made if you will be enrolled in a vocational or technical school/college, a two-year college, at a branch campus, or an online-program.


• Enrolled in a bachelor's degree program with a broad liberal education component. Borrowers who have an undergraduate loan with the Fund will be considered for a graduate study loan if they will be enrolled for 9 or more classroom instructional credit hours.


• Not for study leading to professional careers in law, medicine, or ministry. Loans are available to medical health care students studying nursing, physical therapy, etc.


• Credit-worthy (applicant must have good or no credit history).


• Academic record (grade-point average, class rank and curriculum) must indicate degree requirements of the chosen college or university can be met. Grade point average must be no less than a 2.0 on a 4.0 scale (per term and overall).


• Entering Freshmen must have a minimum composite ACT score of 20 or combined verbal/critical reading and math score of 950 on the SAT.


• Provide a credit-worthy (good credit history) endorser of legal age and a United States citizen. A parent may be your endorser. An endorser is an individual who agrees to repay the loan in the event you do not. A report from a consumer credit reporting agency will be used in determining the acceptability of an endorser. A first-time applicant has one opportunity to name a qualified endorser. Payment by the endorser will not be required if the borrower dies before the loan is repaid.


• The loan period of an application may cover up to 2 consecutive semesters and a full summer term, or 4 consecutive quarters.


• Qualified educational expenses include tuition and fees, cost of on-campus or off-campus room rent, meals, as well as books and supplies

Loan Limits

• $10,000.00 per academic year ($5,000 each semester or $3,333 each quarter). In addition, up to $2,500.00 for a full summer term.


• $40,000.00 cumulative amount may be borrowed.


• Checks are mailed directly to you, NOT your college, up to 30 days prior to the beginning date of a semester, quarter or summer term. This puts you in control of when and how to pay your various college related expenses.


• No loan origination, processing or insurance fee. Every dollar you borrow is available to meet educational costs.

Interest Rates

• 2% per annum while you are enrolled in college for the required academic load and receiving a student loan deferment with the Fund. Payments on interest are payable quarterly on the first days of March, June, September, and December. Statements will be sent to your home address one month in advance of the due date.


• 6% per annum effective the earliest date you graduate, enroll for less than 6 undergraduate or 5 graduate hours for a period exceeding six months, or begin professional study in law, medicine or the ministry. Hours must be for classroom instructional credit.


• Since the annual interest rates are not variable, they will never exceed 2% and 6%.

Loan Repayment

• During the first six months of repayment (grace period) you will only be required to make payments on interest. Beginning 6 months after your student status with the Fund has ended, payments will begin on the amount you borrowed. Total monthly student loan payments will be the amount needed to repay the loan in 180 months (15 years). Shorter repayment terms are available. All or any part of the amount you borrow may be repaid at any time, without penalty.

Renewal Requirements

• Maintain a C average or better. This is defined as no less than a 2.0 grade point average on a 4.0 scale (per term and overall).

• An undergraduate must earn at least 24 semester or 36 quarter hours during the academic year covered by a previous loan. A graduate student must earn at least 18 semester or 27 quarter hours during an academic year if a previous loan was for graduate study.

• Maintain good financial credit.


• Furnish an acceptable endorser.


• Complete a student loan application each academic year.

Application Information

• Completed applications will be accepted as long as funds are available.


• Notification of loan approval is made once all requirements have been met.


• At the time you are notified your application has been approved, you will be sent a promissory note for the amount of your loan. The note, which will need to be signed by you and your endorser in the presence of a notary public, must be received and accepted by the Fund before a check can be sent to you.