Educational Aid Fund

Full Time Enrollment Loans

Restrictions: Loans are granted only for full time attendance at schools or colleges where high school graduation is required. There is no restricted list of schools or colleges in which a member must be enrolled. No loan will be granted for a course of less than a school year.

Eligibility: Only members of a Massachusetts Subordinate Grange, in good standing who need such aid, are eligible for loans. Scholarship awards do not impair a member’s eligibility for loans.

Loans: Loans are available to a maximum amount of $500 per year to a total of four loans to a member in full time enrollment in one, two, three, or four-year courses as well as to those in graduate study. If a student has not yet received a loan for a prior college year, the student member may apply for a cumulative loan to his or her current status at the rate of one per year. The maximum amount that may be borrowed from the fund is $2,000. For each loan needed the presentation of an application will be required. The requisite for each loan after the first is the advancement of a student to a college year subsequent to the year for which a prior loan was granted. The student is urged to limit loans to actual needs. No interest is charged during the period of schooling. The rate of interest is then 4% per year, charged in advance. Loan applications will be accepted at any time and will be acted upon between meetings of the Board of trustees.

Procedure: The loan is secured by a note signed by the student and by both parents, or guardian, as maker and joint makers respectively. The note must also bear the endorsement of two financially responsible persons. Endorsers must be residents of Massachusetts. A joint maker may not be an endorser. All signatures must be witnessed.

Issuance of the Note: Upon approval by the Trustees of application and the executed note, the Treasurer sends the check for the value of the note. On all loans after the first, the new note is issued for the total amount of the loan to date. The cancelled first note is returned to the student. In case a student finds it difficult to secure endorsers for the larger amount, the trustees will, upon request, issue a separate note for the new loan only.

Repayment of a loan: After graduation the student is expected to repay the money as borrowed, one loan, at least each year until the note, or notes are redeemed in full. The Trustees recommend adoption of a regular monthly payment schedule. Payment should be made by check or Post office money order. DO NOT send bills or coins through the mail.

Part Time Loans

Loans for Single Courses are now available in amounts up to one-half the tuition cost with a maximum loan per course of $200 and maximum per year of $400. Any individual may apply for only one loan in a twelve-month period. The interest rate charged is 4% per year. The same application and note procedure are used for these loans as for full time enrollment loans.