Who Is Eligible to Receive a Loan?

It is required that applicants must be, or have a relative who is an active member of an Odd Fellow or Rebekah Lodge. A student desiring a loan must write personally to the Executive Director for an application. A maximum of $16,000 can be borrowed for a complete course of four years or more. The maximum is $5,000 for one year of study. All applicants must be attending school halftime or more to be eligible. The method of lending is as follows:

Freshman year . . . . . . . . . . . . . . $3,000
Sophomore year . . . . . . . . . .  . . $4,000
Junior year . . . . . . . . . . . . . . . . . $4,000
Senior year . . . . . . . . . . . . . . . .  $5,000

The Loan Requirements

Students enrolled in 2 or 4 year college programs must establish one grading period with at least a ?C? average in an accredited college or university before receiving loans.

The Loan Interest Rate and Repayment

The Interest Rate is 4%. Interest begins the day the check is mailed from the office to the student. Interest is paid each year while the student is in school. Interest payments are paid by July 1st each year until the borrower has graduated or discontinued school. Repayment of loans must begin 3 months after the student has graduated or discontinued school.

3 months after graduation or leaving school . . . . . . . . . . . . . . . . . . . . No payments
9 months after graduation or leaving school . . . . . . . . . . . . . . . . . . . . $ 50/month plus interest
Second year after graduation or leaving school . . . . . . . . . . . . . . . . . . . . $ 75/month plus interest
Third year after graduation or leaving school and until loan is paid in full . . . . . $100/month plus interest

For application email request to the Educational Foundation Executive Director Kenneth Babb (click here).