Is a Lincoln County Rotary Student Loan Right For Me?
Deciding how to pay for college is an issue that many students and parents face. The Lincoln County Rotary Student Loan Fund, wants to make those decisions a little easier for Lincoln County Residents. The Lincoln County Rotary Student Loan Fund, Inc. purpose and goal is to enable all students who have graduated from high school and who now reside in Lincoln County, NC to have the opportunity continue their education by attending a post-high school educational institution with the assistance of low interest Rotary student loans.
The maximum loan amount is $3000 and is dependent upon the availability of funds and the number of requests received. The application takes less than an hour to complete and the requirements are simple:
1. You must be a current Lincoln County resident and have graduated from High School, home school or have obtained a GED.
2. You must have graduated from high school with a “C” average or if you have previously been enrolled in college, have a cumulative GPA of 2.0 (grades are required). If at any time your GPA falls below 2.0, no additional monies will be disbursed until your grades are brought up to the required GPA.
3. You must be enrolled as a full time student. (12 semester hours for regular semesters or 9 semester hours for summer semester) for 2 semesters the year new funds are received. If this is your first loan, you must provide proof of admission.
4. You must have two (2) co-makers to sign your promissory note. Your co-makers must be 18 years of age or older and live in Lincoln County. Co-makers must be gainfully employed, or own property in Lincoln County. (Both parents may co-sign your note if they meet the above qualifications.)
5. Applications must be filled out completely with a current transcript and proof of acceptance attached.
6. All applications must be complete and postmarked by May 1, or they may not be eligible for consideration for the upcoming school year. Official postmarks dated May 1st are acceptable proof of timeliness.
7. Semi-annually you are required to pay the interest on your loan. (1-1/2% on or before December 31st and 1-1/2% on or before June 30th). A 4% late fees will be assessed if received late. (10% if in default).
8. At the completion of each quarter/semester you must furnish us with a copy of your grades for that period.
9. Six months after graduation, your notes will come due. At that time you may either pay the amount you owe in full including interest or we will set the amount up on sixty to one-hundred-twenty (60-120) monthly payments as long as you are not in default. The rate on your monthly repayment note will also be 3% (10% if in default).
10. If at any time you withdraw or are forced to withdraw from school, your repayment schedule will begin in accordance with the above paragraph. In addition, should you be enrolled in less than 12 semester hours for more than one year, repayment must begin in accordance with the above paragraph. Each semester that you participate in the loan program, school verification is required. It is also a condition of this loan that you inform us if you are no longer in school and of any address changes for all parties to the contract.
If this sounds like the loan for you, click here to download an application or you may pick up an application from area high school guidance offices or the Lincolnton-Lincoln County Chamber of Commerce office.