Eligibility - Interest Free College Bound Loan Program
- Applicants must reside in and have lived in New London County for at least two years prior to the date of their application.
- Applicants must have earned a high school diploma with a minimum cumulative grade point average of 2.5. Alternatively, applicants may have successfully completed the General Education Development (GED) tests to obtain a high school equivalency certificate.
- Applicants must be U.S. citizens.
- Individuals must agree to full repayment of their loan with an understanding that repayment provides funding toward future student loans.
- Individuals with a history of educational loan default or bankruptcy are not eligible, although, The Eugene Atwood Fund will consider extraordinary circumstances.
- Students who have already obtained a bachelor’s degree are not eligible to apply.
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HOW TO APPLY
We will begin accepting applications for on January 1, 2021 with a due date of February 28, 2021. Applications can be found HERE. After creating your login information please choose one of the following applications:
Check back again on January 1, 2021 to begin your application process. LOAN APPROVAL PROCESS The Board of Trustees reviews all applications in April. Approval of interest free loan recipients is at the discretion of the Board of Trustees. The amount loaned to an individual varies from $500 to $5,000 each year depending upon the student need and availability of funds. If a loan is granted, it is paid in two installments: one half in August and the balance in December, made payable to the school and the student. Successful students contribute back to the Fund more than their loan amounts to help make funds available for the next generation. |
LOAN REPAYMENT
The Eugene Atwood Fund provides interest free education loans to students who are residents of New London County. The repayment term is from the date the student (borrower) and parent/guardian (co-signer) signs the promissory note agreeing to the loan and loan terms. The college bound loan term is twelve (12) years and the trade/tech loan term is six (6) years A monthly repayment amount will be established by The Eugene Atwood Fund based on the total amount loaned but will be no less than $50.00 per month. The Eugene Atwood Fund is a non-profit private foundation and is not similar to federal loan programs. Therefore, loan repayments cannot be deferred due to attendance in graduate school or continuing into a program higher than four (4) years. Loan repayments begin one month after the student graduates, or immediately if termination of enrollment occurs and will continue monthly until payment is completed in full. Please note, The Eugene Atwood Fund reserves the right to charge additional fees (i.e. late fees, administrative fees) to the borrower due to non-payment and may forward your account to our collection’s attorney, if necessary. |