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.
- Co-signer is required.
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HOW TO APPLY
We will begin accepting applications for on January 1, 2025, with a due date of February 28, 2025. Interest free loan applications can be found HERE. After creating your login information please choose one of the following applications:
Check back again on January 1, 2025, 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 $10,000 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. Many students also contribute back to the Fund more than their loan amounts to help make additional 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. Loan payments will be due immediately upon receipt of the loan. The college bound loan term is twelve (12) 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 established repayment amount will be paid monthly until paid in full and will be no more than twelve (12) years. [For example: a loan totaling $3,000 with a monthly payment of $50.00 per month will be due to be paid in full within five (5) years.] 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 are at the discretion of the Eugene Atwood Fund and begin upon receipt of loan. Repayment 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. *The Eugene Atwood Fund is a private non-profit organization that has been providing New London County, CT area students with interest-free loans for over 100 years. We are not associated with the federal loan program. Loan payments cannot be deferred or forgiven. Failure to pay will result in credit reporting as well as being forward to our collections attorney up to and including legal action. * |