Eligibility - Interest Free Trade/Tech School and Certification/Licensing 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.
- Co-signer is required.
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HOW TO APPLY
Our Trade & Tech School and Certification/Licensing Interest Free Loan Program is for New London County area individuals looking to start a career, make a career change or follow their passion. Loan applications will be accepted on a rolling basis. Funding decisions will be at the discretion of the Trade and Technology Committee members and based on the amount of funding available. The amount loaned to an individual varies from $500 to $10,000 each year depending upon the student need and availability of funds. The application process will close to new applicants when the allotted funding has been disbursed and/or on February 28, 2023, whichever comes first. Applications will reopen again in May, 2023 when new funding becomes available. After creating your login information, please choose the following application:
The application can be found HERE. |
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 trade/tech loan term is to be paid within 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 off 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 for any reasons. Loan repayments are at the discretion of the Eugene Atwood Fund and may begin upon receipt of loan, one month after the student receives certification/licensing and/or graduates, or immediately if termination of enrollment occurs. 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. * |