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, 2025, whichever comes first. Applications will reopen again in May, 2025 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 (guarantor) sign the promissory note agreeing to the loan and loan terms. Loan payments will be due following the date the borrower cashes the check issued by the lender. The loan term is twelve (12) years. Repayment is due monthly between the 1st and 20th of the month (as selected by borrower) While in attendance of student program, the monthly payment will be fifty dollars ($50.00) not to exceed forty-eight (48) months from the Funding Date. Following either the conclusion of higher education programming or forty-eight (48) months, whichever comes first, the outstanding balance shall be re-amortized which may result in a higher monthly payment and will account for the months already paid not to exceed twelve (12) years in total from the funding date, but in no event shall the monthly payments hereunder be reduced below fifty dollars ($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 for any reason including attendance in graduate school or continuing into a program higher than four (4) years. Please note, The Eugene Atwood Fund reserves the right to charge additional fees (i.e. late fees, administrative fees) to the borrower/guarantor 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. * |