Jay Memorial Trust
Continuing Education loans available
April 05, 2006
The Jay Memorial Trust has loans available for students who are pursuing continuing education following graduation from high school. The interest rate on the unpaid balance is 3 percent. After student graduate from college and are out, payments begin at 1 percent of the balance loaned.
The Trustees of the Jay Memorial Trust has established a new policy limiting the total dollars that may be borrowed by any one student. For undergraduate students, the maximum that may be borrowed is $7,000. Graduate students may borrow a maximum of $6,000. However, in the event of special circumstances, the trustees may authorize additional loans beyond the limits outlined.
Only full-time students will be eligible for loans. A full-time student according to the regulations of the trust is 9 credit hours or more, and if a graduate student, a full-time status is 6 credit hours or more.
Students wishing to receive loans are required to turn in status reports annually so that verification can be made that full time status is still in effect and whether additional funds are needed. If status reports are not filed with Jay Trust, repayment of the loans begins as it is assumed the student is no longer in school. If the students is continuing in education, but no longer borrowing money from the Trust, the repayment schedule may be deferred is a status report showing classes are still being taken on a full-time basis.
If anyone has any questions or desire further information, they can reach the Trust by calling 712-246-3399 or by visiting the office on Tuesdays.
Jay Memorial Trust
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