1. The Elizabeth Stone Educational Fund is a loan program. All monies are required to be repaid and interest is charged on the loans.
2. You must be a graduate of one of the local high schools in Christian County, Trigg County or Todd County or be a recipient of a GED from an institution located within the above counties, or you must have attended the Hopkinsville Community College for at least one year. You must have a "C" average on your high school work. If you are presently enrolled in college, you must have a cumulative GPA of 2.00 or better based on a 4-point system. Official transcripts are required.
3. If you qualify for other financial aid (such as Scholarships, federal or state loans, grants and work study), these funds must first be applied toward educational expenses.Application is made to the Elizabeth Stone Educational Fund for loan proceeds to cover any remaining unpaid expenses.
4. Your application must contain complete information and transcripts to be processed. The trustees of the Fund interview first-time borrowers.
5. Two co-makers are required to sign the Promissory Note and Loan agreement with the student borrower for any loan approved. Credit reports are obtained on prospective co-makers.
6. Funds received from the Elizabeth Stone Educational Fund must be used solely for educational expenses related to attendance at the school named and for the academic period indicated in your application.
7. The rate of interest charged on your loan while you are enrolled as a fulltime student is 1% APR, and interest is due semiannually.
8. You must be a fulltime student (carrying 12 hours or more) to not pay on the principal of your loan.
9. Upon maturity of your Promissory Note or upon your cessation of fulltime schooling (for any reason) you must contact the Elizabeth Stone Educational Fund to arrange for repayment of your loan. The Student Borrower (with acceptable co-makers) may execute a Consolidation Promissory Note to provide for monthly repayment. The repayment period will not exceed 1.5 years times the number of years the Student Borrower was previously enrolled as a fulltime student utilizing funds borrowed from the Elizabeth Stone Educational Fund.
The present rate of interest for the monthly repayment plan is 5% APR. The rate is variable.
Please call 270-885-7854 if you have any questions. Office hours are 9 a.m. - 3 p.m., Monday through Friday.
