What Is the Educational Foundation
& What Is Its Purpose?
The EDUCATIONAL FOUNDATION of the Independent Order of Odd Fellows began its operation on September 20, 1927. The purpose of the Foundation is to operate a revolving loan fund for qualified students dependent in part, or wholly, on their own efforts for an education, and to award scholarships to students based on scholarship, leadership and financial need. Since the beginning of the Foundation, donations of approximately $3,500,000 have made it possible for over 3,500 young people to receive student low interest loans amounting to over $6,800,000, and hundreds of thousands of dollars in scholarship awards.
The Loan Program
Who Is Eligible to Receive a Loan?
It is required that applicants must be, or have a relative who is an active member of an Odd Fellow or Rebekah Lodge. A student desiring a loan must write personally to the Executive Director for an application. A maximum of $16,000 can be borrowed for a complete course of four years or more. The maximum is $5,000 for one year of study. All applicants must be attending school halftime or more to be eligible. The method of lending is as follows:
- Freshman year . . . . . . . . . . . . . $3,000
- Sophomore year . . . . . . . . . . . . $4,000
- Junior year . . . . . . . . . . . . . . . . $4,000
- Senior year . . . . . . . . . . . . . . . . $5,000
The Loan Requirements
Students enrolled in 2 or 4 year college programs must establish one grading period with at least a “C” average in an accredited college or university before receiving loans.
The Loan Interest Rate and Repayment
The Interest Rate is 4%. Interest begins the day the check is mailed from the office to the student. Interest is paid each year while the student is in school. Interest payments are paid by July 1st each year until the borrower has graduated or discontinued school.
Repayment of loans must begin 3 months after the student has graduated or discontinued school.
- 3 months after graduation or leaving school ……………No payments
- 9 months after graduation or leaving school…………… $50/month plus interest
- Second year after graduation or leaving school………. $75/month plus interest
- Third year after graduation or leaving school and until loan is paid in full ……………………………………$100/month plus interest