Student Loans

Rotary Club of Milton – Student Loan Guidelines

Loan Application Deadline – June 1.

  1. Loans will be made on or about July 15th.
  2. Available funds and interest rate will be determined at the March Board meeting.
  3. Maximum annual loan will be $1500. Maximum $6000 total loans to any one student.
  4. Loan note must be signed by student and co-signed by parent or guardian.
  5. Each annual loan must be applied for and is subject to the guidelines in effect at that time.
  6. Interest accrues from the day of graduation or termination of studies.
  7. Interest is simple interest yearly, with rate determined at time of loan to remain in effect for duration until paid in full. If additional loans are granted, repayments are applied to first loans until paid in full followed by subsequent loans.
  8. Repayment period is one year for each year of loans.
  9. The first payment is due the first day of the seventh month following graduation or termination of studies.
  10. Priority considerations:
    • Existing loanholders
    • Graduates of public or private schools within the Milton or Warrior Run School Districts
    • Basis of need
    • Undergraduates over graduate students
    • Former Interact Club members
    • Plans to return to the area after graduation.
  11. All loan checks will be made payable to the loanholder’s school.
  12. The committee chairperson or vice-chairperson and the club treasurer or president must countersign checks.
  13. Other requirements:
    • Loan Application
    • Acceptance at a school of higher education
    • Maintenance of acceptable academic standing
    • Copy of previous year’s transcript or grade point average
  14. Additional first year requirements:
    • Letter of recommendation from any Rotarian and/or guidance counselor
    • Copy of the letter of acceptance from the school of higher education

For more information, contact:

Loan Committee Chairperson
Rotary Club of Milton
Box 36
Milton, PA 17847