Scholarships and Student Loans

PITMAN UNITED METHODIST CHURCH STUDENT LOAN FUND REGULATIONS

I  ELIGIBILITY

1. All applicants for a Student Loan must be members of the Pitman United Methodist Church at least one year prior to submission of a loan application. If an applicant can not meet this requirement, the applicant must have the unanimous approval of the Student Loan Committee for the making of the loan.
2. Preference will be given to an applicant desiring a loan for education for entry into the ministry or other full-time Christian work.
3. The school to attended by the applicant must have the approval of the Student Loan Committee, and must be attended full-time (at least 12 credit hours for undergraduates) by the applicant and for the purpose of post-high school education.
4. If the applicant is not 18 years of age or older the application must be approved by and signed by the applicant’s parents. In addition, the applicant’s parents will be required to sign the Promissory Note.
5. Total of outstanding loan(s) to any one full-time student may not exceed $8,000 at any time.

II         SUBMISSION OF APPLICATION

1. All applications must be on the standard student loan application form. Application forms may be obtained by an applicant from any member of the Student Loan Committee, from the church office or downloaded from www.pitmanumc.org.
2. All applications will be reviewed and approved/disapproved within 30 days of submission by the applicant.

III        REPAYMENT

1. All loans approved by the Committee will be evidenced by the signing of a Promissory Note. Payment will be required strictly according to the terms of the Note.
2. No interest will be charged on any loan provided that the applicant makes timely payments. If the applicant fails to make any one payment on the loan within 90 days of its due date, interest at the rate set forth in the Promissory Note will be charged on the unpaid balance of the loan until the loan has been paid in full. If the applicant fails to make any one payment within 180 days of its due date, the applicant will be in default on the loan and must immediately pay the full balance due and owing on the loan including interest. If the applicant fails to do so, the Student Loan Fund may proceed with collection action in which event all costs of collection and reasonable attorney fees incurred by the Student Loan Fund must be paid by the applicant. If an applicant experiences financial circumstances which prevent the applicant from timely making payments on the loan, it is the obligation of the applicant to notify the Student Loan Fund Committee in writing of the applicant’s financial circumstances and to request a revised payment schedule. The Student Loan Fund Committee will gladly cooperate with an applicant in revising a payment schedule based upon the applicant’s financial circumstances.
3. Any applicant receiving a loan must notify the Treasurer of the Committee of any change of address.

IV        TERMINATION OF SCHOOLING PRIOR TO GRADUATION

In the event an applicant receiving a loan leaves school for any reason other than graduation, the applicant must notify the Treasurer immediately. Payments on the Note shall begin immediately unless other terms for repayment are agreed upon by the Committee.