The new school year is close approaching and the financial aid packages have been finalized and the college tuition, room and board and books are paid. Sometimes college students find that they are a little short in covering the costs. Parents may choose to take out loans in their own names, as in the Parent Plus Loans. The Lapeer Loan Fund is a viable alternative to higher interest and more costly loans. The loan is actually in the student’s name as the borrower and the parents are co-signers.
The Lapeer Community Scholarship and Student Loan Fund is community funded and managed. Only Lapeer grads are eligible for the loans and only a few are available each year. As it happens, this year we still have some funds to use.
Students may borrow up to $2,000 per school year. Many students borrow each of the four years of their college program. The interest rate is 5% and does not begin to accrue until six months after the student separates from college, and then monthly payments are made over a five year period.
The application is available and on this site and can be downloaded, and hard copies are available at the Lapeer High School, Lapeer CFI and the LCS Administration Building. Feel free to call or email the director, Susan Wilmers (810-441-1611) or the loan secretary, Jerri DePuy (email@example.com) with any questions you may have.
We will be disbursing funds to qualified applicants on Monday, August 6, 2018 at the Administration Building.