Seniors and recent grads of Lapeer Schools are eligible for 5% interest loans of $2,000 per year. For most of our borrowers, these loans can be the difference they need. A $2,000 loan looks different based on the lender and the way the loan is written. Because interest does not accrue until the student leaves college, there is a financial benefit to the student. Current college students submit their applications by May 1, and high school seniors should submit as early as possible, but applications are accepted through June 12.
The Lapeer Community Scholarship and Student Loan Fund Board targets offering about 20 loans per year, with at least five of those dedicated to current seniors. If we have more than 20 applications, the loan committee will work with the LCSSLF Board to develop the best scenario for our students. Students and parents getting the details on the loans and applying early is the best first step. Feel free to email me and I would love to share this opportunity with you. As a retired high school counselor, I have seen many parents who have saved and students who have worked to prepare for the costs of college. Then, the actual Student Aid Report (SAR) and college statements arrive, then there are unexpected expenses. This $2,000 loan is not intended to cover the cost of a year or even semester of college, but it can bridge the gap. Parent and students together mapping out the financial burden of college, including the first year, can use this local loan fund, which is a non-profit, to help connect the last dots of the budget.
Best to you in education,
Susan Wilmers, LCSSLF Executive Secretary,