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For the 2019-20 school year: College students who are graduates of Lapeer Community Schools: We have a few loans still available for this fall. Complete and submit the application as soon as possible. We will distribute the funds by early August. If you have questions, please contact us through email or phone. Yours in education, Susan Wilmers
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,
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 (firstname.lastname@example.org) with any questions you may have.
We will be disbursing funds to qualified applicants on Monday, August 6, 2018 at the Administration Building.
Lapeer Community Scholarship and Student Loan Fund accepts online payments from your bank. The process is simple, and ensures that your payments are made on time, and not accruing additional fees.
1. When logged on to your online banking account, set up a “new payment”.
2. Search for and select Lapeer Loan Fund at 250 Second Street Lapeer Mi 48446.
3. Input your name and account number and schedule a payment to be made monthly.
4. If you do not know your account number, contact us by email and we will send it to you. email@example.com or firstname.lastname@example.org.
We have had a very positive response to our outreach to Lapeer graduates and their parents in the past few years and have now grown to the point that we must limit the number of loans we are able to issue. As students pay back their loans, we will be able to issue more loans in the future.
Current borrowers, that is, students in college, who have received loans in the past have already applied for renewals for the 2017-18 school year, meeting the deadline for applications of February 15.
We have reserved funds for the Class of 2017, but we are limited. An announcement will be made at Honors Convocation and the deadline for 2017 grads is Friday June 9, 2017. Applications will be reviewed the week of June 12, and students will be notified shortly thereafter if they will be issued a loan. Filing the application on time is critical and the quality of the applications will be reviewed carefully by the committee.
The loan application can be found at this website and in the HS Counseling Office or the LCS Administration Building. It may be submitted through email or hand delivered to 250 Second Street, Lapeer. Deadline for 2017 graduates: Friday June 9, 2017. The deadline has passed for graduates of 2016 and prior.
These loans are provided by the Community of Lapeer through donations and the recurring repayment of previous loans. These loans have been available to Lapeer grads for over forty years to assist graduates of Lapeer Schools to pay college bills. Currently, $2,000 may be borrowed annually with a max of $8,000 for associate and bachelor’s programs. Interest is not applied until after the student separates from college.
We encourage you to review your financial aid packages including the interest rate that will be charged on any loans applied to your statement. Will the lender apply interest immediately?
The funds in the Lapeer Community Scholarship and Student Loan Fund have been donated by our community specifically for the purpose of providing scholarships and low interest college loans to assist graduates of Lapeer Community Schools with their education.
Contact us for more information
Susan Wilmers, Executive Secretary
Class of 2017 from Lapeer Community Schools: Scholarships will be awarded from the Lapeer Community Scholarship and Student Loan Fund. Submit well done applications to your high school counseling office on time.
Additionally, we encourage you to communicate with your parents regarding your college financial aid package.
Just a reminder that your community has a student loan fund set up to assist with college costs. Up to $2,000 is available per year for four years at 5% interest. Applications are available through this website, at the LCS Administration Building and in LHS Counseling Office. Click on the Contact tab and communicate with us with questions.
Susan Wilmers, Executive Secretary
Would you like to help college bound students from Lapeer cover some of their tuition costs? With the rising costs of college, it has become increasingly more difficult for young people to “pay their way” through college. Often students find themselves with a financial aid package from the college requiring them and their parents to borrow money at a high interest rate to pay for the year.
Many students are taking advantage of the dual enrollment opportunities offered by Lapeer Community Schools at the Center for Innovation. These college credits give these students a boost and jump ahead of their peers, sometimes with enough credits to start college at the sophomore level.
And as students work part-time to build funds for their college, use the savings their parents have made for them, and make full use of scholarships through the college and our local community so generously provides, they still are short.
The Lapeer Community Scholarship and Student Loan Fund Board, comprised of five community members and four school employees, manages this fund to offer 5% student loans to Lapeer grads, whereby the interest does not accrue until six months after the student separates from college…usually through graduation.
If you have funds to donate to this very worthy cause, I encourage you to donate to our Fund at LCSSLF 250 Second Street, Lapeer MI. And please feel free to contact me directly to determine the option that might be right for you to help our students cover college costs.
Susan Wilmers, Executive Secretary