Evalee C. Schwarz Interest Free Student Loans

The Evalee C. Schwarz Charitable Trust for Education offers a remarkable opportunity for both undergraduate and graduate students who need financial support but want to avoid the burden of high-interest loans. Created under the will of Evalee C. Schwarz, the Trust provides interest-free student loans to students who demonstrate exceptional academic achievement and significant financial need. While these are loans and must be repaid, they do not accrue interest, which significantly reduces the overall financial burden for students compared to traditional loans.

Key Features of the Evalee C. Schwarz Charitable Trust for Education

• Eligibility Requirements: To qualify for this opportunity, students must be U.S. citizens and must demonstrate financial need. This financial need must typically be shown through government grants, such as Pell Grants or other forms of federal assistance. In addition to financial need, students must also meet the academic qualifications detailed on the application form.
• Loan Amounts: The loan amounts range between $5,000 and $15,000 per year, with a lifetime cap of $50,000 per student. This provides students with significant support over the course of their academic career.
• No Interest or Fees: Unlike many traditional student loans, the Evalee C. Schwarz Trust loans are interest-free and have no associated fees. This unique feature helps to minimize the total amount that students will need to repay, making this a highly beneficial financial resource for those who qualify.
• Repayment Terms: Once approved, the loan is disbursed directly to the student in a lump sum. The repayment period for the loan begins one year after graduation or one year after the student discontinues school, whichever comes first. Repayment is structured over a ten-year period with a sliding payment scale. The payment amounts will gradually increase as the years go by, providing some flexibility as the student starts their career after graduation.
• Verification Process: Before the funds are disbursed, applicants will be contacted to verify their continued need for financial support. This ensures that the funds are being allocated to students who genuinely need them.
• Lifetime Cap: While the loan can provide up to $15,000 annually, students can only borrow up to $50,000 in total during their time in school. This cap helps ensure the funds are available to as many students as possible while still providing significant financial assistance.

How to Apply

Interested students can learn more about the Evalee C. Schwarz Charitable Trust for Education and submit their applications through their official website at www.evaleeschwarztrust.org. It’s important for students to carefully review the eligibility criteria and ensure that they meet both the financial and academic requirements before applying.

This program stands out because it offers a no-interest, fee-free loan, making it a great alternative to high-interest loans that could leave students with significant debt after graduation. If you meet the eligibility requirements and are looking for a way to finance your education without the burden of interest, the Evalee C. Schwarz Charitable Trust for Education is an option worth considering.