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APPLY FOR A LOAN

GENERAL INFORMATION

  1. Applicant must be a Millburn Township resident.

  2. Maximum loan amount is $4,000 per year for up to four years.

  3. Loans are need-based and currently interest-free.

  4. The following must be submitted by May 10th to be considered for a loan in the Fall semester of the following school year:

    • ​Online Loan Application

    • Current Student Aid Report (SAR) received after submitting the Free Application for Federal Student Aid (FAFSA) form

    • Tax Return of Applicant and Parent(s). Submit most recent return for each parent if filed separately. 

  5. All decisions for loans beginning in the Fall will be made before June 30th. If a loan is granted to an applicant, the Treasurer or a representative of the Fund will inform the applicant.

  6. Borrower must request loan from the Treasurer for each successive semester after initial approval.

  7. Loans are to be used for tuition only. For each semester, the Treasurer will issue a check for the loan amount, made payable to the Treasurer of the College at which the applicant is attending. A note will be drawn up at that time to be signed by all co-borrowers.

  8. The Borrower must notify the Fund of his/her graduation or withdrawal from college. At such time, the Treasurer will confirm the schedule for repayment of the loan.

  9. Terms of loan repayment:

    • All loans are scheduled to be paid off in full in (4) four years/ (16) sixteen quarters.

    • No payments required for the first six months after graduation or withdrawal from college.

    • Payments to begin thereafter on a quarterly basis.

    • Quarterly payments shall be computed by calculating the “total amount borrowed” divided by 16.

      • (i.e. $4,000 borrowed for each of 4 years for a total amount borrowed of $16,000. $16,000 / 16 = $1,000 due per quarter for 4 years.)

The application deadline is May 10th

As stated above, be sure to have ready: (1) the most recent tax returns for the Applicant and Parent(s)/Guardian(s) and (2) the Applicant's Student Aid Report (SAR) from the FAFSA.The application includes instructions on how to download the Applicant's SAR as a PDF from the FAFSA website.

The online application uses Google Forms, which requires a Google account to complete. If you do not have a Google account, you can create one for free.

 

©2021 The Charles T. King Student Loan Fund, Inc. The Charles T. King Student Loan Fund, Inc. is a registered 501(c)(3) non-profit organization.