APPLY FOR A LOAN
Applicant must be a Millburn Township resident.
Loan amount is up to a maximum of $4,000 per year for up to four years.
Loans are need-based and currently interest-free.
Application AND a completed current Financial Aid Form (FAFSA) must be submitted by May 10th to be considered for a loan beginning in the Fall School Year.
All decisions for loans beginning in the Fall will be made before June 30th. If a loan is granted to an applicant, the Treasurer of the Fund will inform the applicant.
Borrower must request loan from the Treasurer for each successive year after initial approval.
Loans are to be used for tuition only. For each semester, the Treasurer will give borrower 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.
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.
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.)
To apply, complete the steps below by the May 10 deadline.
Instructions to download your FAFSA PDF:
On the FAFSA website, click on "View or print your student aid report." Scroll down to button that says "View Student Aid Report (PDF)". Save. Make sure your pop-ups are not blocked.
For a Mac, click on "Print This Page" at bottom of the screen. When the print menu comes up, go to the left corner of that pop-up for PDF. Once you hover your mouse over it, click "Open in Preview" Save.