THE ANSWERS YOU NEED
WHEN IS THE APPLICATION DEADLINE?
All applications must be submitted online or mailed by May 10.
CAN I APPLY FOR A CTK LOAN?
You must be a current Millburn Township resident when submitting an application. Loans are need-based and will be evaluated after receiving application,FAFSA form, and tax return(s).
WHAT ARE THE SIZE OF THE LOANS GIVEN?
The maximum loan amount is $4,000 per year for up to four years.
WHAT IS THE QUALIFICATION PROCESS?
Your loan application, FAFSA, and tax return(s) will be reviewed by current board members. If you qualify for a loan, an interview will be scheduled with the student and their parents. All loan decisions will be made by June 30th.
WHAT CAN I USE MY LOAN FUNDS TOWARDS?
Loans are to be used for tuition only. Checks will be sent out to the Treasurer of the College at which the applicant is attending in two installments—one for the fall semester, and one for the spring semester.
DO I NEED A CO-SIGNER ON MY LOAN?
Yes, all students are required to have their parents or guardians as co-signers on the loans. Promissory notes are issued annually and upon renewal of the loan.
WHAT ARE THE TERMS OF REPAYMENT?
Repayment terms are documented on the application and also in the annual promissory notes. If a student graduates in May/June, their first payment is required on January 1 of the following year. Payments are based upon the loan size and are expected to be paid back quarterly in the same amount of years as received.
For example, if a student borrows $4,000 for each of 4 years for a total loan amount of $16,000, then their quarterly repayment obligation would be $1,000 per quarter for the next 4 years starting Jan 1 [$16,000 / 4 years / 4quarters = $1,000 per quarter or $333 per month]
Loans are currently interest-free.
CAN I APPLY FOR A DEFERRAL OR LOAN FORGIVENESS?
Loan deferrals are granted on an individual basis with proper documentation that the student is either still enrolled in their undergraduate program, or is enrolled in a post-graduate program. A deferral application will be sent upon request to the Fund Treasurer.
Unfortunately, the Fund does not offer any loan forgiveness as a non-profit private loan fund. Since the fund does not currently charge interest on the loans, the fund relies entirely on student repayments to 'pay it forward' to support the next classes of students requiring funding.