Grant to Support College Legacy Loan ProgramPosted: Updated:
Saint Mary-of-the-Woods College has been awarded a Charles E. Schell Foundation for Education grant. The $100,000 will help fund a legacy loan program. College Director of Financial Aid Darla Hopper says the initiative is part of efforts to make higher education attainable. November 22, 2013
(Saint Mary of the Woods College, Ind.) - The Charles E. Schell Foundation for Education recently awarded Saint Mary-of-the-Woods College (SMWC) a grant to fund the Charles E. Schell Foundation Legacy Loan Program.
“More than 95 percent of our campus population receives some type of aid to pay for their education costs,” states Darla Hopper, SMWC director of financial aid. “Being able to offer the Charles E. Schell loan is just one more way we strive to make obtaining a college degree from SMWC attainable.”
The Charles E. Schell Foundation for Education, Fifth Third Bank, Trustee, Cincinnati, Ohio, grants funds to colleges and universities to provide interest-free educational assistance loans to qualified students to aid them in securing an education that, but for the loaned funds, probably would not be attainable.
The Charles E. Schell Student Loan Programs are funded with grants for $100,000, payable over four (4) years, and subject to the Last Will and Testament of the late Charles Edson Schell. The Charles E. Schell Foundation for Education was established by the will of the late Charles Edson Schell and is administered by Fifth Third Bank, Trustee, to provide a means for qualified students to manage the cost of higher education without undue hardship. Students may use the funds for billable student expenses, including tuition, fees, books, or room and board.
“The Schell Foundation Grants are a perfect vehicle to deliver on the Fifth Third Bank promise of truly impacting the communities we serve,” said Nancy Huber, president and CEO of Fifth Third Bank Central Indiana. “We’re very proud to partner with Saint Mary-of-the-Woods College in ensuring our talented young people have every opportunity to succeed.”
“This loan means a lot to me because without it I would not be able to stay at The Woods,” states recipient, Whitney Teeters, SMWC accounting major. “It feels like a weight has been lifted off my shoulders.”
The loan is available to campus or distance students who maintain a minimum 2.0 GPA, are from families of moderate means, are ages 18 to 25 years, and are citizens of Indiana, Kentucky, Maryland, Michigan, Missouri, Ohio, Pennsylvania, Tennessee, Virginia, or West Virginia. Under the conditions of the sponsor, the Schell loans are interest free. Recipients will be asked to complete an application and arrange a repayment schedule to meet their obligations to repay the loan in order to make funds available to future students.
“SMWC is grateful for the generosity of the Charles E. Schell Foundation and Fifth Third Bank,” states Hopper. “This loan gives our students more opportunities for success.”
Source: Saint Mary-of-the-Woods College