Interest-Free Loan Program
In 2008-09, The Foundation will make loans totaling $2.76 million to more than 600 students. Applications for interest-free student loans are accepted by deadlines of April 15 and November 15, and are renewable annually. Currently, Foundation loan receivables total over $15 million. Approximately 1,600 past recipients committed to lending a hand to the next generation continue to maintain a 96 percent repayment rate on the interest-free loans.
Who Can Apply?
Awards are made on a non-discriminatory basis to applicants of all ages who demonstrate financial need, satisfactory academic progress, and strong character. Residents of St. Louis city, St. Louis county, Franklin, Jefferson, Lincoln, St. Charles and Warren counties in Missouri and the Illinois counties of Clinton, Jersey, Madison, Monroe, and St. Clair are eligible to apply. Undergraduate, graduate, professional and vocational/technical degree-seeking students may borrow up to an annual maximum of $6,000, depending on program grade level. Students enjoy a 12-month grace period after graduation before beginning a five-year scheduled repayment plan.
How We Evaluate Financial Need
The single most important criterion for receiving financial assistance from The Scholarship Foundation is financial need. First we look at the total cost of education, including tuition, fees, room and board, and miscellaneous personal expenses such as transportation and clothing. Next we subtract any grant or scholarship dollars the student is receiving. Lastly, we subtract the Expected Family Contribution (EFC). This figure is calculated by a formula established by Congress using income and asset information you entered on the Free Application for Federal Student Aid (FAFSA). The EFC is reported on the Student Aid Report (SAR).
Special circumstances may exist, but the majority of individuals who qualify for funding from The Scholarship Foundation have an EFC of less than $4,000. Occasionally a candidate with an EFC of as much as $12,000 has qualified for an interest-free loan. If you have questions about the process of determining financial need or to discuss a special circumstance that might affect eligibility, please call us at 314-725-7990.
Emergency Loan Program
The Foundation provides emergency loans to students experiencing unforeseen and unplanned circumstances such as a family crisis, illness, death of a parent, or major change in sources of support during a current academic term.
Deedee Becker Loan Fund
Established by the Becker family as a memorial to Deedee Becker, who died suddenly in 1982, this fund has provided interest-free loans to students of nursing with significant financial need. The sustained support of this program by the Becker family offers assistance year-round to students pursuing a degree or certificate in nursing at the undergraduate level.
Grants
By submitting the interest-free loan application, students are automatically considered for all funding programs available through The Scholarship Foundation. Approximately 40 students are awarded grants from The Scholarship Foundation totaling about $300,000 each year. More than 600 students will receive $2.76 million in interest-free student loans in 2008-09. All grants and loans are renewable.
Student Employment
The Scholarship Foundation provides employment opportunities for current and former recipients of the interest-free loan program. Both Student Advocates and ScholarShop Assistants earn a competitive wage while earning credit against an outstanding loan balance.
Student Advocate Program -
Advocates work varied hours per week typically during the high school day or various hours at community partnerships. Working in educational settings with minimal direct supervision, Advocates assist students complete college and financial aid applications.
You must be organized, have strong communication skills, and bring a high level of professionalism to your work as you represent The Scholarship Foundation’s public face. If you are serious about providing direction to students during the college application process: making follow-up phone calls, visiting the assigned high school or community center on a regular and consistent basis, attending outreach events and training, and are available 10 hours per week, I invite you to apply to the Student Advocate Program. Please contact Angela Whitlow at angela@sfstl.org with interest.
ScholarShop Assistants - Accepting Applications Now for Immediate Hire
Do you have experience working in a retail environment? Would you like to gain experience working in an upscale resale store while repaying a portion of your interest-free loan? If you enjoy interacting with the public and work well with people of all ages, please consider working for ScholarShop. With locations in Webster Groves and Clayton, ScholarShop is accessible by public transportation. ScholarShop Assistants take advantage of a variety of shifts that accommodate college schedules, including Saturdays and early evening hours. Please call The Scholarship Foundation with interest, 314-725-7990.
Advisor Program
The Advisor Program allows current and prospective interest-free loan program participants access to academic planning and
support
services and referral to other resources at The Foundation or within the community. Students will be able to self-identify using The Scholarship Foundation website and others will be referred by program staff. After an initial assessment, the Advisor and student will agree upon an appropriate level of
support
based on identified needs. ( Click here for more information.)
Advisor Schedule
The Advisor is available for walk-ins and by appointment. The following is a general schedule but flexible and may change to accommodate student's needs.
Sunday - closed
Monday - closed
Tuesday - 11:00am - 3:00pm
Wednesday - 2:00pm - 6:00pm
Thursday - 9:00am - 2:00pm
Friday - 9:00am - 1:00pm
Saturday - 10:00am - 1:00pm
Walk-Ins
Feel free to stop by to use The Foundation's computer, internet access and printer. The Advisor will make every effort to answer your specific needs. However, for more detailed inquiries, we encourage you to make an appointment. Please call the Advisor at 314-725-7990 extension 310.
Appointments
Please call or email the Advisor at julia@sfstl.org to schedule an appointment.
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