In addition to scholarships, the Foundation's Student Aid Program is able to offer low-interest student loans to individuals pursuing college degrees.
WHAT YOU NEED TO KNOW ABOUT LOANS FROM THE WINSTON-SALEM FOUNDATION:
- The current non-variable interest rate is 4%.
- The maximum amount of loan money available per student for an academic year is $5,000.
- students from Forsyth, Davie, Davidson, Stokes, Surry, Wilkes, and Yadkin counties will primarily be considered for educational loans.
- Limited loan funds are available to other North Carolina residents.
- Out-of-state students are typically not eligible for loan consideration.
- Undergraduate and graduate level students may be considered for loans.
- Loan checks are issued in the student's name only.
- A new application must be completed for each academic year.
- The interest rate for new student borrowers is reviewed for relevance each year by the Foundation Committee.
- Student loan funds are limited and applications are reviewed on an ongoing basis; therefore the earlier completed loan applications are received, the greater the possibility that loan funds will still be available.
LOAN PROGRAM SPECIFICS:
- A student borrower must sign a promissory note and obtain the co-signatures of two adults.
- Co-signers may be parents, guardians, or any other North Carolina resident with the exception of spouses, boyfriends, or girlfriends.
- The student borrower and co-signers must have good credit ratings and be acceptable to The Winston-Salem Foundation's Student Aid Committee.
- Interest charged for a loan is payable annually, quarterly, or monthly while a student is enrolled in school. Capitalization of interest is not an option.
- Repayment of the principal amount is deferred until the student-borrower leaves school. There is a 60-day grace period prior to commencement of repayment.
INTEREST RATE REDUCTIONS:
For more detailed information regarding student loans, click to view a summary of the Foundation's Student Loan Program.