Information about the Olin Scott Fund loan program

 

The Olin Scott Fund makes educational loans to young men who wish to attend college, vocational or professional schools. Currently, the Fund also makes grants to Vermont educational institutions. The Fund's Trustees give preference to residents of Bennington County.

 

The Fund will lend up to $4,000.00 per fiscal year (July 1st to June 30th) to a qualified applicant in each of their freshman and sophomore years and up to $5,000.00 for each of their junior and senior years. Maximum loans to a student may not exceed $18,000.00 for their undergraduate or equivalent education. Full-time students in their fifth or sixth year of a degree program requiring more than four years of study and graduate school students may qualify for up to $5,000.00 for each of two years. Maximum loans may not exceed $28,000.00. The fund also limits total outstanding borrowings by more than three siblings to no more than $84,000.00.

 

The Fund charges annual interest of 5%. Interest is not charged while the student is in school; interest charges begin one year after graduation. Loans of $8,000.00 or less must be repaid in monthly installments over a 60-month period; loans in excess of $8,000.00 must be repaid in monthly installments over a 120-month payment period. Deferrals may be granted to students who continue full-time graduate school. Special rules apply for students who withdraw from school before graduation.

 

High school seniors must provide a completed application, three letters of recommendation from persons other than relatives and a letter of acceptance from the college, vocational or professional school they plan to attend. Continuing students must provide a transcript demonstrating an equivalent minimum cumulative grade average of 2.5. A $25.00 application fee must accompany a student’s initial application submitted by July 1st.

 

A disclosure statement further explaining the terms of the Olin Scott Fund's Student Loan program is available on request.

 

Information about available federal and Vermont student loans can be obtained through the following web sites: