From 1957 – 2009, Manheim Central’s Student Loan Fund Association (MCSLFA) has helped more than 625 students over the last 57 years. Additionally, MCSLFA has a great track record of having every loan repaid since the association’s inception.
“Since our establishment over 50 years ago, we have never lost a cent!” MCSLFA’s website (www.mcstudentloanfund.com) states. “In other words, every dollar we have loaned to students has been repaid. As you know, many student loan programs are faced with record numbers of defaults and lost dollars. Our group’s perfect record is the envy of many other student loan funds.”
And because every cent has been repaid in full, the association is able to re-circulate the money to continue to help Manheim Central graduates. As of 2009, the association estimates that they’ve had nearly $2,000,000 that’s been loaned and re-loaned.
The following requirements must be met from loan applicants:
- The applicant must be a graduate of Manheim Central High School. There are no restrictions in regard to which year a person graduated from the high school.
- The applicant can apply for $2,000 per year, interest-free, for up to four years. The association will loan up to a total of $8,000 over a four-year time period.
- Borrowers can go to a traditional four-year college or to a vocational/trade school.
- Six percent interest is added to the loan six months after the student graduates or withdraws from school.
- The graduate has five years to repay the loan.
- The application deadline is on April 30th of each year.
MCSLFA raises funds through:
- Individual and business contributions
- The Manheim Rotary Club
- The H.C. Burgard PTO
- The Manheim Ministerial Association
- Nearly Nu Thrift Shop
- The Manheim Auto Auction, the Band Club, Hondru Auto, and the Sertoma Club have also donated money to help students through MCSLFA.
All contributions to the association are tax-deductible. Business and community leaders make up the 11 members of the Board of Directors that oversees the organization. For more information about the loan program, contact the high school guidance office at http://mcsd-blog.mcbarons.manheimcentral.org/hsguidance.