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Searching for a business school degree or any other college program is only half the battle. Figuring out how to pay your college loan can actually be a complicated and stressful process. People who opt for pricey private colleges are smart when they seek scholarships, federal and private loans, work study to add to own private money to afford the tuition fee.
According to Congress Rep Mark Pocan “By making college unaffordable and student loans unbearable, we risk deterring our best and brightest from pursuing higher education and securing a good-paying job.” This is why the following sources of student loans are a treasure for struggling students.
1. Massachusetts Office of Student Financial Assistance
The purpose of Massachusetts Office of Student Financial Assistance (OSFA) is to enable the residents of Commonwealth to enrich their lives with education and to contribute to the economic development of the state and the country. They believe in delivering quality student financial aid information so that everyone can get access to higher education. It is responsible for overseeing all the financial aid programs which are funded by the state and also serves as an advisory for the Board of Higher Education.
OSFA plays a major role in promoting the access to higher education so that college is recognized as an important post-secondary option. It provides many merit and need-based grants, scholarships, and even no-interest loans to those who need it.
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- Maximum Loan Amount – $4,000
- Criteria – All those residents of Massachusetts which need help to attend a college.
2. Military Officers Association of America (MOAA)
MOAA is the largest and the most influential association of military officers in the country. The organization seeks the interests of the military officers and represents them and their families at various stages. They are a powerful force which speaks for national defense and is an independent, politically free, and a non-partisan organization.
The MOAA Scholarship Fund was established in the year 1948 and the purpose is to provide education assistance to the families and children of military personnel. The foundation funds the nation’s uniformed members to maintain the quality of life and acquire the best of everything.
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- Maximum Loan Amount – $5,500
- Criteria – The children of the military personnel.
3. Abe and Annie Seibel Foundation
The residents of Texas can get aid from this organization when it comes to satisfying their educational needs. This foundation helps those who are seeking some financial aid to pursue their college degree. The help is provided to both the needy and the brilliant students by paying for their tuition fee and granting an interest-free loan.
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- Maximum Loan Amount – $6,000
- Criteria – Those students residing in Texas who need money and have good grades.
4. The Scholarship Foundation of St. Louis
The core of this scholarship is the provision of interest-free loans for post-secondary education of the students who are financially feeble. Students who are attending any of the non-profit and accredited post-secondary institutions are facilitated through this scholarship.
Every year, the organization provides interest-free and fee-free loans to 500 students from the St. Louis metropolitan region. The funds are allocated to specific fields of study too, for instance, the Deedee Becker Loan Fund is for all the nursing students and there are other such specifically allocated funds too. Last year in 2016, $4.1 million worth of interest-free loans were provided to 500 students through this foundation.
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- Maximum Loan Amount – $14,000
- Criteria – The residents of St. Louis which need money.
5. Jewish Free Loan Association (Southern California)
The organization established the first student loan in the year 1988 and since then it has facilitated more than 3,000 students with its interest-free loans. The priority of the organization is to provide educational assistance to all the students who are either brilliant or needy. The loans are available for vocational, technical, and trade schools for both undergraduate and graduate education.
The students are required to enrolled full-time and must have a minimum GPA of 2.5 along with 2 CA cosigners over the age of 25 having good credit and steady income. The average amount given in the loans is $3,000 with the payments being reduced while the students are still in school. However, the amount increases after three months once the student gets out of college.
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- Maximum Loan Amount – $3,500
- Criteria – The residents of Los Angeles who have two cosigners.
6. Hebrew Free Loan Association of San Francisco
In order to help all the Jewish individuals residing in Northern California to help them achieve their dreams, this organization provides them interest-free loans. All those who face some serious financial challenges while pursuing their life dreams can get help from this association and make their dream a reality.
Their mission is to grant worthy Jewish people help in a way that their self-respect remains intact and they are able to self-support themselves after a short while. All the services are rendered to the needy individuals without any interest or extra charge.
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- Maximum Loan Amount – $6,000
- Criteria – Jewish students can avail the loan but a new non-sectarian loan is also being developed.
7. Jewish Education Loan Fund
This organization began its working in Atlanta around 130 years back and has evolved a couple of times before finally getting the name JELF in the year 1989. The priority of the organization is college-age Jewish youth at different undergraduate colleges and universities. Through all these years, the organization has extended its support to a number of other communities too within the five-state region providing grants and loans to students looking for post-secondary vocational training, graduate degrees and even older individuals who are looking to enhance their skills.
In 2016, the organization granted $814,070 in loans to about 220 students. The Association has loaned almost $11 million since 1961 and maintains a 99% repayment rate. Currently, the organization has $5.4 million out on the streets.
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- Maximum Loan Amount – The needs of the students after which they have received other aid.
- Criteria – All the needy Jewish students living in the South who have one cosigner.
8. Hebrew Free Loan (of Detroit)
This association provides financial aid to the Jewish people who are residing in Michigan by lending money to them without charging any interest. The core Jewish values of compassion, confidentiality, and respect are kept in mind and the organization works in accordance with them. The goal is to match the needs of the twenty-first century while staying true to all the Jewish values.
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- Maximum Loan Amount – $4,000
- Criteria – The Jewish students living in Michigan who have a cosigner.
9. The Bill Raskob Foundation
It is a small family foundation which was founded to provide educational loans to all such students who are needy and deserving. These loans have zero interest rate and immense care is taken by the organization in the education of each and every student.
Initially, the organization was directed towards assisting needy orphans and other poor children to help them in acquiring education. With the passage of time, the organization has grown and has increased its activities in the field of education. The major purpose of the organization is to provide aid to the needy students pursuing their college and postgraduate degrees.
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- Maximum Loan Amount – There is no maximum amount but the average is $2,000.
- Criteria – Any person who has finished the freshman year of college.
10. Central Scholarship Bureau of Maryland
The founders of this organization firmly believed that education beyond high school was not just a luxury rather, a necessity to create a community of self-sufficient and strong people. They laid the base for Central Scholarship Bureau in 1924 with the idea that charitable funds could be used to provide an opportunity to the people so that they could advance towards a better life.
In the beginning, the organization provided vocational training scholarships to orphaned Jews. Since then, the organization has grown and now provides funding for all the post-secondary education including vocational, graduate, undergraduate, and professional degrees without giving any consideration to any gender, religion, race, or ethnicity.
“Encouragement of higher education for our youth is critical to the success of our collective future.” – Charles B. Rangel
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- Maximum Loan Amount – $10,000
- Criteria – The residents of Maryland who have a GPA of 2.0 or above and a cosigner.
11. Evalee C. Schwarz Charitable Trust for Education
This trust was created under the will of Evalee C. Schwarz with the purpose to provide interest-free loans to undergraduate and graduate students who were financially weak but demonstrated exceptional academic performance. Even high school seniors could also apply for the loan. The students need to fill in the application form and must be enrolled in a school of the state where they are living.
It is customary for the student to demonstrate exceptional performance in the class and to score really well on the standardized tests. The requirement is that they must fall within the top 15% of the nationwide scores. Another condition is that the students must not be seeking a law degree.
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- Maximum Loan Amount – $15,000
- Criteria – Students eligible for a Pell grant and have outstanding test scores and grades.
12. Hebrew Free Loan Association of Northeast Ohio
Founded in 1904, this is a nonprofit which started with $400 donated by Moris Black, Charles Ettinger, and their other friends to help the European refugees to settle down and begin their lives in this country. Their belief – which is now the foundation’s belief – was that if you give someone a chance to succeed, they’ll pay it back and this will facilitate the transformative cycle.
Throughout the years, the organization has increased its lending from gifts, endowments, memorials, foundation grants, and endowments. The operations are covered by contributions and dues from others.
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- Maximum Loan Amount – $2,500
- Criteria – The residents of Northeast Ohio with a cosigner.
13. Student Education Loan Fund (SELF)
The local Rotarians and other members of the community from Livermore started this organization in 1963. The board of directors comprises of 30 volunteers who come from different backgrounds and are teachers, business leaders, church leaders, parents etc. It is the members of the board who pay all the administrative costs and all the donations and contributions are given to the needy.
Whether you are heading to college or you need money to train for a service profession, SELF will help with everything. The student need not be at the top of his class but he should be committed to his success and must work hard to achieve his goals.
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- Maximum Loan Amount – $2,500
- Criteria – The residents of Livermore, California.
14. Rotary Club of Amesbury, MA
Since the formation of the club in 1925, hundreds of club members have contributed their money and their time in the service projects for the community. Most of the programs are focused on the youth of the country and take part in activities like funding scholarships, bicycling safety, distributing dictionaries, reading in classrooms, and giving leadership awards to the most outstanding teachers in the class.
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- Maximum Loan Amount – $1,000
- Criteria – The residents of Amesbury who have a parent cosigner.
15. Rotary Club of Keene, NH
Working since November 1922, this organization is governed by club officers and board of directors. There are numerous committees which carry out the work of the club and cover different avenues of service.
The main objective of the organization is to provide such services that help the community throughout the world. A number of programs for the youth and educational opportunities are supported by this organization taking its cause forward.
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- Maximum Loan Amount – $2,500
- Criteria – All the residents of Cheshire County who belong to the upperclassmen.
16. Dallas Hebrew Free Loan Association
The Dallas Hebrew Free Loan Association was found by a group of Jewish businessmen to meet the financial and educational needs of the local Jewish community. Since its formation, the association has provided interest-free loans to the local community to meet their financial needs.
They understand that not everyone has the means to get access to higher education which is actually a necessity and not a luxury. Apart from education, they handle other loans too and they not only cover major cities across the United States but some other countries including Canada, Argentina, Australia, and Canada as well.
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- Maximum Loan Amount – $4,000
- Criteria – The Jewish students who are living in the area of Dallas and have a CPA of 2.5 or more along with two cosigners.
17. Scholarship Foundation of Santa Barbara
This organization inspires, supports, and encourages the students living in the Santa Barbara County in acquiring college, graduate, and vocational education. They provide the necessary financial assistance and grant scholarships to all the needy students.
The basic value of this organization is that the students deserve to be educated beyond high school. A lack of money and resources should never be an obstacle in the path of students to acquire the necessary education. Since 1962, the organization is heavily impacting the lives of local students by providing them scholarships, advising them and their families on how to afford and save for college education, and reaching out to students who are overlooked or underserved.
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- Maximum Loan Amount – $5,000
- Criteria – The students living in Santa Barbara who are needy and have a minimum GPA of 2.0.
18. Phoenix Jewish Free Loan
All the Jewish individuals can get interest-free loans from this organization. The purpose is to enable the individuals and their families to achieve stability in their lives and to strive for betterment. They have 12 different programs for Jewish and secular education for the individuals and help the people in achieving their educational dreams.
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- Maximum Loan Amount – $5,000
- Criteria – All the Jewish residents living in Arizona.
19. Milwaukee Jewish Free Loan Association
This student fund has been established to make sure that students get access to college education. The interest-free loans provided by Milwaukee Jewish Free Loan Association aims to fill the gap between the cost of attending college and the resources which are affordable by the students and their families.
The candidates can get up to $5,000 worth of loans which are to be paid in easy installments. During the college time, the student is required to pay only $100 per month. The students need two cosigners to complete the process.
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- Maximum Loan Amount – $3,600
- Criteria – The people who are living in Milwaukee and have up to two cosigners.
20. Pickett & Hatcher Educational Fund, Inc.
This organization is a private, non-commercial, and non-profit organization which was created in 1938 as a result of the Will of Claud Adkins Hatcher of Columbus, Georgia. The loans are given to all the deserving students who repay them within the designated time so that it becomes available to other students too.
The annual rates vary from 2% to 6% and never exceed this figure. The students are not supposed to pay anything until 6 months of graduating from the college. Up to $2,500 dollars of funds are also available for the summer term.
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- Maximum Loan Amount – $10,000
- Criteria – Students who have a GPA of 2.0 or more and have a cosigner.
We hope with this list you’ll be able to find an ideal student loan lessen stress from your college life. Good luck with your search, and let us know what you think of this list.