Rotary Club of Lititz 2016 Student Loan Information
Maximum Loan Amount - $1,000.00
The Student Loan Fund of the Lititz Rotary Club was started more than a half-century ago with
contributions from Individual Rotary Club members. During the first several years of life, the
fund was able to grow through club fundraisers. Today, we are proud to say that the fund is selfsustaining.
Repayments each year from former loan recipients make up the available funds for
new loan applicants. Therefore, the continuation of the fund depends on the prompt repayment
of loans according to the repayment agreement.
Applications must be received by June 1, 2016 to be considered for the 2016-2017 academic
• Must be a resident of the Warwick School District in each year a loan is requested.
• High school seniors must show they have been accepted to college, trade school, or other
institution of higher learning.
• Once in college, loan recipients will receive notification each year to re-apply if they desire
• Parents/Guardians of applicant are required to co-sign for loan.
• Four Year Programs: Repayment must begin six months after graduation (54
months after the student is eligible for the first loan.
• Five Year Programs: Five year programs must be defined by the institution as
such. Repayment must begin six months after graduation
(66 months after the student is eligible for the first loan.)
• All Other Programs: Repayment must begin six months after graduation.
• Withdrawals: Students who withdrawal from school without graduating.
Repayment must begin six months after you are no longer a
• Students are provided with a payment schedule upon graduation. This schedule will outline
the amount that must be paid by the first of each month to repay the loan in four years
• A $25.00 late fee will be applied to every payment not received by the first of every month.
• Interest begins to accrue at the same time that repayment is to begin (six months after
graduation or six months after you are no longer a full time student).
• Interest rate is 5 percent.
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