Bulson Loan 2017
CHARLES & GRACE BULSON MEMORIAL STUDENT LOAN
The Bulson Memorial Loan Program provides loans of up to $4,000 per academic year per student. The amount of the award will depend not only on the applicant's need, but also upon the number of applications and the amount of money available to make awards each year. Funds for these loans are made available from a trust for this purpose administered by the Board of Trustees.
Loan terms: The loan is made payable to the individual on receipt of a promissory note (see item 5 under application procedure). An interest rate of 3% will be assessed from the date of issuance of the loan check through the date repayment commences. Repayment of the loan must begin within nine (9) months of graduation from the degree program for which the loan was made or withdrawal from the program. Repayment will not be required as long as the student is enrolled for at least six (6) credit hours per semester.
The loan shall be repaid in monthly installments with a 6% interest rate charged on the principal and the deferred interest. The loan must be paid in full within the term agreed upon with the Scholarship Committee at the time the loan was made. If the total loan amount is $10,000 or more, the maximum monthly repayment period will be 10 years. Loans under $10,000 must be repaid within 5 years.
Click here for the application.
Application deadline is August 1, 2017.
Eligibility: An applicant must:
- Be a member of a UM Church within the bounds of the UNY Annual Conference, or be a worthy student sponsored by a UM Church within the Conference; and
- Have enrolled as an undergraduate degree program from an accredited college or university; and
- Have maintained a grade average of at least "C" or equivalent or better during the academic year prior to receiving the loan.
- Applicants shall submit an official transcript of grades, and
- Verification of enrollment (or acceptance) in a college or university for the year a loan is requested, and
- A financial statement on the form provided, including the amount of the loan requested. Click here to download the Financial Statement form.
- All applications must include a letter of recommendation from the pastor (or an appropriate officer) of the sponsoring church. This letter cannot be from a parent or guardian.
- If an award is to be made, a co-signer of the promissory note is required. Arrangements for a co-signer should be made at the time of application. If an individual co-signer (parent, etc.) is not available, then the sponsoring church's Board of Trustees may need to fulfill this role.
- To obtain additional loans, the above procedure must be repeated annually.