Loan Requirements

1. The loan applicant shall be no more than 20 years of age when making the initial application, however, once a student has received assistance from the foundation they are eligible for future loans with no limitations on age.

2. The loan applicant must provide a transcript of grades showing a minimum of a 2.5 GPA with the initial application.

3. The loan shall be an honor loan without interest.

4. The recipient of the funds shall be required to sign a promissory note pledging to repay such funds at the suggested rate in the repayment schedule, starting in the sixth month after graduation, or termination of schooling. Said note shall be co-signed as required, unless waived by the Foundation Board of Directors.

5. Money borrowed from the B.F. & Rose H. Perkins Foundation for a particular purpose shall become due in full at once if used for any other purpose.

6. If the student drops out of school or discontinues school for any reason, the note or notes shall become due and payable and payments shall start no later than the sixth month after leaving school.

7. Transcript of grades must be sent to the office of the Foundation at the end of each reporting period. Grades lower than 2.25 based on 12 credit hours minimum per grade period will disqualify the borrower for additional loans until grades meet the requirements.

8. The applicant must be registering as a full-time student, i.e., a minimum of 12 credit hours per grade period.

9. Insurance coverage is required in an amount at least equal to the amount you will borrow until graduation and it must be kept in force until the loan is paid in full. A collateral assignment must be furnished the Foundation either on a new or existing policy. Failure to keep it in force until the loan is paid in full will cause the entire loan to become due and payable.

Interest-Free Student Loans

This is a local foundation not affiliated with the National Perkins Loans

Money in amounts agreed upon by the Board of Trustees of B.F. and Rose H. Perkins Foundation, not to exceed $5,000.00 a year, will be loaned to needy and worthy young men and women who have resided in Sheridan County for more than one year and graduated from an accredited High School located in Sheridan County. There is no limitation on the accumulated total loan amount.