| ABOUT THE FOUNDATION |
The Student Loan Foundation of North Canton is a non-profit organization that makes financial assistance for higher education available to students in our community. Since 1963, the Foundation has loaned over $7 million. Generous donations from individuals, businesses, foundations and civic organizations make
the Foundation's mission possible.
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| SELECTION |
Based on availability of funds, the Foundation grants loans to the most deserving applicants based on need, scholastic ability, and character.
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| WHO IS ELIGIBLE FOR A LOAN |
An applicant must be a U.S. citizen, a permanent resident of the North Canton City School District at the time of application and must be accepted as a full-time student by a college or accredited educational institution of higher learning.
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| HOW MUCH CAN BE BORROWED |
Loans are made on a year-to-year basis for a maximum of $3000 per academic year and a maximum of $12,000 borrowed. Three months following graduation or dropping below full-time status, monthly loan repayment commences at the graduated rate of $100 year one, $150 year two and $175 thereafter. The interest rate is six percent (6%) per annum and begins to accrue twelve (12) months following graduation or dropping below full-time status.
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