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Members of the 75th Anniversary Educational Foundation
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Seated left to right: Joyce Thorpe, Ken Babb, James Wiant
Standing - left to right: J.L. Braught, Gloria Mundt, Lynda Baker, Bernice Reid, Don Edberg
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$16,000 Loan Program
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| Overview of the Program |
| The Educational Foundation of the Independent Order of Odd Fellows began its operation on September 20, 1927. The purpose of the foundation is to operate a revolving loan fund for qualified students dependent in part, or wholly, on their own efforts for an education. It is supported by donations to a Trust Fund and no part of the Trust Fund can be used for operating expenses. Only the interest from Student Loans and Investments can be used for operating costs. Since the beginning of the Foundation, donations of approximately $3,000,000 have made it possible for over 3,500 young people to receive student loans amounting to over $6,700,000. Contined perpetuation of this fund depends solely upon contributions from our membership and prompt repayment by recipients of the loans. |
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Program Requirements
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It is required that applicants have a relative who is an active member of an Odd Fellow or Rebekah Lodge: A person desiring a loan must erite personally to the Executive Director for an application, stating age and school classification. A maximum of $16,000 can be borrowed for a comploete course of four years or more. The maximum si $5,000 for one year of study. All applicants must be attending school half-time or more to be eligible. The method of lending is as follows and once a loan is approved, the Foundation must maintain a reserve sufficient to fullfill the loan obligations:
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Freshman Year $3,000
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Sophomore Year $4,000
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Junior Year $4,000
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Senior Year $5,000
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School Requirements
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Loans are made for study in a recognized trade school, after completion of high school, for any course offering immediate opportunity for employment, such as a Business College, Beauty School, Barber School, etc. Students enrolled in 2 or 4 year college programs must establish one grading period with at least a "C" average in anaccredited college or university before receiving loans.
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4% Interest Rate & Repayment
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The interest rate is 4%. Interest begins the day the check is mailed from the office to the student. Interest is paid each year while the student is in school. Interest payments shall be paid by July 1st each year until the borrower has graduated or discontinued school.Repayment of loans must begin 3 months after the student has graduated or discontinued school. The following repayment schedule is the minimum requirement, the borrower may pay larger amounts on the principal or pay the loan in full at any time without penalty.
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3 Months After Graduation or Leaving School - No Payment
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9 Months After Graduation or Leaving School - $50 per Month plus interest
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2nd Year After Graduation or Leaving School - $75 per Month plus interest
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3rd Year After Graduation or Leaving School - $100 per Month plus interest
(until loan is paid in full)
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Security Requirements
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The Educational Foundation is a Trust Fund and must be fully protected so lthe fund is available for succeding generations. To fully protect the Trust Fund in the event the borrower should fail to make payments when due or default in any manner under the terms of th promissory notes, financilly reposnible co-signers are required. Co-signers must be under 65 yers of age and property owners. Sometimes it is necessary to look to the co-signers for repayment which they sign as co-makers when they execute the notes. The co-signers for most applicants are the parents. Since the beginning of the Foundation, loss from unpaid loans is less than 1%.
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Lodge Responsibility
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The lodges are not in any way responsible financially or liable for the loan. The Foundation sends a reference form to the Lodge to verify the membership of the student's relative designated on the loan application. We ask several questions concerning the applicant's character and dependability. Should any difficulty arise over the repayment of theloan, we sometimes ask someone from the Lodge to help us locate the borrower or co-signers if they have moved without notifying the Foundation.
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This is the oldest project of The Sovereign Grand Lodge, Independent Order of Odd Fellows, having been adopted at its session in Hot Springs, Arkansas on September 20, 1927.
The Educational Foundation was the dream of Flora Sheets, Past President of the Rebekah Assembly of Illinois. She was raised in the Children's Home of Illinois and for many years was the Editor and Publisher of the International Rebekah Fraternal Paper. It was her feeling that the Odd Fellows and Rebekahs could put in to practice the principles of our Order by providing funds to assist worthy young people to receive a higher education.
In the beginning, loans were provided only to sons and daughters of Odd Fellows and Rebekahs. In later years, when funds were ample, loans were made available to any worthy young man or woman asking for financial assistance. Because of increased loan requests, available funds became low and once again since 1977, applicants are required to have order affiliation. This can be any relative of the applicant or the applicant themself.
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| Obtaining An Application |
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R. Kenneth Babb
Executive Director
Educational Foundation, IOOF
PO Box 20455
Winston-Salem, NC 27120
rkbabb1@bellsouth.net email requests
(336) 723-2404 telephone
(336) 724-5116 fax requests
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