An Eligible Student must be:
- A resident of the Marshalltown Community School District or Marshall County, Iowa for the last six years
- A student attending an Iowa college or university
Limitations on borrowing are as follows:
|Undergraduates – First year:||$3,500/yr|
|Undergraduates – Second year:||$4,500/yr|
|Undergraduates – Remaining years||$5,500/yr|
|Four-Year Undergraduate Cumulative||$19,000|
|Five-Year Undergraduate Cumulative||$24,500|
|Cumulative for Undergraduate & Professional||$41,000|
(Professional studies include programs such as medical, dental, law, and veterinary, but graduate work is specifically excluded by the terms of the trust.)
Loans will be made primarily for educational costs such as tuition, room and board, books, etc. Loans will not be made for personal items such as the purchase of an automobile or consolidation of other debts.
Loan applications are approved on an academic-year basis. The money will, however, be loaned to the student in installments at the beginning of each semester or quarter. The trustees may deem it prudent, in some instances, to make funds payable to both the student and institution.
All new student applications will be on forms provided. Applicant shall provide a picture, transcript of high school and college grades available to the date of the application and ACT or SAT scores.
All first-time applicants will personally appear before the trustees at a regularly scheduled meeting for an interview.
Renewal applications shall be made in writing on forms provided and shall be accompanied by a transcript of grades to the date of the application and a budget projecting income and expense for the coming year.
The deadline for filing applications is on or before May 31 prior to the academic year for which the request is being made.
Students are expected to be full-time students as defined by the post-high school institution. Exceptions might be made for students working full or part time.
Students are expected to maintain at least a 2.0 cumulative grade point average and acquire the required number of credits to successfully proceed in accordance with the institution’s requirements for graduation. If a student fails to do so, he or she may be required to appear before the trustees for appropriate explanation.
A co-signer (parent or some other employed adult) is required.
Additional Application Requirements:
- A transcript of your high school grades, including ACT or SAT scores, and college grades to date.
- A recent photo of yourself.
- An Education Finance Planner
- A W-9 Form (Completed with student’s information at the time of interview.)
The interest rate is determined annually at the discretion of the trustees of The Frank Pierce Trust. The current rate for loans is 1.0 percent.
The interest is simple interest and begins to accrue from the date of the loan.
The principal and accrued interest become due on or before five years from the date of the note; or upon the completion of the educational purpose for which the loan is made; or upon the maker failing to pursue the educational purpose for which the loan is made, whichever shall first occur.
As a matter of procedure, all students will be expected to contact the office of the secretary upon the completion or termination of their course of study to establish a repayment plan.
A monthly payment amount will be set at that time. The payment amount will be set taking into consideration the fact that the loans are to be repaid in full within ten years. The proposed monthly payment is subject to the approval of the trustees and may be increased from time to time if necessary to assure repayment within the required time limit.
The loans are to be repaid within ten years from the date of the loan. Any sums remaining unpaid on any loans ten years after the date thereof will result in the addition of the unpaid principal balance to any accrued interest and an increase in the interest rate on the unpaid balance to the maximum rate allowable under Section 535.2 of the Code of Iowa, compounded annually.
DEADLINE for filing applications is on or before May 31 of the upcoming academic year for which the request is being made.