Lancaster Dollars for Higher Learning (LDHL) will again offer interest-free loans to Lancaster County residents who wish to pursue post-secondary education on a full-time basis. Executive Director Christie Livengood has announced that loans will be in the amount of $1,700 for the 2019-2020 school year.
“With the amount of debt students are burdened with after graduation continuing to increase, LDHL is proud to be able to offer interest-free loans to students who need additional assistance to complete their educations,” said Livengood.
Applications will be accepted online from February 1 though April 26, 2019. To qualify, students need to be residents of Lancaster County, PA, and must be attending accredited two-year or four-year institutions full-time in the 2019-2020 academic year. Additionally, students need to complete the Federal Application for Student Aid (FAFSA).
“The repayment plan is very reasonable,” acknowledged Livengood. Loan recipients have a six-month grace period after graduation or withdrawal from school; they must then pay back the loan at $110 per month. Students may also choose to pay off their loans early.
“This program allows students to pay it forward when they repay their loans because the money returns to the pool of funds available for the next generation,” stated Livengood.
Students can apply for a maximum of four loans, and the checks are sent directly to the students’ schools to be applied to their tuition expenses.
Founded in 1961, the nonprofit now known as Lancaster Dollars for Higher Learning has awarded more than $17 million in interest-free loans to Lancaster County students. The organization is funded through repayments and donations.
To apply for an interest-free loan or to learn more about Lancaster Dollars for Higher Learning, visit lancdollars.org.