717 397 7920 info@lancdollars.org

 

ldhl_faq

Traditional Interest-free Loan Program FAQs

Timeline:

  • Apply Online:  February 1, 2019 to April 26, 2019
  • Notification of Loan: June 7, 2019
  • Return Loan Agreement: June 29, 2019
  • Distribution of Funds: August 1, 2019
  • Repayment Begins: Six months after graduation or cease full-time student enrollment

How much is each loan?
Loans of $1,700 per student were provided in the 2019-20 academic year. The loan amounts may vary each year.

Who is eligible?
Any student who is a resident of Lancaster County, who will be attending an accredited institution of post-secondary education full-time, and shows financial need.

How do I apply?
Students must complete the online application and provide a copy of the SAR (Student Aid Report) from theFree Application for Federal Student Aid (FAFSA).

How many loans can I receive?
Each student is eligible for up to four loans.

Do I have to reapply each academic year?
Yes.

If I get more than one loan does my monthly repayment amount increase?
No. The monthly repayment amount remains the same. The length of the repayment period is extended depending on how many loans you receive.

Where does LDHL get its funds?
LDHL receives funds from loan repayments from previous recipients, contributions from the community, and interest from investments. LDHL is a non-profit organization that’s been providing loans since 196. The organization do not receive government funding.

When do I notify LDHL of changes?

  • Graduation
  • Withdrawal from school
  • Drop below full-time enrollment
  • Change of name, address, phone number or email address
  • Want to change banking information for repayments


NOTE: Loans from LDHL are not grants or scholarships. Loan documents issued by LDHL constitute valid and legally binding obligations on the part of the borrower and the co-signer and carry the full force of law.