Traditional Interest-free Loan Program FAQs
- Apply Online: February 1, 2020 to April 30, 2020
- Notification of Loan: June 5, 2020
- Return Loan Agreement: June 30, 2020
- Distribution of Funds: August 1, 2020
- Repayment Begins: Six months after graduation or cease full-time student enrollment
How much is each loan?
For the academic year 2020-2021, LDHL will award loans valued between $1,500 – $1,700 each. The loan amount decision will be made at the Board of Directors meeting in May.
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 many loans can I receive?
Each student is eligible for up to four loans.
Do I have to reapply each academic year?
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 1961. The organization do not receive government funding.
When do I notify LDHL of changes?
- 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.