P.E.O. EDUCATIONAL LOAN FUND | ELF
“ELF is a great deal!” enthuses Annie Russell, member of Chapter AM in Foxboro, Massachusetts, and registrar for Harvard Divinity School in Cambridge, Massachusetts. In her work with students and the financial aid office, she has observed, “it is becoming more difficult for students to get a degree, certificate or credential at any level without acquiring debt.” For women needing to secure a loan, the Educational Loan Fund (ELF) is a smart option that stands out from other lenders in several key areas. LOW LOAN RATE THE ELF DIFFERENCE
CHAPTER SUPPORT Through the nomination process and beyond, P.E.O.s develop personal relationships with candidates and provide support not found with traditional lenders. From consulting during application submission to providing encouragement as they complete their programs of study, chapters offer friendship and caring to recipients, with some becoming members because of these connections. Priceless P.E.O. loving concern is a hallmark of ELF. Being well-informed is key to sharing with candidates the difference an ELF loan makes. Visit the P.E.O. International member website to find resources and information related to the fund. Review The P.E.O. Record archives and P.E.O. Blog for profiles of recipients who are pursuing their educational dreams and for ideas to help your chapter seek and find potential applicants. Check out the “Let’s Talk about ELF!” PowerPoint available on the P.E.O. International website at https://members.
Federal and government student loan rates are established by the U.S. Congress and Canadian provincial and federal governments, respectively. Private lenders set rates based on the financial history of the borrower and cosigners. These rates vary depending on the program of study. ELF loans are issued at a fixed 2% rate to qualified candidates pursuing a variety of degrees and certificates. This low-interest rate equates to quantifiable savings over the life of a loan as percentage of the loan amount applied to cover the cost of loan processing. Because the Educational Loan Fund does not charge origination fees, recipients enjoy immediate savings. FUNDING AVAILABILITY For some women pursuing advanced degrees, funding availability decreases or becomes more costly as their educational journey continues. With the generosity of institutional aid varying by program, ELF loans can fill a financial gap, allowing borrowers to complete programs. illustrated in the table below. NO ORIGINATION FEE Many lenders charge an origination fee, which is a
peointernational.org/ELFresources . Share it as a chapter program and help spread the word about ELF!
BY THE NUMBERS | INTEREST PAID COMPARISON
“As a non-traditional student, going back for my Master in Business
Total Interest Paid
Amount of Loan
Administration while working full time, there were limited scholarship and grant options. I work full time to pay for
$12,000 with an 8-year payback
ELF: 2% $995.57
$12,000 with an 8-year payback Federal: 4.99% $2,578.74
living expenses and contribute to our family funds. Very little is left over to cover tuition and other education related expenses. I was SO grateful for the option of utilizing the P.E.O. loan fund for a second time. Not only do I know that the interest paid on my loan will help support other women seeking higher education, but I also am put at ease with the repayment process. Master’s and Doctoral programs are daunting enough from a learning standpoint, without having to worry about how to fund the education.” – Ali Singer, PharmD, MBA, BCPS, Chapter HU, Grand Junction, Colorado
$15,000 with an 8-year payback
ELF: 2% $1,244.46
$15,000 with an 8-year payback Federal: 6.54% $4,304.54
$20,000 with a 10-year payback
ELF: 2% $2,083.23
$20,000 with a 10-year payback Federal: 6.54% $7.300.39
*Interest rates for U.S. federal student loans disbursed after July 1, 2022 “Interest Rates and Fees for Federal Student Loans.” Federal Student Aid, U.S. Department of Education, https://studentaid.gov/understand-aid/types/loans/interest-rates. Accessed 13 June 2022.
September–October 2022 | THE P.E.O. RECORD
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