HAMILTON-ROUGHGARDEN STUDENT LOAN FUND INFORMATION SHEET

This Fund was established in the 1930’s by the late Dr. and Mrs. J. Wallace Hamilton to give a helping hand for college or vocational training to youth and adults furthering their education and was supported by profits from the sale of Dr. Hamilton’s printed sermon pamphlets. Through the years George and Nita Roughgarden formed a trust with interest and dividends assigned to the Fund; Helen and Paul Hounchell donated an office building to be sold; and Mrs. Clare Trice made a very generous gift to the Student Loan fund. Through additional gifts, memorials and bequests from many other members and friends of Pasadena Community Church, the Fund has remained active for over 70 years.
The loan must be repaid so other students can benefit from this Fund in the future.

The Fund is administered by the Student Loan Committee of Pasadena Community Church, which meets the last Friday of most months to consider applications. (November and December meetings are a week earlier.) Students are asked to submit their applications by the tenth of the month if at all possible. Anyone planning to attend college or vocational school may apply for a loan. In granting loans the Committee will follow guidelines regarding academic standing, membership and activity in a church, and the availability of money for loans. Applications are available in the revolving kiosk in the LEC receptionist’s office

Download Application-Apply Online.

The Application and Information is also available here on the Church’s website. (click here to download) You may download the Application, complete and mail it in – or you may complete the Application on line and e-mail it to the Committee’s Secretary.
Choose the approach that’s most convenient and comfortable for you.

The limit for loans has just been raised from $1,200 to $1,600 a semester for two semesters a year. Each loan must be applied for separately.

The Committee requests that a photocopy of the student’s latest high school or college grades and a picture of the student be attached to the original application. A student’s application also requires the names of two (2) financially responsible co-signors, who along with the student must sign a promissory note, each acknowledging responsibility for repayment. One or both co-signors may be parents

To accompany the application, the Committee requests the student write a short letter outlining his or her plans, the number of semester hours to be carried, and anticipated time required to complete school.
If after review of an application the Committee deems it advisable, the student will be asked to come in for an interview with one or more of the Committee members.

While the student is in school, taking advantage of the Loan fund, the Committee expects a photocopy of the student’s grades at the close of each semester.

The Committee does review semester grades and expects students to maintain good academic standing. Failure to do so will result in review by the Committee.

Once funds are issued the student has the responsibility for notifying the Student Loan Committee of any address changes and of the date of graduation, completion or separation from school, with the note becoming due and payable six (6) months after that date.
After six (6) months, the note may be paid off in full with no interest, OR a repayment schedule may be set up, a new installment promissory note executed - and interest will begin running at one percent (1%) per year on a note maturing in four (4) years, OR five percent (5%) interest on a seven (7) year note. If any scheduled payment becomes delinquent for more than ninety (90) days, the interest rate will be raised to eight percent (8%) for the remainder of the term of the loan.

If you have any questions, please call LISA KLUEVER, the Student Loan Committee Secretary, at 727/821-6601, Ext 21, or Ron Braun, Chair of the Student Loan Committee in the evening at 823-0382. Lisa’s e-mail is mbsappraisal@mindspring.com; her fax 727/823-5625.

IT IS THE MISSION of the Hamilton-Roughgarden Student Loan Committee of Pasadena Community Church to encourage students to further their education by providing financial assistance through loans to students in need for tuition and other educational program expenses during the time of their schooling, and to oversee the repayment of such loans after their training.