It’s that time of year when students make appointments with the financial aid officer. The two major distributions of financial aid are behind us, so they are not usually looking for grants. This time they are seeking loans that will allow them to pay their school accounts by the end of the school year.
In colleges and universities student loans are a large part of financial aid. At the seminary they play a lesser, but nevertheless important, role. Over the years some very generous WELS members, in addition to giving gifts to be distributed as grants, also gave money earmarked for short-term, interest-free loans. Right now we have a little over $100,000 in that revolving loan fund. We appreciate the ability to offer loans to students with demonstrated need and the students appreciate loans that enable them to tread the financial waters a few months at a time.
When students figure they will not have enough money to pay their seminary bills by the end of term, they apply for one of these loans. If they qualify (and most students do qualify for some level of help through loans) we sit down and determine a repayment due. Most of the time it is during the coming summer – figuring that the students will work full-time after the end of the school year and thus be able to repay the loan. Then the money will flow back so that it can be used by other students during the next school year.
There is nothing fancy or complicated about this loan program. But there is much to be thankful for. It works for many students and helps them stay afloat during their seminary years. We are grateful.
