MN Knights of Columbus Student Loan Fund
Organization and History
At the 1959 State Convention of the Minnesota Knights of Columbus held at Grand Rapids, it was the wish of the Convention delegates that the Knights of Columbus in Minnesota recognize the need and value of a loan program which would assist members and their families attending college. It was also thought that the interest charged on these loans to eligible applicants should be reasonable and that the loans and interest would not have to be paid back until the student completed his/her college training.
For over 46 years, the Minnesota Knights of Columbus have been running a unique student loan program that has helped thousands of students attend college, vocational-technical school and graduate school. Since 1960, the fund has grown from just $4,800 to more than $1,400,000, largely through the generous contributions of Knights and their friends. Meanwhile, its delinquency rate on repayments has averaged less than one-half percent.
Much of the business of the Student Loan Fund is handled by six (6) Elected Directors, the Immediate Past State Deputy and a program administrator. Two directors are elected each year at the State Convention to serve three (3) year terms.
Eligibility
All accredited colleges, universities, vocational and technical colleges.
Members in good standing, and their wives, sons and daughters.
Wives, sons, and daughters of deceased members in good standing at their time of death.
Member and applicant must be a permanent resident of Minnesota for a minimum of 3 years
Loan Amounts
Freshmen – Maximum of $2,000
Sophomores – Maximum of $2,000
Juniors – Maximum of $2,000
Seniors – Maximum of $2,000
Grad Students – Maximum of $2,000
Vocational/Technical College – $2,000 for 2 yrs – Maximum of $4,000
Loan Repayment
o interest is charged on the loan until the termination of the undergraduate program
Interest rate is 6.5%
Repayment schedule is a maximum of 5 years.
Loan Application
Write: Minnesota Knights of Columbus
Student Loan Fund, Inc.
P.O. Box 126
Belle Plaine, MN 56011
Call: 952-873-2213
Fax: 952-873-4237
email: daly.daly@frontiernet.net
Verification of Membership Form
Council Financial Secretary must complete Membership Verification Form Applicant is responsible for the return of the Verification of Membership Form.
Required Co-Signers
Parents if the applicant is not married.
Spouse or father of the applicant if the applicant is married.
Co-signers must be permanent residents of Minnesota of a minimum of 3 years and a member of the K of C, or a spouse of a deceased member.