October 16, 2024 Press Releases

Community Foundation Resumes Interest-Free Student Loan Program After Temporary Pause

Community Foundation of Western Massachusetts is pleased to announce the resumption of its student loan program, designed to support post-secondary education students needing financial assistance. After a temporary pause was initiated in July 2024 to assess the program’s impact on students, the Foundation has reinstated the program while continuing ongoing research and dialogue.

The pause was part of a larger initiative to evaluate how the loan program fits into the broader conversation of student loan debt, affordability, equity, and long-term financial health for students.

“We took some time to carefully consider whether our loan program was helping students achieve their educational goals without leading to unmanageable debt after graduation,” said Megan Burke, President and CEO of the Community Foundation. “While the conversation around student loan debt is ongoing, we remain committed to supporting students, and we are confident that resuming the program this Fall is the right step as we continue to consider what the best strategies may be for our approach.”

While research on the program’s impact continues, the Foundation has adjusted its timeline to ensure the program remains accessible and beneficial to students. Applications will open on November 1 and close on November 15, with awards expected to arrive to students in January 2025 in time to offer support for the Spring semester of the academic year.

“We have listened carefully to our community of experts to ensure that our loan program is a bridge, not a barrier, to success,” added Denise Hurst, Vice President for Community Impact and Partnerships. “By resuming the program, we’re taking action to help students today while working on improvements for the future.” As the program moves forward, the Community Foundation will continue to engage with stakeholders and students to find ways to make educational financing more equitable and sustainable. For more information about the loan program, visit www.communityfoundation.org.