Status: CLOSED
Interest-Free Educational Loans
AN UPDATE ON STUDENT LOANS
We are pleased to announce the resumption of CFWM’s student loan program. After a temporary pause was initiated in July 2024 to assess the program’s impact on students, we have made the decision to reinstate 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.
The application opened November 1 and closed on November 15 at 12PM noon, with awards expected to arrive to students in January 2025, ensuring students have support for the Spring semester.
If you have any questions, please email scholar@communityfoundation.org.
We provide approximately $600,000 in interest-free educational loans to help students pay for educational expenses. Students may receive one $3,000 loan each year they are enrolled in school, and can receive a maximum of four loans (a total of $12,000) over the span of their undergraduate, graduate, and/or postsecondary education.
We have two different loans, each with different criteria. Applicants must meet the criteria for at least one loan to be eligible for consideration.
See our Loan Program FAQ for additional information.
Steps To Apply For A Loan:
1. Click the “apply” link and either create an account or login to an existing account. If you have applied for scholarships or a loan since 2021, use the account you created. DO NOT create a new account. If you are unsure of whether you have an existing account, contact the Education Impact Team at scholar@communityfoundation.org.
2. Fill out the application. Complete the identification verification form sent to you. Upload your 2024-2025 FAFSA Submission Summary, and ONE of
the following enrollment verification documents:
- A copy of your official or unofficial academic transcript showing the courses you are currently taking or will be taking in the upcoming semester.
- A copy of your bill for the current or upcoming semester.
- A verification of enrollment document provided by your college/school (usually by the Registrar’s office).
3. We will review applications as they are being submitted. We strongly encourage students to apply at least a week before the application closes.
IMPORTANT NEXT STEPS TO RECIEVE A LOAN
After CFWM sends notifications to students approved for a loan, they will
receive an email from ECSI/Heartland (our loan administrator) with instructions on how to set up their ECSI/Heartland account, complete their loan entrance counseling, and sign their promissory note.
Awardees must complete the process within 30 days of receiving the email from ECSI/Heartland. Failure to do so will result in the cancellation of their interest free loan.
We will send the loan check directly to the mailing address
provided in the loan application. If your address changes, please let us know
immediately.
For more information, see our Loan Program FAQ
Things to Consider Before Applying for an Interest-Free Loan:
- Students can only receive one loan in an academic year.
- Students can reapply for another loan each year they are enrolled at an accredited U.S. institution.
- Receipt of a loan in one year does not guarantee receipt in another year.
- Receipt of a loan is not guaranteed. Selection is at the discretion of the Community Foundation of Western Massachusetts.
- Loans are provided in the amount of $3,000 per year.
Students can receive up to, but not to exceed, $12,000 over the course of their higher education.
Things to Know About Paying Back a Loan:
- Repayment of the cumulative amount of money you borrowed begins ninety (90) days after a student borrower graduates or stops attending school.
- There is no interest added to the balance at any time.
- Additional fees could be charged if loan repayments are not made on time.
All questions and issues surrounding paying back a loan should be made to Heartland ECSI at: heartland.ecsi.net
Our Loan Funds:
James W. Colgan Loan
Students who are residents of Massachusetts.
Margrit H. Sutton-Annen Student Loan
Students who are of Swiss descent enrolled full-time at a two or four-year college.
If you are interested in establishing a new educational loan fund, please visit our START A FUND page.