Interest-Free Educational Loans
Each year we provide approximately $600,000 in interest-free educational loans to students to help pay for educational costs associated with going to college. We have two different loans, each with different criteria you must meet to be eligible for consideration.
WE HAVE A NEW LOAN APPLICATION THIS YEAR!!!
You can apply any time between JUNE 1, 2021 and JANUARY 31, 2022 for one $3000 interest-free loan to be used in the 2021-2022 academic year.
NOTE: The application for our loans is different from our scholarship application.
See our Scholarship and 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 applied for scholarships in 2021, use the account you created then.
2. Complete and submit the short form letting us know you are interested in applying for a loan.
3. We will send you notification through your portal to complete the electronic loan application.
4. We will notify you within two weeks of submitting your application if you will receive a loan through our program.
5. If approved for a loan, you will receive an email from ECSI/Heartland (our loan administrator) with instructions to create another account with them and complete the steps and paperwork necessary for your loan to be processed.
We will send the loan check directly to you at the address noted on your loan application once you have completed the necessary steps with ECSI.
NOTE: Loans are processed monthly, and it could take up to 45 days to receive your loan check.
See our Scholarship and Loan Program FAQ for more information.
For more information, see our Scholarship and Loan Program FAQ
Things to Consider Before Applying for an Interest-Free Loan:
- You can only receive one loan in an academic year.
- You can reapply for another loan each year that you are enrolled in college.
- 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.
- You could receive up to, but not to exceed, $12,000 over the course of your higher education.
Things to Know About Paying Back a Loan:
- Repayment of the cumulative amount of money you borrowed begins ninety (90) days after you graduate or stop attending college.
- 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 and have been residents of Massachusetts for at least five years (other criteria may apply).
Margrit H. Sutton-Annen Student Loan
Students who are U.S. citizens of Swiss descent enrolled full-time in a two or four-year college.
If you are interested in establishing a new educational loan fund, please visit our START A FUND page.