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.
A link to our Loan Application will be available here beginning Spring 2021.
See our Scholarship and Loan Program FAQ for additional information.
How To Apply For A Loan:
- Students can apply through our online application anytime between June 1 and January 31. A link to the application will be available here during that time. NOTE: The application for our loans is different from our scholarship application.
- Applicants will be notified by the Community Foundation if they received a loan within two weeks after submitting their application.
- Loan recipients will receive an email from ECSI/Heartland (our loan administrator) with instructions to create an account and complete the steps and paperwork necessary for their loan to be processed.
- We will send the loan check directly to the applicant once they have completed the necessary steps with ECSI. NOTE: Loans are processed on a monthly basis and it could take up to 45 days to receive your loan check.
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.