Interest-Free Educational Loans
We offer two different interest-free educational loans to help pay for educational costs associated with going to college. Both loans have different criteria you must meet to be eligible for consideration. Please see the descriptions below for specifics.
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.
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.
- 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 issue surrounding paying back a loan should be made to Heartland ECSI at: heartland.ecsi.net