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Trine dispersing interest-free loans
Trine receives $100K grant
ANGOLA, Ind. – The Charles E. Schell Foundation for Education, which is administered by Fifth Third Bank as trustee, granted Trine University a $100,000 revolving loan fund to provide educational assistance loans to qualified students on Saturday, Nov. 5, during Trine’s last home football game in the Fred Zollner Athletic Stadium on the main campus.
“We appreciate the support of the foundation and Fifth Third Bank, who understand the importance of education for our students,” said Trine president Earl D. Brooks II, Ph.D. “Meeting the needs of students is our No. 1 priority at Trine, and thanks to support from alumni, friends and the community, we are able to continue graduating students who succeed and excel in the workplace.”
The fund will allow Trine University to disperse interest-free loans to students. According to the wishes of the late Charles Schell, students are not legally bound to repay the loans. Rather, he insisted that recipients understand their moral obligation to repay the loan. As students repay their loans, the fund will be replenished and more students will benefit from the loan fund.
“The idea is to keep the money continually flowing. If students don’t pay back their loans, then the fund will run dry,” said Jody Greer, Trine’s vice president for finance. “This fund is intended to help close the gap for students who have exhausted other avenues for college funding and need a little extra help.”
According to Mr. Schell’s directive, the students receiving assistance should be from Ohio, Kentucky or West Virginia, or adjoining states, and pursuing a “practical” education. Students who receive loans also should maintain a minimum 2.0 grade-point average, be between the ages of 18 and 25 and loyal to the United States and its institutions (including the Army, Navy and Air Force).
Trine will receive the grant in four increments. According to the wishes of Mr. Schell, the university will not advance loans to students for a full school program, but at reasonable intervals. Repayments of the loans will be handled by Trine’s financial aid office.
To share your news, contact Trine University communication specialist Lindsay Winslow Brown at firstname.lastname@example.org.