Policies & Procedures
In order for an applicant to be considered, the student must:
- Be a U.S.
citizen at the time of application. (Resident alien status will
for financial need in the form of government grants. Applicants
must have an Expected Family Contribution (EFC) of $5,815.00 or
less as it appears on their FAFSA Student Aid Report (SAR).
enrolled in a school in the state in which the student resides.
learning programs that are based out of state
programs attended by adult students who make a permanent move to
another state and who are no longer dependents of their parents for
income tax purposes
who commute to or attend an institution that is geographically
close, but across state lines (e.g. states contiguous to Washington,
D.C. might be considered to be suburbs of Washington, D.C). Merely
attending a school in a neighboring state would not suffice.
who attend a program in a neighboring state that offers in state
tuition rates for those students whose home state colleges or
universities do not offer certain programs (e.g. certain medical,
dental, and veterinary schools).
an outstanding combination of class rank and standardized test
scores. Standardized test scores must be in the top 15% of
college transfer students, with 45 credit hours or more, who are not required to take either test
in order to be admitted to their undergraduate programs, provided
they will be attending a four year college or university and have
exceptionally high grades
attending graduate programs that do not require a standardized test
students who are admitted to graduate programs without a
standardized test because of exemplary performance at the
enrolled in the second phase of certain combined degree programs
that do not required a standardized test before entering the
advanced degree program (e.g. Presidential Scholars BS/MD programs
that do not require the MCAT, certain BS/PharmD programs that do not
require the PCAT, etc.).
be seeking a law degree
**Applicants asserting one of the exceptions must
documentation with their applications.
Interest-Free Loans, Not Scholarships
Awards from the Evalee C. Schwarz Charitable Trust for Education
are loans, not scholarships, and therefore must be repaid (see repayment
section below). The loans are interest-free for their duration,
and there are no fees incident to these loans.
Size of Loans
Loan amounts generally range from $5,000 to $15,000, with a $60,000
lifetime cap per student.
Disbursement of Funds
Applicants approved will be contacted prior to fund disbursement
to verify continued need for funds. Loans will be paid directly
to the student in one lump sum.
Repayment begins one year after graduation, or one year after discontinuation
of school. Repayment is structured over a ten year period, and is
calculated on an increasing sliding payment scale:
Year 1 = 1% of the loan amount(s) divided by 12 months
Year 2 = 3% of the loan amount(s) divided by 12 months
Year 3 = 5% of the loan amount(s) divided by 12 months
Year 4 = 7% of the loan amount(s) divided by 12 months
Year 5 = 9% of the loan amount(s) divided by 12 months
Year 6 = 11% of the loan amount(s) divided by 12 months
Year 7 = 13% of the loan amount(s) divided by 12 months
Year 8 = 15% of the loan amount(s) divided by 12 months
Year 9 = 17% of the loan amount(s) divided by 12 months
Year 10 = 19% of the loan amount(s) divided by 12 months