Private Student Loan Application & Process
Our private student loan application process is simple, transparent, and designed to help you succeed. If you meet the criteria below, we’d love to see your application and help you take the next step toward your education goals.
Applications Due April 10
Our Private Student Loan Offering
The Evalee C. Schwarz Charitable Trust for Education was created to provide interest-free loans to undergraduate and graduate students who demonstrate exceptional academic performance and significant financial need. Loans are available both to current and incoming college students.
Range from $5,000 – $20,000 per year
Have up to an $80,000 lifetime cap
That are interest-free for the life of the loan
Who Can Apply
To qualify for a loan from the Evalee C. Schwarz Charitable Trust for Education, applicants must:
- Be a U.S. citizen at the time of application. (Resident alien status will not suffice.)
- Meet the Trust’s financial need requirement. Applicants must have a Student Aid Index (SAI) at or below the amount currently required on their FAFSA Submission Summary to be Pell Grant eligible. It is not necessary for students to actually be Pell Grant eligible (as most graduate students are not), but they must not exceed that SAI amount.
- Be enrolled in a school in the state in which the student resides.
- Exceptions:
- Online 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. Virtually all graduate students are considered to fall into this exception, and are not required to provide supporting documentation.
- Students 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.
- Students 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).
- Exceptions:
- Demonstrate an outstanding combination of grades and standardized test scores. Standardized test scores must be in the top 15% of nation-wide scores if such scores are mandatory for entrance into the student’s chosen college and/or program. Documentation showing that standardized test scores are not required must be provided with the application materials. Applicants are welcome to submit standardized test scores if they feel their scores might provide helpful information for the loan committee.
- Not be seeking a law degree.
How to Apply for a Private Student Loan
Getting started is easy! Here is a simple, step-by-step timeline for the 2026–2027 academic year so you’ll know exactly what to expect from start to finish.
Step 1 check eligibility
October–December 2025
Review the criteria above and gather your FAFSA and academic materials early. You can preview the full private student loan application requirements anytime.
Step 2 apply by mail
January 1 – April 10, 2026
Applications open January 1, 2026 and must be postmarked by April 10, 2026.
Mail your Private Student Loan Application, with as many supporting documents as possible, in one envelope to:
Evalee C. Schwarz Charitable Trust for Education
c/o Private Foundation Services, Inc.
4265 San Felipe, Suite 1100
Houston, TX 77027
View Application Checklist
- Completed application (5 pages), typed or printed neatly
- Copy of official picture I.D. (driver’s license, passport, or state identification card)
- Official transcripts
- Copy of admissions test score (SAT, ACT, GRE, GMAT, MCAT, etc.), or documentation that a test was not required
- Documentation of Cost of Attendance (COA)
- Copy of complete FAFSA Submission Summary – confirmation page with SAI will not suffice
- 3 letters of recommendation, two for prior loan recipients, from educational references written for the Trust, not for other persons or organizations.
Entering undergraduate students must have written recommendations from three high school teachers or administrators. Upper level undergraduate and graduate students must have written recommendations from three college professors. - Personal essay
Step 3 Application Review
May 2026
All private student loan applications are reviewed by the Trust’s Loan Committee, which evaluates academic excellence, financial need, and personal character through essays and recommendations.
Step 4 Committee Decision & Email Notice
June 2026
Decisions are made at the Annual Loan Committee Meeting each June. Applicants are notified within two business days of the annual meeting.
Step 5 Loan Disbursement
Summer 2026
Approved loans are sent directly to students, not institutions, so you can use the funds for tuition, books, housing, or other education-related costs.
Step 5 Repayment
One Year after Graduation
Loans from The Evalee C. Schwarz Charitable Trust for Education are interest-free for their entire duration. Only the principal amount of the loan(s) is repaid. Repayment begins one year after the recipient graduates with the degree for which the loan was sought, or one year after withdrawal from school prior to graduation. Repayment is structured over a ten year period, and is calculated on an increasing sliding payment scale.
View the repayment schedule.
View the medical student repayment schedule.
Timeline at a Glance
Ready to Apply
If you meet the eligibility criteria and are ready to take the next step, we encourage you to start your private student loan application now!
Frequently Asked Questions
Is the Evalee C. Schwarz Charitable Trust a credible loan provider?
Yes! We have been providing 100% interest-free loans to students since 2000. Our loans are administered by Private Foundation Services, Inc., in partnership with the Bank of Texas, Trustee of the Evalee C. Schwarz Charitable Trust for Education.
Are these loans really interest-free?
Yes! Every loan through the Evalee C. Schwarz Charitable Trust for Education is 100% interest-free for the full repayment term.
Do private student loans go directly to the school?
Unlike most other loans, funds from the Evalee C. Schwarz Charitable Trust for Education are paid directly to the student, allowing more flexibility for expenses such as housing, food, laptop computers, etc.
What can loan funds be used for?
Funds are disbursed directly to students and can be used for tuition, books, housing, technology, or other educational expenses.
How long does it take for a student loan to be approved?
With an application deadline of April 10th, students will be notified after a decision is made by the Loan Team in June. Please see our Private Student Loan Application Process for more details on credentials.
How long does it take to get a student loan disbursement?
Payment is issued by check, and is generally received by the student within 3 weeks of receipt of their signed loan documents.
How much can I borrow?
Loans range from $5,000–$20,000 per year, with a lifetime maximum of $80,000 per student.
Can you apply for a student loan if you already have one?
Yes, we welcome applicants to reapply for future years, and even streamline the reapplication process.
Do I have to reapply for student loans every year?
Yes, but the renewal application process is streamlined for returning applicants.
How does the repayment schedule work?
Loans from The Evalee C. Schwarz Charitable Trust for Education are interest-free for their entire duration. Only the principal amount of the loan(s) is repaid. Repayment begins one year after the recipient graduates with the degree for which the loan was sought, or one year after withdrawal from school prior to graduation. Repayment is structured over a ten year period, and is calculated on an increasing sliding payment scale as follows. See below for medical student repayment schedule.
- 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
What is the repayment schedule for medical students?
Loans from The Evalee C. Schwarz Charitable Trust for Education are interest-free for their entire duration. Only the principal amount of the loan(s) is repaid. Repayment begins one year after the recipient graduates with the degree for which the loan was sought, or one year after withdrawal from school prior to graduation. Repayment is structured over a ten year period, and is calculated on an increasing sliding payment scale as follows for medical students:
- Year 1: 1% of total loan amount(s)
- Year 2: 1% of total loan amount(s)
- Year 3: 1% of total loan amount(s)
- Year 4: 4% of total loan amount(s)
- Year 5: 8% of total loan amount(s)
- Year 6: 13% of total loan amount(s)
- Year 7: 16% of total loan amount(s)
- Year 8: 18% of total loan amount(s)
- Year 9: 19% of total loan amount(s)
- Year 10: 19% of total loan amount(s)
Who manages the Evalee C. Schwarz Charitable Trust?
Our loans are administered by Private Foundation Services, Inc., in partnership with the Bank of Texas, Trustee of the Evalee C. Schwarz Charitable Trust for Education.