Students in the Physician Assistant Program now have a great opportunity for up to $10,000 in loan funding through the Charles E. Schell Scholarship/Loan program.
A grant to the College of Health Professions from Fifth Third Bank made possible the loan program that PA students can apply for very easily by contacting the PA program director, Amy Dereczyk. Deadline for this year’s application is December 23, and loans will be awarded in January 2012.
This program is a “moral obligation loan” which means that the loan is not legally binding, and the obligation to repay the funding is promised only by the borrower’s integrity. No interest is accorded in the loan, and the student is expected to repay the loan within 10 years of the time of borrowing. All repayments are returned by the University to Fifth Third Bank, who then gives the money back to the University to use to provide new loans to other students. In this way, a PA student not only can get help with his or her education, but can be an active, continuing participant in assisting other students with the resources for their education. The student recipient signs a promissory note in which he or she agrees to regular repayments of specified amounts. The note is not legally binding, and the loan is provided just as a scholarship may be provided, with no interest attached to the repayment.
Charles E. Schell was the donor who set up the loan program in 1932 with Fifth Third Bank, making it available to higher education students in all states served by Fifth Third Bank. The criteria he requested be followed is that:
(1) the student be a full-time undergraduate or graduate student between the ages of 19 and 25;
(2) the student be a resident of Michigan, Ohio, or ajacent states;
(3) the student be in good academic standing;
(4) the student demonstrate financial need;
(5) the student demonstrate loyalty to the United States and its military.
Some of the language of the criteria reflects the culture of 1932 when the scholarship was first set up. However, Mr. Schell’s commitment to higher education and to the needs of students is as evident today as it was 80 years ago. He believed that a student pursuing higher education would have a far greater opportunity for gainful employment, and once employed would also have developed the personal integrity of repaying the loan funding. He was not concerned that the money be returned to him, but be used by the institution to continue the opportunity for others, thereby encouraging students to “help one another along” financially in pursuing their dreams of higher education.
If you have questions or are interested in applying for this scholarship/loan program, contact the College of Health Professions or Amy Dereczyk today.