Conditions

Loans are awarded on the basis of the greatest number of points awarded in the evaluation of the application form. Applicants acknowledge that the decision of the Directors is absolutely final.

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The Applicant acknowledges that the Fund will provide interest free loans for only up to 80% of the cost of tuition for each term they are enrolled in an accredited Canadian post secondary institution and qualify for the interest free loan. The applicant must be responsible for all other fees and costs.

The Applicant agrees to provide a certified copy of their transcript including interim marks each term to demonstrate that they are maintaining an academic average of 75% or equivalent as defined by the institution in order to qualify for ongoing funding.

The Applicant agrees to repay the principal in full, over a period of no more than ten years, commencing twelve months following graduation or leaving the school. The applicant acknowledges that should they not successfully complete the academic term, they are still responsible for repayment of the interest free loan to the Fund.

The Directors are not required to issue any loans or grants for an academic term if, in their opinion, there are no applicants meeting the qualifications for the program.

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The Applicant may make payment as follows:

Twelve cheques post dated for the first day of each month shall be provided to the Fund prior to the first payment due date and the anniversary date each year thereafter.

A single annual payment for the total amount due in that year, less a $25 discount may be made on the first payment due date and on the anniversary date annually thereafter.

The Applicant may pay the balance of outstanding loan amounts in full at any time and receive a discount of up to 10% of the outstanding balance. The discount decreases by 1% for each year the balance of the loan is outstanding for the first five (5) years and remains at 5% thereafter.

The amount of the principal will be reduced by 10% for the academic year upon demonstration by the Applicant that they are in the top 10% in their program for that year.

The amount of the principal will be reduced by a total of 20% for the academic year upon demonstration by the applicant that they have attained with the top marks in their program for that year.

In the event of default in payment by the Applicant, the Applicant acknowledges that this default may be reported to credit rating agencies and that the Fund may disclose their name in annual reports made available to the public.

In the event of default, the Applicant acknowledges that the entire outstanding amount shall immediately become due and payable and that the Fund may pursue the recovery of the debt through collection agencies or by court judgement.

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In the event of three consecutive missed payments, the applicant acknowledges that the loan shall be considered to be in default where no other arrangements have been made with the Administrator of the Fund.

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