William and Beulah Eshelman Memorial Fund
This fund was established in 2010 through a bequest to Calvary United Methodist Church in memory of William and Beulah Eshelman.
The fund may provide educational loans to assist deserving, active members of Calvary United Methodist Church in Mohnton, PA, in pursuing some form of post secondary education. Church membership must have been for at least one year to qualify. Members may be attending a 2-year or 4-year college or a vocational school either full or part time or pursing some type of post secondary education through a certification program. There is a $5,000 lifetime maximum that will be awarded to any one individual. Individuals may apply more than one time.
Loan terms and requirements:
Loans will be approved by July 31st each year and will be available to be paid as early as August 15th of that year. The lifetime maximum amount available in loans to any one individual is $5,000.
A Promissory Note signed by the borrower and a Surety Agreement (co-signer) legally binds him/her to the repayment terms as specified in the note. Non-eligible cosigners include: spouse of applicant, fiancé or fiancée of applicant, or pastor of Calvary United Methodist Church.
If full repayment of the loan is made within the first year after the change in status (graduation from program or discontinuance of enrollment in education program), no interest shall be charged. If the borrower elects to repay the loan over an extended period of time, the total amount must be paid in installments, at least quarterly, over no more than a four (4) year period, with the following interest rates applicable on the outstanding balance on the anniversary date thereafter:
Beginning at the end of the 1st year of change in status – 3% + $25 per year
Beginning at the end of the 2nd year of change in status – 4% + $25 per year
Beginning at the end of the 3rd year of change in status – 5% + $25 per year
Beginning at the end of the 4th year of change in status – Terms of the note will be enforced
To be considered, submit this application between April 1st and June 30th. All applicants will be notified in August.
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