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What are the loan terms and payment requirements?

August 21, 2008

What are the loan terms and payment requirements?

Progress reports are required twice each year to verify effort and attendance at school, worthiness, activity in church and institute, and repayment integrity. Other requirements include the following:

  • Soon after they start school, participants begin to make small monthly payments (about $5) to the bank.
  • Larger payments are begun soon after graduation for a period of 2–8 years.
  • A small amount of interest (3% plus an inflation factor) is charged to the loan.
  • Participants strive to repay the loan as soon as possible to bless others who need help.
  • In the event of a significant personal challenge, loan payments may be deferred or adjusted.

 

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