Educational Foundation IOOF

Educational

Foundation

IOOF

An education is not received
... It is achieved

The Independent Order of Odd
Fellows has assisted students
achieve an education since 1927

WHAT IS THE EDUCATIONAL FOUNDATION
AND WHAT IS ITS PURPOSE?
The EDUCATIONAL FOUNDATION of
the Independent Order of Odd Fellows began
its operation on September 20, 1927. The
purpose of the Foundation is to operate a
REVOLVING LOAN FUND for students depen-
dent in part, or wholly, on their own efforts for
an education. It is supported by donations to a
TRUST FUND and no part of the Trust Fund
can be used for operating expenses. Only
interest from Student Loans and investments
can be used for operating costs. Since its
beginning, donations of approximately
$2,750,000 have made it possible for over
3500 young people to receive loans amounting
to more than $6,500,000. Continued perpetua-
tion of this fund depends solely upon contribu-
tions from our membership and prompt repay-
ment by recipients of the loans.

HOW IS THE FUND ADMINISTERED?

The Educational Foundation is admin-
istered by a Board of nine Trustees, including
the Sovereign Grand Master, Deputy
Sovereign Grand Master and President of the
International Association of Rebekah Assem-
blies, three members of The Sovereign Grand
Lodge appointed by the Sovereign Grand Mas-
ter, and three members of the IARA appointed
by the President Each appointment shall be
for a term of three years, except to fill a
vacancy when it shall be for the unexpired
term, and must be approved by The Sovereign
Grand Lodge. When appointments are made
and approved, the Board is vested with author-
ity to function and discharge its duties.

WHERE DOES THE MONEY COME FROM?

The money comprising the Revolving
Loan Fund has been contributed by Odd Fellow
and Rebekah Lodges, individual members, Pa-
triarchs Militant and Encampment Units of the
Order. We have been able to loan approxi-
mately two and one-half more than contribu-
tions because as the loans are repaid by the
students, the money is available to loan again. .
All contributions to the Educational Foun-
dation are placed in a Trust Fund and used
only for Student Loans. All Canadian con-
tributions are deposited in a Trust Fund
Account in Canada and used only for Cana-
dian students.

WHO IS ELIGIBLE TO RECEIVE A LOAN?

Because available funds for student
loans are low at the present time, it is required
that applicants have a relative who is an active
member of an Odd Fellow or Rebekah Lodge:
A young person desiring a loan must write
personally to the Executive Director for an
application, stating age and school classifi-
cation. A maximum of $10,000 can be bor-
rowed for a complete course of four years or
more. The maximum is $3,000 for one year of
study. All applicants must be attending
school halftime or more to be eligible. The
method of lending is as follows:
Freshman year $2,000
Sophomore year $2,500
Junior year $2,500
Senior year $3,000
Once a loan is approved, the Founda-
tion must maintain a reserve sufficient to fulfill
the loan obligations.

WHAT ARE THE REQUIREMENTS?

Loans are made for study in an
recognized trade school, after completion
of high school, for any course offering im-
mediate opportunity for employment, such
as a Business College, Beauty Culture
Schools, Barber Schools, etc.
Two or four year college stu-
dents must establish one grading pe-
riod with at least a "C" average in an
accredited college or university before
receiving loans.

WHAT IS THE INTEREST RATE AND
HOW ARE THE LOANS REPAID?

The Interest Rate is 5%. Interest
begins the day the check is mailed from the
office to the student. Interest is paid each
year while the student is in school. Interest
payments shall be paid by July 1st each
year until the borrower has graduated or
discontinued school.

TERMS OF REPAYMENT

Repayment of loans must begin
three months after the borrower has gradu-
ated or discontinued school.

3 months after graduation
or leaving school No payments

9 months after graduation
or leaving $35/month plus interest

Second year after graduation
or leaving $50/month plus interest

Third year after graduation or leaving and
until loan is paid in full . . . $75/month plus
interest

The borrower may pay larger
amounts on the principal or pay the loan in
full at any time without penalty.

WHAT SECURITY IS REQUIRED?

The Educational Foundation is a
Trust Fund and must be fully protected so
the fund is available for succeeding
generations.
To fully protect the Trust Fund in
the event the borrower should fail to make
payments when due or default in any
manner under the terms of the promissory
notes, financially responsible co-signers
are required. Co-signers must be under 65
years of age and property owners.
Sometimes it is necessary to look
to the co-signers for repayment which they
sign as co-makers when they execute the
notes. The co-signers for most applicants
are the parents. Since the beginning of the
Foundation, loss from unpaid loans is less
than 1%.
WHAT RESPONSIBILITY DO THE
LODGES AFFILIATED WITH THE
STUDENT HAVE?
The Lodges are not in any way
responsible financially or liable for the
loan.
The Foundation sends a reference
form to the Lodge to verify the membership
of the student's relative designated on the
loan application. We ask several questions
concerning the applicant's character and
dependability. Should any difficulty arise
over the repayment of the loan, we
sometimes ask someone from the Lodge to
help us locate the borrower or co-signers if
they have moved without notifying the
Foundation.

BRIEF HISTORY OF THE
EDUCATIONAL FOUNDATION,
It is the oldest project of The
Sovereign Grand Lodge, Independent
Order of Odd Fellows, having been
adopted at its session in Hot Springs,
Arkansas on September 20, 1927.

The Educational Foundation
was the dream of Flora Sheets, Past
President of the Rebekah Assembly
of Illinois. She was raised in the
Childrens' Home of Illinois and for
many years was the Editor and Pub-
lisher of the International Rebekah
Fraternal Paper. It was her feeling
that the Odd Fellows and Rebekahs
could put into practice the principles
of our Order by providing funds to
assist worthy young people to receive
a higher education.
In the beginning, loans were
provided only to sons and daughters
of Odd Fellows and Rebekahs. In
later years, when funds were ample,
loans were made available to any
worthy young man or woman asking
for financial assistance. Because of
increased loan requests, available
funds became low and once again
since 1977, applicants are required to
have order affiliation. This can be
any relative of the applicant or the
applicant themself

WHAT HAS THE EDUCATIONAL
FOUNDATION ACCOMPLISHED?

It is difficult in a material way to
measure what we have accomplished
with the Educational Foundation since
its beginning in 1927. We do know that
we have provided funds to make it
possible for students from all walks of
life to receive a higher education.
From inspiration to reality, from
an infant to a revered senior citizen, the
Educational Foundation has made it
possible for young men and women to
find their place in life working in all
types of professional, business and
trade fields. The many letters of appre-
ciation from students gives the Order a
feeling of satisfaction to know that the
Odd Fellows and Rebekahs are provid-
ing badly needed financial assistance
to worthy students. With your contribu-
tions, you can help them gain knowl-
edge and watch them grow. Learning
is a lifetime process.
THE INDEPENDENT ORDER OF
ODD FELLOWS IS TRULY A
FRATERNAL ORGANIZATION THAT
CARES AND HELPS OTHERS.vvvvvvvvvvvvvvvvvvvccccccccccvvvcccccc

Detailed information or an
application can be obtained by mail-
ing the form below, completed by
only the applicant, to the address
below, or by writing to:
R. Kenneth Babb
Executive Director
Educational Foundation, 100F
P.O. Box 20455
Winston-Salem, NC 27120

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