by Public Relations Office - Cedarville, OH
September 19, 2007
Cedarville, Ohio-Cedarville University has been selected to receive a grant from Fifth Third Bank, trustee for the Charles E. Schell Foundation, in the amount of $100,000 to be paid over four years.
This grant reflects Cedarville University’s continued commitment to offer students more financial aid options. Fred Merritt, the financial aid director at Cedarville University, estimates that 20-30 students will benefit from the loans in the next four years. He notes, “Interest free loans will be the best type of loan… It is better than having to take out an alternative loan, which has variable interest rates.”
The Charles E. Schell Foundation was established in 1932 by Charles E. Schell of Cincinnati as a trust to be used for educational pursuits. Loans are offered without interest and without security to qualified students to facilitate their education. Though interest-free, the loans carry a moral obligation. Individual recipients are asked to repay their loans to build a rotating loan fund for the benefit of future students.
Recipients of the interest-free loans will be selected by Cedarville University in accordance with guidelines laid forth by the Charles E. Schell Foundation. Recipient requirements include residence in Ohio, Kentucky, or West Virginia, a minimum 2.0 GPA, and loyalty to the United States.