Information

Eligibility Requirements for a Private Student Loan

• United States citizen.


• Full-time student (12 hours per term) enrolled in classroom instructional credit hours  (no online) on the campus of a 4-year college or university located in the United States. The college or university must be an institution that is currently accredited by an accrediting agency recognized by the U.S. Department of Education. A loan cannot be made if you will be enrolled in a vocational or technical school/college, a two-year college, at a branch campus, or an online-program.


• Enrolled in a bachelor’s degree program. Borrowers who have an undergraduate loan with the Fund, and have not exceeded the maximum cumulative amount that may be borrowed (see Loan Limits section), will be considered for a graduate study loan if they will be enrolled for 9 or more classroom instructional credit hours.


• Not for graduate degree programs in law, medicine, or ministry. Undergraduate loans are available to medical health care students studying nursing, physical therapy, etc.


• Credit-worthy (applicant must have good or no credit history).


• Academic record (grade-point average, class rank and curriculum) must indicate degree requirements of the chosen college or university can be met. Grade point average must be no less than a 2.0 on a 4.0 scale (per term and overall).


• Entering Freshmen must have a minimum composite ACT score of 20 or combined verbal/critical reading and math score of 950 on the SAT.


• Provide a credit-worthy (good credit history) endorser of legal age and a United States citizen. A parent may be your endorser. An endorser is an individual who agrees to repay the loan in the event you do not. A report from a consumer credit reporting agency will be used in determining the acceptability of an endorser. A first-time applicant has one opportunity to name a qualified endorser. Payment by the endorser will not be required if the borrower dies before the loan is repaid.


• The loan period of an application may cover up to 2 consecutive semesters and a full summer term, or 4 consecutive quarters.


• Qualified educational expenses include tuition and fees, cost of on-campus or off-campus room rent, meals, as well as books and supplies

Loan Limits

• $12,000.00 per academic year ($6,000 each semester or $4,000 each quarter). In addition, up to $3,000.00 for a full summer term.


• $48,000.00 cumulative amount may be borrowed.


• Checks are mailed directly to you, NOT your college, up to 30 days prior to the beginning date of a semester, quarter or summer term. This puts you in control of when and how to pay your various college related expenses.

Loan Costs

• The Fund does NOT charge a loan origination, processing or insurance fee. Every dollar you borrow is available to meet educational expenses.


• Florida law imposes a tax on all promissory notes or other written obligations to pay when the written documents are executed or delivered in Florida. This tax is known as the Florida Document Stamp Tax. See, FL ST Section 201.08 et seq. This tax is not owed on all loans issued by Pickett & Hatcher Educational Fund, Inc., but only those loans that meet the requirements under Florida law. For borrowers executing and delivering Promissory Notes outside of the state of Florida, then there is no tax due. When the tax applies, the tax is computed as thirty-five cents ($0.35) per every one hundred dollars ($100), or portion thereof, of the total loan amount on the face of the Promissory Note. As an example, a $42.00 tax is due to the Florida Department of Revenue on a loan amount of $12,000.00 when the tax applies to a certain Borrower's loan. Although Pickett & Hatcher Educational Fund, Inc. (the "Fund") is a nonprofit foundation, the Fund does not qualify as an exempt federal or state educational assistance program under the Florida law, and thus the tax is required to be paid. A Borrower who executes or delivers a Promissory Note for a new loan in the state of Florida must reimburse the Fund for the amount of the tax owed prior to the Fund's disbursing the loan amount to the borrower. The Florida Documentary Stamp Tax is imposed by the Florida Department of Revenue and will not be financed as a part of the loan.

Interest Rates

• 2% per annum while you are enrolled in college for the required academic load and receiving a student loan deferment with the Fund. Payments on interest are payable quarterly on the first days of March, June, September, and December. Statements will be sent to your home address one month in advance of the due date.


• 6% per annum effective the earliest date you graduate, enroll for less than 6 undergraduate or 5 graduate hours for a period exceeding six months. Hours must be for classroom instructional credit.


• Since the annual interest rates are not variable, they will never exceed 2% and 6%.

Loan Repayment

• During the first six months of repayment (grace period) you will only be required to make payments on interest. Beginning 6 months after your student status with the Fund has ended, payments will begin on the amount you borrowed. Total monthly student loan payments will be the amount needed to repay the loan in 180 months (15 years). Shorter repayment terms are available. All or any part of the amount you borrow may be repaid at any time, without penalty.

Renewal Requirements

• Maintain a C average or better. This is defined as no less than a 2.0 grade point average on a 4.0 scale (per term and overall).

• An undergraduate must earn at least 24 semester or 36 quarter hours during the academic year covered by a previous loan. A graduate student must earn at least 18 semester or 27 quarter hours during an academic year if a previous loan was for graduate study.

• Maintain good financial credit.


• Furnish an acceptable endorser.


• Complete a student loan application each academic year.