Long Island University Alumni, Employees & Trustees Raise $300,000 for Students Facing Unexpected Financial Problems
Long Island University Alumni, Employees & Trustees Raise $300,000
for Students Facing Unexpected Financial Problems
Emergency Student Loan fund provides up to $2,500 with easy repayment terms

Brookville, N.Y. – In response to the difficult economic circumstances faced by some students and their families, Long Island University faculty, staff, administrators, alumni and trustees have contributed more than $300,000 to a new Emergency Student Loan Program.

Loans of up to $2,500 are available to full-time undergraduate students who have experienced a change in their economic situation, such as a parent losing a job.

The loans are repayable in 12 monthly installments, beginning six months after the student graduates or otherwise leaves Long Island University. No interest will be charged on repayments made in the first 12 months. An interest rate of 5 percent will be charged for payments made after 12 months. Ten percent of the principal is forgiven upon graduation.

Keri Wyllie of Centereach, a forensic science major at the C.W. Post Campus of Long Island University, was confronted with family issues and last-minute difficulty securing the full amount she needed in a traditional student loan. The $2,500 emergency loan made it possible for her to graduate on time.

“I’m a senior. This is my last semester,” she said. “It would have been really upsetting if I couldn’t finish my degree. The Emergency Student Loan Program was very, very helpful.”

Most students who have applied for the loan have sought less than the maximum amount – just enough to cover the difference between their college expenses and their available resources, including financial aid and family contribution, said C.W. Post Bursar Edward Boss.

“This loan is designed to help students fill gaps in their ability to cover the costs of their education in the event of an emergency,” he said.

Persons who would like to contribute to the Long island University Emergency Student Loan Fund may contact Lisa Mulvey at (516) 299-2203 or Lisa.Mulvey@liu.edu.

Posted: March 9, 2009

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