Interest-free Loans Provide Opportunities for Miami-Dade Students
Posted on 01/03/2010 @ 10:34 AM
In these difficult economic times, with so many families struggling to pay for even the most basic necessities, finding dollars to send a child to college can be even more challenging. But thanks to the Jewish Educational Loan Fund (JELF), some Miami-Dade County students were able to find the “last dollars” they needed to participate in higher education.
JELF awarded more than $86,000 in interest-free loans to local Jewish students for the 2009-2010 academic year, with a total of more than $450,000 going to 126 students throughout the southeastern United States. JELF received a record number of applications this year.
Based in Atlanta, JELF makes need-based, interest-free loans for post-secondary education, including college, graduate school and vocational courses of study. In South Florida, JELF is administered by Jewish Community Services of South Florida, a beneficiary agency of the Greater Miami Jewish Federation.
Applicants for JELF loans must be residents of Miami-Dade County for at least a year and be eligible for financial aid through their school. Dollars provided through JELF are considered “last-dollar financing,” bridging the final gap of all other funding sources.
Since 1961, JELF has granted more than $5.8 million in loans to more than 2,800 students. Loans are based solely on need, and the students who receive them come from a variety of backgrounds. While JELF currently administers approximately $2.9 million in outstanding loans, it has maintained its impressive 98 percent repayment rate. As students repay their loans, JELF uses those payments to make new loans, creating a circle of tzedakah.
Applications for the 2010-2011 academic year will be available on JELF’s website from March 1 to April 15.
