100 years of providing loans for deserving students

Posted on October 17, 2022

In partnership with The Repository, every Monday, Stark Community Foundation highlights positive happenings in our community. Here’s to Good News Mondays!

This month, the Canton Student Loan Foundation is celebrating 100 years of assisting Stark County graduates with school expenses. 

The nonprofit was established in 1922 to provide low-interest student loans to deserving Stark County high school graduates. More than $42 million has been extended to support 6,288 students since its inception.

Students turn to the Canton Student Loan Foundation once they have accessed all scholarships and grants and find they still need assistance with school expenses. This loan has no application fees, a three-month grace period after graduation, interest rates lower than most sources and no interest accrual or payments as long as the student is in school.

To acknowledge this milestone, the nonprofit increased its loan amounts to $4,000 per year and $16,000 overall. Loans can be applied to any undergraduate course of study, graduate degrees, four-year college degrees, two-year associate degrees, and degrees from technology and trade schools. 

“The foundation is very proud of its students' less than 1% default on loan payback over the last 100 years of operation,” said Kim Leggett, executive director of the Canton Student Loan Foundation. “This allows contributed dollars to be used for student loans over and over again. Through member contributions, special gifts, memorials and funds from local foundations, the foundation has been able to help generations of students receive the quality education they deserve because 100% of contributed dollars goes to a Stark County student for school expenses.”

The foundation is committed to helping students whenever they need assistance, so loan applications are available year-round and loan funds are disbursed directly to students. To be eligible, students must be Stark County high school graduates pursuing post high school education, have and maintain a 2.0 grade point average and take at least 12 credit hours per term. 

To apply for a loan or learn more about the Canton Student Loan Foundation, visit www.cantonstudentloan.org

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