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New Grant Program Available to help pay Graduate Student Loans

The Nonprofit Resource Council of the Greater New Haven Chamber, in collaboration with The Community Foundation for Greater New Haven, announce The Nonprofit Graduate School Grant Program to benefit nonprofit employees with graduate school loans.

Applications are now being accepted for The Nonprofit Graduate School Grant Program. The grant program assists nonprofit employees with graduate school loans by providing direct payments to graduate student loan servicers for up to $10,000 over two years, paid in semi-annual installments. Funding for the program is administered by The Community Foundation for Greater New Haven.

 

Applicants to the Nonprofit Graduate School Grant Program must either have earned or will be earning a graduate degree and either be employed or be promised future em­ployment for a minimum of 30 hours per week in a public service nonprofit organization with a current 501c3 status.

 

The applicant must also work for a nonprofit in one of the following municipalities: Bethany, Branford, Cheshire, East Haven, Guilford, Hamden, Madison, Milford, New Haven, North Branford, North Haven, Or­ange, Wallingford, West Haven or Woodbridge; have previously received need-related student loans through such vehicles as the GSLA (Stafford) or NDSL (Perkins) programs during their graduate studies; apply up to nine months prior to graduation and up to five years after graduation; and have a personal annual income of less than $60,000 at the time of the award.

 

Award recipients are selected based on their contributions to the community and financial need. If awarded, the Nonprofit Graduate School Grant Program will forward payment direct­ly to the Loan Servicer for four consecutive periods (over two years) during which the awardee must remain employed by a nonprofit that meets the criteria. At the time of the award, and immediately prior to each loan payment, the award­ee will submit documentation on existing loan balances, and current verification of employment by a qualified nonprofit for review. Changes in employment may impact eligibility and will be reviewed on a case-by-case basis. Loan payments will not ex­ceed the existing balance on any loan.

Applications must be received by Friday, October 6, 2017. The 2017 grant recipients will be announced during the Nonprofit Awards breakfast at The Big Connect business expo at the Toyota Oakdale Theatre in Wallingford, CT on Thursday, November 16, 2017. Applications can be downloaded online at www.gnhcc.com/Nonprofit-Graduate-School-Grant or by contacting Emily DeRosa at ederosa@gnhcc.com or 203-782-4342.

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