Does the Foundation have funds available to assist me with my college education?
Yes, the Foundation currently administers two loan funds and one scholarship fund for this purpose. Click here to read more about these funds
How can I apply for the Foundation's loans and scholarship(s)?
To apply for the loans and scholarship(s), one must complete an application and submit it before January 15. Click here for applications
Is there a deadline to apply for the Foundation's loans and scholarship(s)?
Applications and all attachments must be postmarked or hand delivered by the deadline of January 15 each year. Applications postmarked or hand delivered after January 15 will not be accepted. NO EXCEPTIONS.
Do I have to be a full-time student?
You do not have to be a full-time student, but you must be seeking advanced training beyond the high school level. Also, a student can only receive the maximum amount for four year of undergraduate work and three years of graduate work.
Do I need to be a U.S. citizen?
Yes, you must be a U.S. citizen and a legal resident of the U.S.
If I am applying for a loan, do I need to have a cosigner?
Yes, the endorsement of a cosigner is required as security.
Can my spouse be the cosigner on my loan?
No, a cosigner is defined as anyone, other than the spouse of the applicant, who is a U.S. citizen and a legal resident of the U.S. and who has sufficient financial resources to qualify him or her to borrow funds.
Are there any fees to apply for a loan or scholarship?
There is a $10 fee to apply for the Luther H. Butler Student Loan Fund and for the Martha Watson Student Loan Fund. However, there is no fee to apply for the Bullard Scholarship Fund.
May I fax or email my application?
You may not fax or email your application. Applicants are required to send in reference letters, transcripts, tax returns and application fees and these items need to be submitted with your application. If applications are submitted with missing information, they will be returned to the applicant.
If I do receive assistance in any one year, is it automatically renewed the next year?
Awards for loans and scholarships are on a one year basis. You must reapply each year.
When will I know if I was awarded funds?
Notification will be mailed to all applicants by March 31 of each year.
Will I be required to make payments on my loan while I am enrolled in school?
There are no payments due while you are enrolled in school. You will begin repayment on your loan six months after the termination of studies (whether by graduation or by discontinuation of studies).
Will interest accrue on my loan while I am enrolled in school?
Interest will not accrue while you are enrolled in school. Interest will start accruing on the Martha Watson Loan six months after the termination of studies (whether by graduation or by discontinuation of studies). The Luther Butler Loan will remain interest free for one-half of the repayment period, up to five years.
Does the Foundation have an interest-free loan available?
We do not have a loan that is 100% interest-free. However, our Luther H. Butler Student Loan does provide for one-half of the repayment period to be interest free, up to five years. If a student pays off the loan within the interest-free period, then he or she will have borrowed the money interest-free. Click here to learn more about the Butler Loan
Is there a penalty for early repayment?
There is no penalty.
What is the interest rate charged by the Foundation?
Currently, the Foundation uses the prime interest rate at the time of application less one-half percent.