Amount: $1,000 - $2,000
Exactly like the Heritage 21 loans except for the source of the funds. The McElroy Foundation generously provides funds for the college to assist needy students.
Interest is dependent on the number of years of study completed at Dordt:
1 year - 7%
2 years - 5%
3 years - 4%
Completion of a Dordt University Bachelor Degree - 3%
This loan is repaid over ten years with minimum bi-monthly payments of $100. Interest and principal repayment begins four months from the time the student ceases to be at least a half-time student at Dordt or another recognized college or university.