The Frank Pierce Trust has funds available for low-interest educational loans and will continue to accept applications through May 1 for the 2014-2015 academic year. The trustees will meet in mid to late June to take action on the loan requests.
The Pierce Trust is a low-interest educational loan program. To qualify for the loans an applicant must have been a resident of the Marshalltown Community School District or Marshall County, for at least the last six years and must intend to pursue undergraduate work or professional studies at an Iowa college or university. Professional studies include programs such as medical, dental, law and veterinary but graduate work is specifically excluded by the terms of the trust.
The interest is simple interest at a rate, to be determined annually by the trustees of The Frank Pierce Trust. The rate is 2.0 percent on Frank Pierce Trust loans made through June 30, 2015. The interest rate on the Pierce Trust loans is fixed through the repayment period, there are no closing costs and, while interest begins to run with the receipt of funds by the student, repayment is deferred while the borrower is a full-time student pursuing a bachelor or professional degree. Students are required to sign a promissory note, along with a co-signer, providing for repayment of the note within a 10-year period beginning with the date of that note.
Pursuant to current policy, loan amounts are subject to limitations on an annual and student total basis. Those applying for loans for the first time are required to attend a personal interview with the trustees.
Applications are available at the following high schools: Marshalltown, BCLUW, Baxter, Collins-Maxwell, Colo-Nesco, East Marshall, Eldora-New Providence, Gladbrook-Reinbeck, Green Mountain Garwin, North Tama and West Marshall or at the law firm of Grimes, Buck, Schoell, Beach & Hitchins, 102 E. Church St. For further information persons can contact Max H. Buck, Secretary of The Frank Pierce Trust at 752-4507.