Educational Funding Resources
The Educational Funding Committee is composed of at least six members nominated by the Nominating Committee and appointed by the Yearly Meeting, plus the Treasurer of the Yearly Meeting, ex officio. The purpose of this Committee is to help Friends secure secondary and post-secondary education by providing loans. Preference is given to requests for loans for undergraduate level study. Monies and income from both the Educational Fund and the Fair Hill portions of the Consolidated Endowment Fund are used to provide loans. The Pre-College Fund provides loans for secondary education.
Each Monthly Meeting annually appoints one person as a corresponding member of this Committee. Such corresponding members normally serve for no more than six consecutive years. No member appointed by the Yearly Meeting serves at the same time as a Monthly Meeting corresponding member. The corresponding member provides liaison between the Monthly Meeting and the Committee. The corresponding member will meet with each applicant from the Monthly Meeting, perhaps as a clearness committee, to consider together the implications and responsibilities of debt. Applicants need to understand that as they repay their loans, funds become available for future students. The corresponding member’s advice to the Committee is an essential part of the application process and should include comment on the applicant’s involvement in the Monthly Meeting and any information that would be helpful in making a decision.
The Committee meets twice a year. It will meet on a Saturday in May to evaluate applications and make loans, and on a another mutually convient day to discuss other business. The Educational Funding Committee reports to the Yearly Meeting at least once a year on the state of the funds, loans made available, and any other business conducted.
The current loan application can be found here.
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Manual of Procedure, August 2005, p20
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Advance Report - 2008
The Committee met on September 29, January 12, and February 16 to assess available funds, review existing loans including
delinquent accounts, consider possible changes in the loan program, and plan the 2008 loan application process. Six of the seven members met again on May 17 to review loan applications and to discuss the status of outstanding loans and the future of the loan program. We reviewed and funded 9 applications compared to 13 approved last year. Awards total $27,000 compared to $46,500 last year. One is for high school, one for graduate study, and the rest for college.
Concerns about the amount of money actually available led us to restrict loans this year to those who received loans last year. All were cautioned to expect significantly less than last year’s $5000 maximum as we reevaluate the program. We have been unable to get precise figures on the funds available in the three funds we administer due to the ongoing investigation of the shortfall in BYM funds.
Some colleges are converting their student loan programs to outright grants. This reduces the burden on recipients in an era of high college costs, and eliminates the cost and need to track recipients and seek repayment. However, available funds would gradually be spent down rather than recycled. As part of the committee discussion of whether to convert the program
from loans to grants, the co-clerks researched the history of the three funds at the BYM office. Trustees have been advised of our discussions, but we have made no decision yet.
The Committee is very concerned about the lack of regular and substantial repayment on a majority of the currently matured loans and what this may bode for larger recent loans not yet matured. In its audit BYM has set aside $35,000 to cover possible
default on currently matured loans, and we have written off two small loans this year with Trustees approval. Some people have simply disappeared, others have low incomes, some want regular statements, and one protested our 10% interest, up from 6% on the unpaid balance after seven years. We have decided to keep all interest at 6% regardless of the duration of repayment and recalculate the interest on any current loans as needed to do this. .
We have discussed various means to get better repayment, and continue to stress that repayment is needed for us to be able to fund others. The BYM bookkeeper has not had the time to send quarterly bills this year as we expected. The BYM Treasurer has begun sending monthly bills to all recipients with matured loans. This co-clerk will continue to work with the BYM Bookkeeper and Treasurer to get regular repayments during the next year, but will not be a formal member of the committee having served seven years already.
Oliver Moles, co-clerk
Interchange - Spring 2008
Education Loans for 2008
The Educational Loan Committee is reevaluating its loan program. For 2008 loans will be made only to those students who were funded last year, if they are still in school. These loans will be significantly less that the $5000 maximum for 2007. We will contact these loan recipients. We hope that next year we can open the program to new applicants again.
Advance Report - 2007
Six members of the Committee met on November 18, 2006 to plan the 2007 application process, and four of us met again on May 19, 2007 to review applications and the status of outstanding loans. Loans are available to BYM-affiliated college students, degree-seeking graduate students regardless of age, and secondary school students. The loan limit is $5000 per year.
We have publicized the loan program in various ways starting in January, although we are not sure how Monthly Meetings are announcing the program. Several families inquired just after the deadline; they had only very recently heard of the program.
We reviewed and funded 13 applications compared to 15 the previous year. We did not fund the full amounts requested as we did last year due to various concerns about some applicants and caution as to funds available for the loans. We raised these concerns in some award letters and noted the increasing level of indebtedness for repeat loans. Seven of the 13 were repeat requests.
Awards totaled $46,500 this year. One for high school will be paid by the pre-college fund and the rest will come from the Fairhill fund. Two are for graduate training. We have been unable to get precise figures from BYM on the funds available. Estimates are that we had about $20,000 in the pre-college fund and $200-230,000 in the Fairhill fund before this year’s awards. We do not know how much is in the education fund from which we can only spend the interest.
The Committee is very concerned about the lack of regular and substantial repayment on 12 of the 14 outstanding loans. (We have also written off several loans.) These 14 loans total almost $40,000. Some people have simply disappeared despite our best efforts to contact them, and others have low incomes. We have discussed various means of trying to get better repayment, and already stress that repayment is needed for us to fund others. (Funds will run out in 3-4 years if we do not have substantial added funds.) Bills are now being sent every three months. Current promissory notes allow us to contact Monthly Meeting clerks and collection agencies, but we have been loath to do these yet. The clerk is working closely with the BYM bookkeeper and will make further efforts to contact loan recipients and get regular repayments before our next Committee meeting in the fall.
Oliver Moles, clerk
Advance Report - 2006
The Committee met on November 19, 2005 to plan the 2006 application process. Four members and the BYM treasurer were present. This year loans will be available to degree-seeking graduate students regardless of age as well as college students and secondary school students. The loan limit will remain at $5000 per year. We agreed to seek a grade report or transcript on the standing of students at the end of each year. We will conduct an initial interview with parents and students to be sure they understand their rights and obligations under the loan program, as well as an interview after the loan is repaid to help the Committee benefit from their experience. We have publicized the loan program widely this year within BYM to Monthly Meetings, Friends secondary schools, on the BYM web site, and in the Interchange and the Young Friends newsletter. Applications are available from the BYM office and the BYM web site. We have had a number of inquiries.. The Committee will meet again on June 10, 2006 to review loan applications. There are quite ample funds available, and we hope that many more will apply.
Oliver Moles, Clerk
Interchange, Fall 2005
Student Loans Available
The Educational Funding Resources Committee of BYM has sizeable funds for educational loans to qualified college and graduate school students, as well as, secondary school students. Loans can be up to $5000 per academic year, and no interest is charged while the student is in school. The
application has several parts including comments by a member of the student’s Monthly Meeting, so allow ample time to complete the form by the May 15, 2006 deadline. Application packages may be obtained from the Baltimore Yearly Meeting office by e-mail to sandramichaels@bym-rsf.org, or by writing to: BYM, 17100 Quaker Lane, Sandy Spring, MD 20860. The Committee will meet to evaluate applications in early June, and applicants will be informed of the results by June 30, 2006.
Oliver Moles, Clerk
BYM Educational Funding Resources Committee
Advance Report - 2005
The Educational Funding Committee met once this year at Langley Hill Meeting House on 13 Fifth Month, 2005 with the purpose of reviewing applications for student loans and committee procedures. Three members of the committee, Liza Bruce, David Chamberlin, and Oliver Moles, met with the BYM Treasurer, Kevin Caughlan. Earlier email discussions sufficed for the committee's primary business to this point.
At the Committee meeting loans were approved for three college students and one secondary school student. The availability of loans was well publicized in the preceding months. Announcements were sent to all Meeting Clerks and Corresponding Members of the Committee in Monthly Meetings, and an announcement appeared in the Interchange winter and spring issues. Committee members also announced the loan program in their Meetings. We received 20 inquiries about loans. Respondents to an email asking why some did not apply cited primarily the lack of affiliation with a Meeting and having sufficient family funds. While most funds go to college-level applicants, a pre-College Fund awards loans to secondary education, and we need to publicize it more.
Loan co-signers will be required for all future loans. The Trustees approve our intended use of a collection agency for delinquent loans. A statement of payments on outstanding loans was not available from BYM but should be soon. The committee plans to meet again in the fall to discuss possible simplification of the application and possible repayment options. Given the ample funds available, another option might be to make loans also for graduate training.
Oliver Moles, clerk
Interchange, Spring 2005
Student Loans Available
The Educational Funding Resources Committee of BYM has funds for
educational loans to qualified college and secondary school students.
Loans can be up to $5,000 per academic year, and no interest is
charged while the student is in school. The application has several
parts, so allow ample time to complete the form by the April 30,
2005 deadline. Application packages can be obtained from the Baltimore
Yearly Meeting office, e-mail: geneklinger@bym-rsf.org, or mail:
17100 Quaker Lane, Sandy Spring, MD 20860. The Committee will meet
to evaluate applications in May.
Oliver Moles
Interchange, Dec 2004
Student Loans Available
Oliver Moles, Clerk
The Educational Funding Resources Committee of BYM has funds for
educational loans to qualified college and secondary school students.
Loans can be up to $5,000 per academic year, and no interest is
charged while the student is in school. The application has several
parts, so allow ample time to complete the form by the April 30,
2005 deadline. Application packages can be obtained from the Baltimore
Yearly Meeting office, e-mail: geneklinger@bym-rsf.org, or mail:
17100 Quaker Lane, Sandy Spring, MD 20860. The Committee will meet
to evaluate applications in May.
Interchange, Dec 2004
Earlham School of Religion
Earlham School of Religion, a graduate seminary in the Friends
tradition, offers Christian Reconciliation: Conflict Resolution
in Church and World, January 3-14, 2005 in four regional locations
(CA, IA, NC and PA). Semester Two on-line courses include:
Introduction to Pastoral Care, Quaker Life, and History of Christianity.
Students can apply for degree or occasional student status. For
information or to apply, contact Sue Axtell at axtelsu@earlham.edu
or esr.earlham.edu.
Annual Report 2004
The Educational Funding Resources Committee met at Langley Hill
Meeting House on 5 Sixth Month, 2004 with the purpose of reviewing
applications for student loans, outstanding loans, and committee
procedures. Three members of the committee, David Chamberlin, Janet
Johnson and Oliver Moles, met with the BYM treasurer, Kevin Caughlan,
and BYM bookkeeper, Laurie Wilner. Oliver Moles convened the meeting
and agreed to be Clerk for the next year.
Loans were approved for three college student applicants. An announcement
of the Committee’s resources had been sent to all Meeting Clerks
and Corresponding Members of the Committee in Monthly Meetings in
early Fourth Month with any extended deadline for applications of
15 Fifth Month since the Committee has ample funds and few applicants.
We plan to publicize the Committee’s work earlier next year in the
Interchange and elsewhere. While most funds go to college-level
applicants, a Pre-College Fund awards loans for secondary education;
its existence will be stated more clearly in the future.
The Committee was concerned about loans in arrears or default since
this is a revolving fund and we want to treat all loan recipients
equally. We agreed to ask for loan co-signers in the future, and
to notify the Monthly Meeting when loans are in default. A collection
agency may be used when loans are in default. In addition, the wording
of all documents will be changed to make clear that these are loans
and not grants.
The Committee decided to revise the application and ask all applicants
to describe their educational and personal goals. The Committee
also recommended that the Manual of Procedure description of the
Committee be changed in the last paragraph second sentence regarding
Committee meetings to read “It will meet on a Saturday in May to
evaluate applications and grant loans, and on another day to discuss
other business.” The Yearly Meeting Day specified earlier is not
always the best time to meet and does not reflect the Committee’s
recent practices.
The Committee plans to meet again next January or February to continue
its business.
Oliver Moles, Clerk
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