About the P.E.O. Educational Loan Fund (ELF)
Educational Loan Fund, established in 1907, makes loans available to qualified women who desire higher education and are in need of financial assistance. The loan fund is not a scholarship fund.
The P.E.O. ELF loan is intended to help qualified women attain a degree or certification from an accredited postsecondary educational institution.
The maximum loan amount is $12,000 for associate and bachelor degree programs, technical or professional trainingand post-graduate certifications; $15,000 for master’s degrees and $20,000 for doctoral-level degrees. Loans may not exceed the amount recommended by her sponsoring chapter. Loans are subject to the availability of funds.
A woman may draw up to the maximum loan in one installment if she is in the final year of obtaining a technical, associate’s or bachelor’s degree, is a graduate or doctoral student or is enrolled in a post-degree certificate/licensure/endorsement program.
A student must have and maintain the scholastic average required for graduation by the school she attends. A current transcript is required as evidence of satisfactory academic standing before an installment of a loan may be drawn. Reports of academic progress may be required for each note.
Following the graduation date originally stated on the application, interest will begin accruing and will be billed on an annual basis. Interest accruals and payments will not be deferred if the student continues with further study or joins a service organization. The current rate of interest is 2 percent.
All applicants for the ELF program must be sponsored by a local P.E.O. chapter.