Have You Heard the ELF News?
You Spoke, We Listened:
- The ELF loan interest rate has been reduced from 4 to 3 percent for all loans issued after April 15, 2010. Remember—this simple interest does not start to accrue until the recipient’s stated graduation date.
- As of May 1, 2010, individuals living at the same address may be cosigners for a loan applicant. This means that both parents may be considered as cosigners on a loan application.
- The minimum credit score for applicants is now 625 (previously 650). Cosigners’ minimum credit score remains at 650.
- ELF’s loan maximum is now $10,000 as announced in San Diego at the 2009 Convention of International Chapter.
Now What Needs to be Done?
- Be informed of the policies and procedures for ELF loans. The most current information can be found on the International website.
- Actively search for qualified ELF applicants. Remember it is not only the chapter ELF chairman who is responsible for finding applicants; every P.E.O. should be actively searching for applicants. The more sisters involved, the more qualified applicants your chapter will discover.
- You and your chapter can change a woman’s life by offering her the opportunity to fund her education with a low interest rate (3 percent) ELF loan.
Make ELF’s Vision Your Vision!
