What is the current interest rate?
Funds from the P.E.O. Educational Loan Fund (ELF) are loaned at a low, 3 percent simple interest rate. Interest does not begin to accrue until the student’s anticipated graduation date originally stated on her application. This means that her first interest payment will not be billed until approximately one year after she has completed her course of study. ELF’s 3 percent interest rate is currently lower than all government student loans.
What educational programs qualify?
Most all programs at accredited institutions qualify. These include associate, bachelor, master, doctorate and professional degrees. In addition, funds are loaned for nursing, vocational and technical programs as well as post degree certificates and licenses. Online programs may qualify. NOTE: At the time the loan is drawn, the applicant must be within two years, but not less than four months, of completing her course of study.
Where can I find more information about the loan qualifications?
All current information, including P.E.O. Educational Loan Fund—Policies & Procedures, can be found on the P.E.O. website. Just click on P.E.O. Projects/Philanthropies and then on P.E.O. Educational Loan Fund. Also available is a tip sheet “Interviewing and Recommending Potential ELF Candidates” and the two-page Chapter Recommendation Form.
How easy is it to recommend a woman for an ELF loan?
Once you have a prospective applicant, it's as easy as 1-2-3!
- Your chapter ELF chairman, along with one or two other members, must first interview the candidate to determine her eligibility for a loan.
- Chapter members vote to approve the recommendation.
- After a favorable vote, the Chapter Recommendation Form is completed and mailed, along with the confidential Chapter Letter of Recommendation, to the ELF Department at the P.E.O. Executive Office. The ELF staff takes care of the rest.
Please... stay in contact with your applicant throughout the application process, while she is in school, and until she has repaid her loan. It’s this extra TLC that insures not only that the loan is processed in a timely fashion, but also provides support and encouragement to your applicant throughout her educational journey and as she embarks on her chosen career. 
