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T HE P ERPETUAL E DUCATION F UND

T HE P ERPETUAL E DUCATION F UND Wilkinson Loan Fund Brigham Young University - Idaho

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T HE P ERPETUAL E DUCATION F UND

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  1. THE PERPETUAL EDUCATION FUND Wilkinson Loan Fund Brigham Young University - Idaho

  2. "Today the world is competitive, more than it’s ever been. I believe men and women need to get all of the education which will enable them to meet the exigencies of life ... Men and women need to be prepared for a vastly broader scope than we have ever had before" - President Thomas S. Monson

  3. “It is incumbent upon every member of the Church, as a mandate from the Lord, to get all the education you can get.” • “Education becomes the key of opportunity for everyone in this life. It may involve sacrifice, it may involve unusual effort, but with the help of heaven, it can be had.” - President Gordon B. Hinckley

  4. Wilkinson Fund Background • Established by late President of BYU, Ernest L. Wilkinson • Perpetual endowment fund • Assist students to complete their education and graduate

  5. Eligibility Guidelines • Worthy member of the Church of Jesus Christ of Latter-day Saints • Male recipient: honorable LDS mission • Citizen of countries other than US/Canada • Visa status: F-1 • Enrollment in accredited US college/university • 60 credits or less remaining to complete degree (typically junior/senior) • Minimum cumulative university/college grade point average: 3.0 • Age range: 18-30 at initial application. • Preference given to students of LDS Church-sponsored universities and colleges

  6. Loan Characteristics • Eligible expenses: tuition and book costs only • Ineligible expenses: rent, health insurance, computers, late fees on tuition • Maximum annual loan amount: $5,000 • Loan advances paid each semester • Invoices/receipts required • Maximum lifetime loan amount: $10,000 • New loan approval required annually • Loan documentation signed before disbursement: • Promissory Note • Loan Agreement • Privacy Promise Acknowledgment

  7. Loan Repayment • Loans are interest free while attending school • Students pay $5/month towards loan principal while enrolled in school • Loan amortization: 8 years beginning 6 months after graduation or withdrawal • Interest accrues at 3% p.a. beginning 6 months after graduation or withdrawal • Participants encouraged to repay their loans quickly • Minimize interest costs • Make funds available for other prospective loan participants • Loan payments via electronic funds transfer (EFT) from participant’s checking account

  8. Application Process • Start early! • Review eligibility requirements with PEF-Wilkinson staff • Applications completed on-line through the PEF website (www.lds.org/pef) • Additional application instructions provided AFTER eligibility review • Bishop and Stake President worthiness interviews • Prepare letter of introduction to the Wilkinson Loan Committee: • Photograph • Copy of transcript (s) • Graduation plan listing in detail remaining classes to graduate. • Timing-loan approval and funding: 30 days after completed app submitted

  9. Post Close Requirements • Keep in touch regularly • Make payments as scheduled • Update contact information with changes

  10. Stephen R. Baker 800-453-3860, ext 24703 801-240-4703 BakerSR@ldschurch.org Perpetual Education Fund The Church of Jesus Christ of Latter-day Saints 50 E. North Temple St., Room 832 SLC, UT 84150-1501 Fax: 801-240-5756 Judith Maxfield 800-453-3860, ext 20083 801-240-0083 MaxfieldJL@ldschurch.org PEF-Wilkinson Contacts

  11. Disclosure The federal Equal Credit Opportunity Act prohibits us from discriminating against credit applicants on the basis of race, color, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.  Nonetheless, because our loans are part of a special purpose credit program designed to benefit economically disadvantaged, faithful members of The Church of Jesus Christ of Latter-day Saints who are citizens of countries other than the United States or Canada, we may consider factors such as religion, national origin, and financial need in determining who receives our loans.

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