Bruce B. Davidson Loan

Purpose of Scholarship

This loan was established to provide low-interest loans (currently 3%) to graduates of the Palmyra-Macedon School District enrolled full-time in undergraduate programs at any college in the State University of New York system.

***Renewals Only*** We are currently not accepting new applications.

Application Period

Contact school counselor beginning in November to learn more about this scholarship opportunity

Number and Size of Awards

Number of recipients and award amounts vary; total award up to the annual tuition expenses at a SUNY school. Award paid one-half the total award in both the Fall and Spring semesters.

Allowed Use of Award

Awards may be used for tuition, fees, books, and other expenses associated with higher education.

Eligibility Criteria

For Palmyra-Macedon High School students who will be, or are currently attending, a SUNY college full-time and have financial need. Eligible students are identified by the high school's guidance department.

Application Process

The application process is coordinated by the Palmyra-Macedon High School Counseling Office, where application instructions are available if applicable.

***Renewals Only*** We are currently not accepting new applications.

Committee/Selection Process

The selection process is coordinated through Palmyra-Macedon High School. The school guidance office selects the recipient(s) and informs the Community Foundation.

Award Announcement and Payment

The Community Foundation emails an award notification to recipients identified by the Palmyra-Macedon High School. The loan packet outlines the terms and conditions of the loan, loan repayment options, and instructions on how to release the payment to the school for the recipient's account.

To accept the loan, recipients must complete and return a signed Promissory Note. Loan payments are made to the school for the recipient's account in two equal installments (at the start of the Fall and Spring semesters).

Recipients are required to complete the Bruce B. Davidson Enrollment Verification & Renewal Form to maintain loan requirements and reapply.

Scholarships not claimed by February 15 in the assigned year will be forfeited. Email scholarships@racf.org with any questions or concerns.

Renewability

This loan is not automatically renewed; however, loan recipients may reapply for new loans for a maximum of four loans in the four-year period after graduating from high school.

To apply for additional loans in subsequent years, students are required to complete the renewal form and send a copy of their tuition bill, financial aid award letter, and a brief letter stating their intent to apply for an additional loan to the Community Foundation. Additional paperwork will be sent to their home address for completion. The loan amount available may vary from year to year.

Upon approval, a new payment schedule is determined for the total amount, but the final payment date remains the same (six years after your expected graduation from college and a maximum of 10 years from the date of the original loan).

The total maximum amount a student may receive over a four-year period is the cost of SUNY tuition minus TAP and any other tuition-only scholarships or grants. The promissory note signed by the student and parent/guardian indicates that they both understand the loan terms and conditions and agree to repay the loan within five years after graduation. The student/family may choose among two loan repayment schedules.

Bruce B. Davidson Enrollment Verification & Renewal Form

Other

Loan conditions: At the end of each academic year of undergraduate study and before Fall classes begin, recipients must complete and submit the Bruce B. Davidson Enrollment Verification & Renewal Form to confirm enrollment and academic status (minimum 2.0 GPA). If a loan recipient leaves school before obtaining a degree or does not attend full-time, then the loan is cancelled and repayment begins immediately. The above form must be used to confirm your attendance and academic standing, but may also be used to renew your loan by completing the bottom portion.

NOTE: Only one Enrollment Verification Form is required regardless of the number of outstanding loans.

Loan repayment options:

• If the loan amount is paid in full within 12 months of attainment of an undergraduate degree, no interest is due.
• If the recipient elects to spread payments out over time, the loan amount plus interest is amortized over four years after graduation with an annual payment due every June.
• If the student leaves school before degree attainment or does not attend full-time, then the loan is cancelled and repayment begins immediately.

NOTE: Students will not be required to make any loan payments until one year following the graduation date, as long as the student remained enrolled full-time at any SUNY school throughout all four years of school. Interest does not begin to accrue until one year after the expected graduation date.