Private Loan Lenders
Den T. Bunting Memorial Student Loan Fund - This fund provides loans to worthy medical students who agree to return to Wayne County, Illinois, to practice medicine. Fifty percent of the loan is forgiven at the completion of five years. The remaining 50% carries interest of 6% and is due at the rate of 20% per year, starting one year after entering medical practice in Wayne County. For more information contact Chief Executive Officer, Fairfield Memorial Hospital, Fairfield, IL 62837. Phone: 618-842-2611.
Edward Arthur Mellinger Educational Foundation, Inc.- Students demonstrating financial need, academic achievement, good character, and general merit are considered for this loan program. No interest accrues while in school. Upon graduation, interest begins to accrue at 6% per annum, with ten years to repay. The application deadline is June 1. Loans may be renewed each year. Write to: Edward Arthur Mellinger Educational Foundation, Inc., 1025 East Broadway, Monmouth, IL 61462. Phone: 309-734-2419.
Albert Strickler Memorial Fund - This fund distributes yearly loans of $400 to $1,000 to medical students, preferably of the Jewish faith, who demonstrate significant financial need. Loan recipients are asked to repay the loan within five years of graduation. Applications are available from April 1 to June 30 from the Financial Aid Office-Springfield.
Southern Illinois Medical Association (SIMA) Student Loan - Loans are made to medical students from the SIMA area on the basis of financial need. The area includes Madison, Clinton, Marion, Clay, Richland and Lawrence, Illinois, counties and all counties to the south. The amount of the loan will be $1,500 per semester to sophomore, junior and senior medical students in an approved medical school who will become practicing physicians, giving a total loan of $9,000 to the student over a period of three years. Interest at one-half the prime rate will begin to accrue one year after graduation, for a total of four years, at which time the prime rate will prevail. For further information, contact Executive Secretary-Treasurer, SIMA, 6401 West Main, Belleville, IL 62223. Telephone: 618-398-5600.