Frequently Asked Questions
Q: Is this a scholarship?
A: No. Basically this Foundation seeks to help deserving students through no-interest educational loans. We do not award scholarships, grants or gifts.
Q: How does the pay back work?
A: Either six or twelve months (only medical\dental\veterinary students are given twelve months, all other students have six months) from when the recipient either terminates studies or graduates, payments begin. The monthly payments will increase every twelve months until paid in full.
Q: If a person has permanent residency in the US but is not a legal US citizen, does that person still qualify?
A: No. A person must be a legal US citizen to qualify.
Q: On the application, it states that an original application is required. Can the downloaded application be used?
A: Yes. "Original" refers to the signature that is required. The application you send in must have an original signature, not a copied signature.
Q: How much money can I get?
A: Our minimum loan is $1,000 and our average amount is $5,000.
Q: If I receive the loan one year, do I have to keep applying each year?
A: Yes. A recipient must re-apply each year he/she wishes to receive the loan. Having received the loan one year does not ensure getting the loan each time a recipient applies. (You must submit a new application each year)
Q: How many students receive the loan each year?
A: The amount of recipients varies according to how much we give each student and how much money we have to give out for that year.
Q: How do I verify that The Bill Raskob Foundation is a legitimate organization?
A: The easiest way is to go to www.guidestar.org and research the Foundation. Any 501 (non-profit) organization must file an IRS form 990. You can use this website to verify that the organization you are interested in is listed. It is possible that the organization has not registered with Guidestar and is still legitimate. Organizations are not required to do so, but most do. If you do not find the organization listed, you can request a copy of the 990 form directly from the organization.
Q: What is the procedure for applying for the Foundations Loan?
A: Applications are available for download from January 1st through May 15th. All application packets must be received by the Foundation by May 15th. The applications are reviewed and an interview (usually by phone) may be required. The Board meets in either June or July to decide the recipients. Both individuals who were approved and those who were not approved will be notified soon thereafter. Recipients will then be sent documents to sign and return. Once the Foundation receives those signed documents, it will send the first of two installments for the loan.
Q: Who actually gets the check, the school or the student?
A: The student, not the students parent(s), legal guardian or school, will sign a promissory note and will then become legally responsible for repayment of the loan. The check will be sent to the student in the student's name.
Q: If I am in a program that requires a residency program after graduation, can I defer my payments until after the residency?
A: NO! Under no circumstances will this Foundation defer payments.