About the P.E.O. Educational Loan Fund (ELF)
The Educational Loan Fund was established in 1907 to lend money to qualified women students to assist them in securing a higher education.
The P.E.O. Educational Loan Fund (ELF) makes loans available to qualified women who desire a higher education and are in need of financial assistance. All applicants for the ELF Loan Fund must be recommended by a local chapter of the P.E.O. Sisterhood. The current rate of interest is 2 percent.
Maximum loan amounts are:
- $12,000 for a non-degree accredited program, an associate or bachelor’s degree
- $15,000 for a master’s degree
- $20,000 for a doctoral degree
The specific loan amount is based on the program of study and availability of funds. A student may apply for a loan up to the amount recommended by her sponsoring chapter. Monies received from the P.E.O. Educational Loan Fund shall not be used for debt reduction (educational, personal, etc.).
An applicant must maintain the scholastic grade point average required for graduation by the school of her registration. A transcript of grades is submitted to the P.E.O. Executive Office as part of the application process and, if requested, before each loan installment is drawn.
A six-month grace period is provided following the borrower’s stated graduation date, with no interest accrued and no payments required. Following this six-month grace period, equal installments of combined principal and interest will commence.
Monthly loan payments will not be deferred if the student continues with further study or joins a service organization.