Posts Tagged ‘hebrew free loan’
College Bound? Applying for the William Davidson Jewish College Loan Program (WDJCLP)? Mark Your 2015 Calendar with These Important Dates
As winter fades into spring, time really seems to accelerate for high school students and their parents and grandparents. Parties, ceremonies, awards and special events fill up the calendar. And you know what else should fill your calendar? These key application dates for applying for loans!
College is a big investment in your future and traditional student loans can be difficult to pay back due to high interest rates.
The William Davidson Jewish College Loan Program (WDJCLP) is a student loan that can help qualifying Jewish students who live in Michigan. Best part – it’s interest free!
If you are interested in applying, here are the important spring application dates for the Fall 2015 semester and the Winter/Spring 2016 semester.
April 1 – Opening date for submitting WDJCLP applications with initial supporting documents (acceptance letter from school, tax returns, student driver’s license)
May 15 – Deadline for submitting WDJCLP with initial supporting documents
June 15 – Deadline for submitting final supporting documents which include the following:
– Student Aid Report (SAR) received after filing for FAFSA.
– Financial aid award letter from school you will be attending
– Transcript from last school year completed
– Copy of each co-signer’s driver’s license
– Completed and signed co-signer form
July 2015 – WDJCLP Loan Committee meets to review and evaluate applications
July 31, 2015 – WDJCLP notifies students of the Loan Committee’s decision/ sends promissory notes
August 15, 2015 – Deadline for submitting completed promissory notes
August 31, 2015 – Receive loan checks
If you have any questions, please read more about our application process or contact us by email at email@example.com or phone at 248-723-8184.
Helping Michigan’s Jewish Students Achieve Their Dreams: The William Davidson Jewish College Loan Program and Hebrew Free Loan Are Here to Help
Every day, it seems there is a news story about college loans and the financial burden they create. Recently, President Barack Obama announced his intention of making junior college free for qualifying students. The issue of crippling student debt is something that follows so many and creates long-term financial issues for many people — well into middle age.
The student debt for the population in the United States is estimated to be more than $1 trillion, according to Forbes and the average college graduate leaves university with more than $20,000 in loans.
Education is the key to so many things, including a better job, health insurance and home ownership. Yet the cost of education is putting a burden on many young adults.
To that end, the William Davidson Jewish College Loan Program (WDJCLP) is here to help qualifying Jewish students with interest-free loans. Hebrew Free Loan , with their partners, is here to reach Jewish students and help them achieve their dreams. The student loan program provides the “last dollars in” (i.e. HFL Detroit comes in after the student has completed financial aid options through the college of choice) to assist a student.
A WDJCLP loan can often make the difference between just getting by at school and enjoying the totality of a college educational experience.
The program is also a win-win for the State of Michigan. Although there are exceptions, an individual must attend a Michigan college or university, thereby keeping dollars and talent in our state.
The loans are interest free and with the majority of today’s students graduating with interest accruing loans, the WDJCLP loan will provide a welcome reprieve from these high interest rates. Additionally, repayment of these loans begins six months after school ends and allows for long-term repayment on a sliding scale.
I am hopeful that the number of loans we grant this year will exceed last year’s numbers. I am hopeful that word will continue to spread that these “last in” dollars are available for any Jewish Michigan student needing assistance in combination with government and institutional aid, as appropriate.
We were able to assist about 200 students at both the undergraduate and graduate levels in 2014. This totaled $1.5 million in interest free loans!
The William Davidson Jewish College Loan Program allows Hebrew Free Loan the opportunity to expand our reach throughout the state as well as the Jewish community. The ability to relieve some of the burden education places on families is a blessing and a mitzvah.
After all, the Talmud says “he who adds not to his learning, diminishes it.”
This blog was written by Harriet Orley, vice president of HFL Detroit’s Board of Directors and chair of the William Davidson Jewish College Loan Program.
Blog Authored by Ariella Shaffren
In June of 2012, Ariella, Dani, and Koby Shaffren made the move to Southfield, MI from Teaneck NJ. It was a big move for them, leaving their families in New Jersey for a state 600 miles away. Despite having no local family and having met only a few members of the community, the warmth of the people in Southfield helped ease their transition and they settled in quickly. They were even able to buy a house, a far-off prospect in New Jersey, given the cheaper housing market of southeast Michigan. The community was a big help for them, assisting them with meals early on, showing them around, and providing the invaluable information necessary for learning a new locale. They adjusted quickly and are now happy to call Southfield their home.
Over the 14 months that they have been here, both Ariella and Dani have gotten involved in the community. Dani often lains in the shul and now serves on the shul board as the Youth Liason. Ariella is involved in various Jewish Federation committees and serves as the YIS Sisterhood Co-President. In September their son Koby will be attending the Nursery 2 program at Akiva Hebrew Day School in Southfield. They are very excited about Koby’s new school and are confident that they made the right choice by sending him there. Having moved to Metro Detroit for Dani’s job, Ariella was unable to keep her position in NJ. With help from the community and a Jewish communal jobs group, Ariella has recently been hired for her marketing and public-relations skills.
During the home buying process, they were told about an interest free loan through Young Israel of Southfield and Hebrew Free Loan that could help with the move, home renovations, or various other expenses. Luckily, they were able to find a home that didn’t need much work and they did not need to take advantage of this loan. However, several of their friends who were new to the community were able to use it.
After living here for more than a year, the Shaffrens know that they made the right move and are happy to call Southfield their home
Blog Authored by Dr Allen Berman
I feel very fortunate to be a member of the HEAL loan team. These loans are funded through a special grant (from The Jewish Fund and matching donations) and are for individuals who need medical or dental procedures but can not qualify for a traditional loan. We are able to relax our requirements on co-signers and repayment schedules and can therefore provide assistance to the most vulnerable in our community.
As a practicing dentist and healthcare professional, I have the unique opportunity to review and discuss each case with the other members of the HEAL team. By pooling our expertise we are able to evaluate, validate and ultimately expedite the process so our clients can get the treatment they need. From a personal point of view, it is very gratifying to be part of an organization that facilitates members of our Jewish community in meeting their various needs while maintainig their dignity.
Post authored by Carolyn Bellinson, a Hebrew Free Loan Board Member
Earth Day 2013 got me thinking about the ways in which we (the collective “we”) have taken care, not only of our physical environment, but also the human environment in which we live.
Hopefully all of us are in the habit of recycling as much of our refuse as possible, so as to free up space in the landfills that dot our landscape. Recycling our trash also helps alleviate the tearing down of more trees or the production of more rubber, by allowing new goods to be produced using old materials that have been discarded.
Recycling can also occur in our human environment. In fact, Hebrew Free Loan has been promoting such “recycling” for over 100 years now. In our long tradition of providing interest free loans to our Jewish community, recycling has been a crucial factor of our continued ability to provide loans to our community. As loans are paid back, those same dollars go out the door to another loan recipient. In this manner, HFL is one of the original recyclers aiding the human environment.
HFL’s Evergreen Legacy Fund (ELF) highlights just how much recycling impacts our community. In just one ELF the power of recycling has made possible the following loans for our community:
*security deposit and rent for a woman to leave an abusive marriage
*used car for a woman to get her paralegal certificate from a community college
*home repairs to fix up a house purchased by a recently divorced father
*car repair for a woman to drive her disabled brother to his appointments
So, just as we teach our children the great importance of taking care of our planet, we must also teach our children how crucial it is to take care of our community. HFL has been playing its part in helping our community. Have you?
Please visit our website (www.hfldetroit.org) and see how you can get involved in the human recycling movement. In addition, you can call us at 248-723-8184.
Blog entry by David Contorer, Executive Director, Hebrew Free Loan
I have been involved with nonprofit (“for-impact” more accurately describes our sector’s work) fundraising, programming and community leadership since 1993. In that time, I have had the privilege to work with children and young adults who are the ‘next generation’ of donors and community activists. I have also taught tweens and teens about community needs and how they can become involved in hands-on ways to make a positive difference.
I echo what many other for-impact professionals say about involving youth in philanthropy—it is ESSENTIAL for our communities. For those under 30 to learn about local, national and international needs —this is the first step in educating future donors and those who will steward our planet. The younger generation of family foundations is often ignored in the exclusive process of grant-making decisions, and I applaud those family foundations who actively include their younger members.
Parents who volunteer at hands-on social service agencies WITH THEIR KIDS are modeling social activism. Younger generations are going to find their own issues of social justice, and these will likely not agree with the points that motivated parents and grandparents; this is one reason that the more established generations of family foundations tend to be somewhat threatened. Overcome that feeling, engage the younger generation, and let them feel the ‘high’ that comes from supporting social services that make a positive difference in our world.
Engaging young adults on for-impact agency boards and with hands-on roles to be played with social justice policy—these are other key ways that we open the door for young adults to really gain a handle on community needs and the roles they may actively play to address them. An informed young adult is much more likely to become an informed donor and philanthropist as (s)he ages and gains resources.
At Hebrew Free Loan, we are committed to having a diverse Board of directors, representing all ages. Young adults are essential members, because their perspectives on Metro Detroit’s needs for their cohort are entirely different. This cross-pollination of veteran and young opinions is also very healthy for the for-impact sector, and each generation can learn from others while philanthropic resources are allocated.
The common phrase goes something like this, “Reduce. Reuse. Recycle”. When it comes to the green initiative, we support the saying, but when it comes to interest free loans, we like the phrase “Increase. Reuse. Recycle”. That’s because at Hebrew Free Loan, we’ve got a lot to to give. And one of the best things about our agency is that every dollar you give to a Hebrew Free Loan fund is recycled.
That doesn’t mean we put your money into a recycling bin, but in some ways, we do. That’s because every dollar that you donate to a loan fund, is essentially loaned out to a community member in need, and then repaid, and reused for the next loan cycle. It’s our program called the Evergreen Legacy Fund (ELF). It’s a giving opportunity that enables our donors to give $25,000 or more, a donation that helps our agency build on our loan capital. As part of this gift, our donors receive an annual report of the loans made with their specific contributed dollars. As the loans are repaid, the dollars are then returned to the fund, and then loaned out, again, and again.
It’s the recycling power of your original gift that enables our agency to help individuals and families who need our assistance now. Even better, it provides us with the confidence to know that we can also provide them assistance in the future. In more ways than one, every dollar you donate to an ELF becomes a legacy gift. That’s because on average, every $1 you donate delivers $25 in loan capital, helping 25 individuals, or families, manage and cope with their financial stress. At Hebrew Free Loan, we’re proud to say that no other donation model can provide this kind of impact.
And while we’re talking about recycling our dollars, we think it’s also important to point out some agencies in Detroit that are greening our environment. We believe it’s equally as important to what we do, and we wanted to let you know that there are other great ways to get involved in your community. So check out some of the agencies below, and let us know how you plan on recycling this year!
- The Greening of Detroit: The Greening’s mission is to guide and inspire others to create a ‘greener’ Detroit through planting and educational programs environmental leadership, advocacy, and by building community capacity.
- Arts and Scraps: Arts & Scraps is a Detroit non-profit organization that uses recycled industrial materials to help people of all ages and abilities think, create and learn.
- Green Garage: The Green Garage is actually three things: a building located in the Midtown area of Detroit, a business enterprise, and a community of people dedicated to Detroit’s sustainable future.
- Next Energy: NextEnergy’s mission is to accelerate energy security, economic competitiveness, and environmental responsibility through the growth of advanced-energy technologies, businesses, and industries.