Posts Tagged ‘WDJCLP’
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.