“Resources,” Education for Better Work for Self-Reliance (2016)
“Resources,” Education for Better Work
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Resources
Applying for Scholarships and Grants
If you would like to learn more about applying for scholarships and grants, you can read and do the following:
Read:Scholarships are financial aid based on who you are, what you have done, and the characteristics that organizations or people wish to recognize and reward.
Educational grants are offered by many governments, institutions, and nongovernment organizations to help people with low incomes improve their lives and become more self-reliant.
How will it help me?
You can use scholarship money to pay for tuition, fees, books, and sometimes other expenses like housing and transportation. You don’t have to pay back the money.
Depending on the grant, you could receive money each school year for a limited number of years or semesters.
Do I qualify?
Look for scholarships that reward your attributes and accomplishments.
Grants are based on financial need. Some grants are awarded only to certain educational programs.
How do I apply?
Apply for scholarships that match your experiences, skills, and characteristics. Apply for many scholarships rather than just one.
You can find and apply for scholarships and grants online, at self-reliance centers, and at employment agencies or ministries of employment. People at these agencies can help you with strategies to get scholarships and grants. Pay close attention to application deadlines and instructions. Be wary of scam scholarship websites; legitimate ones rarely charge fees.
Pay close attention to application dates listed for each grant. Many applications are accepted only during specific months of the year.
How to Compare Student Loans
To compare student loans, ask lenders the following questions. Ask your stake self-reliance specialist about other questions to ask so you can get the best loan terms—and avoid scams.
What is the type of loan (variable, fixed)?
What is the interest rate?
What is the monthly payment?
What is the length of the loan?
When do I have to start paying back the loan?
What is the total amount I would pay including principal and interest?
What are the consequences if I am unable to pay back the loan?
What if I need a break in payment (for example, a mission or deferment)?
Perpetual Education Fund Loans
This chapter covered different ways to pay for a self-reliant education. Student loans were discussed as a last resort to pay for the remainder of your school after working very hard to get scholarships and grants (see page 105). If your education plan still includes a student loan and you live in an approved country, you may qualify to apply for an educational loan from the Perpetual Education Fund (PEF).
Are PEF loans available where I live?
PEF loans are available in many countries worldwide. An up-to-date list of countries is found at srs.lds.org/pefcountries.
How do I qualify?
Through an interview with your bishop or branch president, you will decide together if you fulfill the following qualifications to receive his endorsement to apply for a PEF loan:
Worthy: Do you have and live worthy of a current temple recommend or limited-use recommend?
Needy: Do you have a clear financial need to receive a PEF loan after considering all of your funding options as covered in this chapter, including using your own funds, funds from family members, and all possible grants or scholarships?
Determined: Are you determined to complete your program, find better work, pay back your loan, and live the principles of self-reliance?
To help you complete your PEF application online, use your self-reliance plan, which includes the job, education, and financial plans you have been creating (see pages 107–8). You can apply for a PEF loan and learn about all application requirements at srs.lds.org/pefapply.
How can I use my PEF loan?
PEF loans are funded by student repayments as well as the generous donations of Church members and others around the world. These funds are sacred and are used with care. Using the PEF Approved List of jobs and educational programs (found at srs.lds.org/pef), your PEF loan can help fund:
Technical, vocational, or professional education opportunities that lead to an in-demand job in your local area.
Costs associated with your school attendance. (For a complete list, visit srs.lds.org/pefcosts.)
How do I repay my loan?
While in school, you will make small monthly payments. After you graduate, your monthly payments will increase to allow you to pay back your loan in a timely manner. PEF allows you to earn performance incentives (loan amount reductions), which help you pay back your loan and encourage you to graduate and become self-reliant. These performance incentives may include graduating from your program, getting good grades, achieving your planned employment goal, and making on-time payments. To learn more, visit srs.lds.org/pefincentives.
How are my repayments used?
Each repayment is critical because it is used to create new loans for future students.
Who directs PEF?
PEF is directed by the First Presidency, the Presiding Bishopric, and other General Authorities and auxiliary leaders. Area priesthood leaders direct the local administration of the loan program.
What if I have questions or concerns?
If you need more information about PEF in your area, or if you are having difficulty with your application or any part of your PEF loan experience, visit srs.lds.org/pef or contact your stake self-reliance specialist.
More information about other self-reliance resources can be found at srs.lds.org.