Educational Foundation IOOF
Since its creation in 1927, the Education Foundation of the IOOF has made it possible for
over 3500 young people to receive loans amounting to more than $6,500,000. The Educational
Foundation is the oldest project of the Sovereign Grand Lodge and continues to assist Odd
Fellows and their relatives with loans for higher education.
- History of the Foundation
- How is the fund administered?
- Where does the money come from?
- Who is eligible to receive a loan?
- What are the requirements?
- What is the interest rate and how are the loans repaid?
- Terms of Repayment
- What security is required?
- What responsibility fo the lodges affiliated with the student have?
- How do you obtain an application for a student loan?
History of the Foundation
The Educational Foundatin was the dream of Flora Sheets, Past President
of the Rebekah Assembly of Illinois. She was raised in the Childrens' Home of Illinois and
for many years was the Editor and Publisher of the International Rebekah Fraternal Paper.
It was her feeling that the Odd Fellows and Rebekahs could put into practice the principles
of our Order by providing funds to assist worthy young people to receive a higher education.
In the beginning, loans were provided only to sons and daughters of Odd Fellows and
Rebekahs. In later years, when funds were ample, loans were made available to any worthy
young man or woman asking for financial assistence. Because of increased loan requests,
available funds became low and once again, since 1977, applicants are required to have order
affiliation. This can be any relative of the applicant or the applicant himself.
How is the fund administered?
The Educational Foundation is administered by a Board of nine Trustees, including the
Sovereign Grand Master, Deputy Sovereign Grand Master, and President of the International
Association of Rebekah Assembilies, three members of The Sovereign Grand Lodge appointed by
the Sovereign Grand Master, and three members of the IARA appointed by the President. Each
appointment shall be for a term of three years, except to fill a vacancy when it shall be
for the unexpired term, and must be approved by The Sovereign Grand Lodge. When
appointments are made and approved, the Board is vested with the authority to function and
discharge its duties.
| Freshman year | $2,000 |
| Sophomore year | $2,500 |
| Junior year | $2,500 |
| Senior year | $3,000 |
Once a loan is approved, the Foundation must maintain a reserve sufficient to fulfill the loan obligations.
What are the requiements?
Loans are made for study in an recognized trade school, after completion of high school, for any course offering immediate opportunity for employment, such as a Business College, Beauty Culture Schools, Barber Schools, etc.
Two or four year college students must establish one grading period with at least a "C" average in an accredited college or university before receiving loans.
| 3 months after graduation or leaving school | No Payments |
| 9 months after graduation or leaving school | $35/month plus interest |
| Second year after graduation or leaving school | $50/month plus interest |
| Third year after graduation or leaving and until loan is paid in full | $75/month plus interest |
The borrower may pay larger amounts on the principle or pay the loan in full at any time without penalty.
What security is required?
The Educational Foundation is a Trust Fund and must be fully protected so the fund is available for succeeding generations.
To fully protect the Trust Fund in the event the borrower should fail to make payments when due or default in any manner under the terms of the promissory notes, financially responsible co-signers are required. Co-signers must be under 65 years of age and property owners.
Sometimes it is necessary to look to the co-signers for repayment which they sign as co-makers when they execute the notes. The co-signers for most applicants are the parents. Since the beginning of the Foundation, loss from unpaid loans is less than 1%.
What responsibility do the lodges affiliated with the student have?
The Lodges are not in any way responsible financially or liable for the loans.
The Foundation sends a reference form to the Lodge to verify the membership of the student's relative designated on the loan application. We ask several questions concerning the applicant's character and dependability. Should any difficulty arise over the repayment of the loan, we sometimes ask someone from the Lodge to help us loacte the borrower or co-signers if they have moved without notifying the Foundation.
How do you obtain an application for a student loan?
Detailed information or an application can be obtained by mailing this form, completed only by the applicant, to the address below or writing to:
R. Kenneth Babb
Executive Director
Educational Foundation, IOOF
P.O. Box 20455
Winston-Salem, NC 27120
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