The Hebrew Free Loan Association of Vancouver (HFLA) continues to evolve to serve the Jewish community better. Last fall, HFLA introduced a new maximum $5,000 loan category that has become its most requested type of loan. The association’s latest innovation is a new student loan program.
Students are saddled with increasingly large debts after graduation because of the high cost of education. HFLA understands this dilemma and is happy to be able to give interest-free loans to Jews in British Columbia. Each and every payment made on an HFLA loan pays down the principal, getting rid of the debt far more quickly than any interest-bearing loan, no matter how low the interest rate. Borrow for education, pay no interest. Simple and helpful.
The program has a new scale for the repayment schedule, a maximum $3,000 yearly loan amount for four years, and requires proof of enrolment and two guarantors. The parameters of this new program have been guided by best practices from other successful student loan programs that have been running for many years in other cities.
The low repayment schedule gives students a chance to chip away slowly at their student debt throughout their post-secondary education without appreciably impacting their limited student budget. In the second year of borrowing, the payments level out at $100 per month and do not increase until six months after graduation, at which time, repayment is required at HFLA’s usual rate of $25 for every $1,000 borrowed.
The HFLA Student Loan program is perfect for an undergrad or graduate student who needs to top up a Canada Student Loan or a scholarship. HFLA seeks to ease the financial burden on students and their families while enabling students to reach their potential. All kinds of post-secondary education fall under the program and will be considered by HFLA’s board of directors as are all of its loans.
For more information on this or other interest-free loan types, visit hfla.ca or call 604-428-4282.