A new student loan program for Lincoln County residents has been set up through the Centralina Development Corporation and will be administered by the Rotary Club.
Representatives of the nonprofit organization attended Monday’s Lincolnton Rotary Club meeting to make the $70,000 presentation in memory of the late Paul Herringshaw.
The Rotary Club already operates its own student loan program through annual fundraisers, but this specific fund will be administered as a separate program with an independent pool of money.
The Herringshaw loans will be $2,000 annually awarded to one student from Lincoln County. Rotary Education Fund administrator Gaye Howard told the Times-News that she’s not yet certain how that student will be selected each year.
Unlike the existing Rotary loan program, those awarded through the Herringshaw program will be interest-free while the student is enrolled in school.
The fund is actually being set up to award one loan annually in each of six counties, but with all being administered by the Lincoln Rotary club, due in part to its experience with a student loan fund.
Howard said details are still being worked out on a few issues, such as the application process. Once that’s up and running, she expects the first loan to be given out later this year, with an application deadline likely around May 1.