Loan Information
Borrowers must be a member in good standing of the Minnesota Knights of Columbus, currently or at the time of their death, their son, daughter or spouse. Eligible post-secondary education institutions include accredited trade, undergraduate and graduate programs at any college or vocational school.
The Fund has a special forgiveness program for students pursuing religious vocations. Loans to borrowers studying toward formation as a Catholic Priest, Sister or Brother (including accrued interest) are forgiven over time as the individual maintains their status in an ordained role. Please contact us for additional details.
Loans require the repayment guarantee of the borrower and two co-signers. The interest rate on loans made by the Fund is fixed for the life of the loan. New loans are currently offered at 3.75% interest and up to $4,000 in amount. Qualifying students may accept one MNKC loan per academic year, and up to $20,000 of MNKC loans during the course of their post-secondary education. Proceeds are disbursed directly to the school the borrower is attending. Interest accrues from disbursement. Repayment is deferred until 90 days after graduation or the borrower is no longer enrolled at least half-time. Borrowers are required to annually confirm their continued enrollment. Once it commences, repayment is scheduled in equal installments over a term of 8 years. There is no penalty for prepayment.
Borrowers are responsible to notify the Fund of any change in their permanent address, phone number or primary email while the loan is outstanding.
Borrow Wisely
Federal Loan Alternatives
We encourage students and families to start with savings, grants, scholarships and any financial aid offered by the school you plan to attend. A private education loan may reduce eligibility for free or lower-cost federal, state, or school student financial aid. Students and families should carefully evaluate future earnings and all anticipated monthly expenses, before considering a student loan.
Application Process
There are no application fees or credit checks. Subject to availability of funds, loans are made first-come, first-serve to students who verify their eligibility, provide all required information and who sign, along with two co-signers, a Promissory Note.
