LOAN + GRANT PROGRAMS
The Foundation is not large, and its ability to award grants and loans is limited by the amount of investment income earned. Thus, the ability to provide grants and loans will vary with the performance of the stock market, interest rates, and the amount of donations received.
Grants are normally made to undergraduate and graduate students accepted into, or already enrolled in an institution of higher learning, working towards a first or second degree. On occasion we provide grants to professionals for continuing education courses in their chosen field. Grants are usually in the $ 500 to $ 1,500 range. Applicants can apply for multiple grants during their course of study, but a grant can only be provided to a given individual once in a 12 month period.
Loans (at below market rates, currently 2% per annum) are made primarily to high school students entering college, as well as to candidates for a Masters degree. Loans are in the $ 1,000 to $ 5,000 range, and are approved for the academic year. If academic and repayment performance is satisfactory, requests for additional loans can be considered.
For both grants and loans, awards are based on need, and preference is given to individuals connected to the Mount Olivet UMC community. Merit is an important criterion, as is a commitment to the work of the Methodist Church in the USA or overseas. As funding permits, the Board has provided awards to outstanding persons in the USA and abroad, engaged in transformational endeavors. Grants and loans are considered at Board meetings in January, April, July and October. Applications are due in the Foundation by the end of the month preceding the Board meeting. The summer quarter is the most competitive.
To apply for a loan or grant, download an application from the Forms page, and send it to: Mount Olivet Foundation, 1500 N Glebe Rd, Arlington, VA, 22207