Education Foundation
Independent Order of Odd Fellows
   

In 1927 the Educational Foundation was established by the Independent Order of Odd Fellows.  When the first Odd Fellows Lodge was instituted in 1819, the group’s objectives were to relieve the distressed, bury the dead, and care for the widow and orphan.  Had times been different, the men would probably have added education to this list.

The purpose of the Foundation, supported entirely by donations, is to operate a revolving fund and to gather information concerning help for students dependent in part of wholly on their own efforts for an education.

Any worthy person willing to confirm to the rules and regulations of the Foundation, either be a member or have a family member who belongs to the Order, may apply for a loan. The Foundation asks that the person write for an application, stating age and school classification.  A Maximum of $10,000 can be borrowed for a complete course of four years or more.  The schedule of lending is as follows:  Freshman year - $2,000, Sophomore year - $2,500, Junior year - $2,500, Senior year - $3,000.  Current rate of interest charges is 5%.  Repayment of loans must begin three months after borrower has graduated or discontinued school at the following schedule:  Three months after graduation or leaving school – no payments; nine months after graduation or leaving school - $35 per month plus interest; second year after graduation or leaving school - $50 per month plus interest; third year after graduation or leaving school and until loan is paid in full - $75 per month plus interest.  The borrower may make larger payments toward the principle or pay the loan off in full at any time.  The Trustees have always been generous in working out satisfactory programs with borrowers who meet with unexpected difficulties.

Loans are made for study in recognized schools after completion of high school for any course offering immediate opportunity for employment:  Business College, beauty schools, electronics and others.  Two or four year college students must have established good grades.  One grading period with at least a ‘C’ average in an accredited college or university is required before receiving loans.  Nurses must have completed the probationary period of their training.
Since the beginning, donations have made it possible for over 3,500 people to receive loans amounting to more than $6,500,000.

            Detailed information or applications may be obtained by writing:
R. Kenneth Babb, Executive Director
Education Foundation, I.O.O.F.
P.O. Box 20455
Winston-Salem, NC 27101
Phone:  336-724-5116
Fax: 336-724-5116