Ford Foundation Engineering Loan

Overview

The Ford Foundation Engineering Loan is available to students in the science and engineering fields who plan to teach after they complete their studies at Princeton.

To apply for this loan, write a letter to Lisa Schreyer, Associate Dean, Graduate School - Student Life, 110 Clio Hall, Princeton University, Princeton, NJ 08544-0255. Describe your financial situation and why you wish to borrow through this loan program. 

Terms

  1. Repayment is at 5% interest per annum, commencing nine months after termination of studies (interest is waived while enrolled as a graduate student at Princeton).
  2. Loans will be forgiven or repaid upon termination of graduate study according to the following provisions:
    1. If you are employed as a full-time faculty member for at least one academic year in the United States or Canada, the debt will be cancelled at a yearly rate of $600 for every year of service or 20 percent per year of the total indebtedness at the end of graduate study (whichever is the greater) at no interest.
    2. If you are not employed as a full-time faculty member there will be a nine-month grace period upon termination of studies. Subsequent to the grace period, the debt is to be repaid to the institution at the minimal rate of $600 per year at 5% interest.
    3. Any combination of the previous two bullets.
    4. The debt will be cancelled on death or for unemployability in the science/engineering profession for bona fide reasons of health.
    5. Cancellations and repayments under (a) and (b) above will be suspended during leaves-of-absence from employment of three months or more for military service, for postdoctoral research and study, or for reasons of health.
    6. The maximum amount you can borrow in one loan is $3,000.