Scholarships shall be awarded to worthy students in amounts up to a maximum of five-thousand ($5,000) dollars for tuition, room and board, book and laboratory expenses and living expenses for one (1) full year. Scholarship funds shall be paid directly to the student upon receipt of enrollment in a college/university.
The scholarship grants shall be in the form of a partial grant and a partial loan. All persons receiving said award shall be obligated to repay the trust one-half (1/2) of said sum or sums awarded without interest, commencing six (6) months after completion or discontinuance of their program of higher education in order that said trust estate shall increase, thus making available more funds for worthy students. Payments are to be made in the minimum amount of $50.00 per month.
The students and parent(s) or guardian will be required to sign a promissory note for repayment. Any student who is unable to secure the signature of parent(s) or guardian on the note may apply in writing to the trustees of the fund for exemption of the requirement.
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