Graves Ranch Education Loan Guidelines

Applicants are allowed to make four draws from the fund. The loan period is confined to a ten-year period. Only one draw is allowed per year. In order to apply for funds, a "letter of intent" should be sent to: Ian Graves 1423 Ashwood Dr San Mateo CA 94402 or graves.ian@gmail.com. This letter of intent needs to include your request for a draw on the Education Fund and your purpose in using it. While the Board is flexible in its consideration of any educational endeavor, requests are subject to review. A contract specifying the terms of the loan and its repayment schedule will then be signed by the recipient and co-signed by a parent as "guarantor."

Draws on the fund will be honored on a first-come, first-served basis. Applications are to be submitted to Ian by June of the year in which funds are needed, but will be accepted until the end of the year. Requests will be honored as long as funds are available for that year. At this time, the loan amount per year is $2750 (known as one "draw"). This may be subject to change at any time depending on the profitability of the Ranch.

Repayment of the loan begins two years after the initial draw, unless draws are taken in consecutive years. If draws are taken in consecutive years, loan repayment begins 2 years after the final draw. Each loan, or loans taken in consecutive years, must be retired within ten years of their respective initial payment date. At least one payment must be made per year due on the anniversary of the date the first draw was made. Interest on the loan will be a 3% annual percentage rate (APR) compounded daily. Interest does not begin accruing until repayments are due to begin. Interest will continue to accrue until the final payment is made.

Applicants in the process of repayment will be sent a reminder letter 30 days before payment is due. If payment is not received within 60 days, a second reminder will be sent along with a copy to the guarantor.

Each loan recipient may apply for a one-time loan payment reprieve of up to 6 months to be granted for circumstances which prohibit the recipient from making regular loan payments. Loan recipients must submit a letter to Ian Graves stating the circumstances under which the payment reprieve is being requested. Reprieves will be granted at the discretion of the Graves Family Council Giving Committee and the Family Council Executive Director. If a reprieve is granted, no interest will accrue on the loan during this time.

Payments will be sent to Graves Ranch, c/o Ian Graves, 1423 Ashwood Dr San Mateo CA 94402. Checks should be made to Graves Ranch.

Click here to download these Education Loan Guidelines

Click here to download the Loan Agreement and Promissory Note

~ Online application and payments to come. ~