What is the Pierstorf Memorial Loan Fund?
What is the structure of the fund?
What is the role of the pastor?
What is the purpose of this fund?
The Pierstorf Memorial Loan Fund is a fund designed to give interest free loans to eligible college students who are members of Lutheran churches. The fund was initiated in 1994 by Dr. Ervin Pierstorf and his beloved wife, Florence (now deceased) and in loving memory of his brother, Clarence. All three family members devoted themselves to helping young people receive a secondary education. As life-long Lutherans, the Pierstorf family has chosen to provide support funds for fellow Lutherans regardless of their synodical affiliation. The family has seen this as a wonderful way of serving others in the Name of Christ. They have initiated similar programs at Baldwin Wallace College, Ohio Northern University and, most recently, for the Cleveland Lutheran High School Association.
Dr. Ervin Pierstorf, still active in the program and its operation, chose his own church to appoint a committee to administrate the loan fund. A board of six to eight people voluntarily gives oversight to the distribution of the funds. They review the applications and make the loans. Modest administrative costs are covered by the fund.
The student downloads the application from the website and submits an application for each and every year a loan is requested. The committee reviews the application, looking at the student's academic record, church and school activities, financial status, etc. If the loan is approved, the student and parent(s) meet with members of the committee to discuss the loan and repayment plan and to sign the promissory note. The distribution is made to the student with the name of the institution he or she will attend on the check.
After graduation the student is expected to repay the loan. Full repayment is to be made within five years with a 10% payment made the first year after graduation. The student may choose to repay his/her loan on a monthly basis using the FACTS Tuition Management Service. For the 2010-2011 school year, loans ranged from $2,000 - $4,000.
The applicant and one parent or guardian must be active members of a designated Lutheran church. The applicant must be enrolled full time in a four-year undergraduate program at any accredited college or university. The student does not need to go to a Lutheran college or university. The loans are available for only four years of an undergraduate program. They are not available for graduate work. Seniors in high school may apply before their freshman year at college.
The distribution of the loans began with the students of Dr. Pierstorf's home church, Messiah Lutheran, Fairview Park, in 1994. With Messiah Church as the compass point, a circle was drawn on a map of northeastern Ohio. A designated church was any Lutheran church falling within that circle. As the fund grows through the influx of new money and the repayment of loans, the circle of designated churches is periodically expanded. Currently, over 125 churches are designated churches. More will be added in the years to come. The fund is now able to do what was first envisioned—serve more and more young people.
The pastor is the key person for relaying the information about the Pierstorf Memorial Loan Fund to his congregation, targeting those young people who might be most interested. On the application form, the pastor is asked to comment on the applicant’s church life.
The only purpose of the Pierstorf Memorial Loan Fund is to assist eligible Lutheran students to receive a college degree. The ultimate goal is to serve all of northeastern Ohio and God-willing, significantly beyond. For this may God alone in Christ receive the glory.
Last updated: 2/2011