Applying for a Pierstorf Loan
Application become available online on April 15 of each year, with a deadline for complete application submission of June 30. Applications collected during this time period for loans for the upcoming school year (beginning August or September). Please note that borrowers must apply each year to continue to receive their Pierstorf loan.
Applications are not considered complete until your Financial Offer letter (freshman) OR statement of student account and re-enrollment proof, student essay, transcript, and Pastor’s Endorsement Form (for first-time borrowers) are submitted via our online application.
Eligibility
The applicant and/or one parent or guardian must be active members of a Lutheran church in Ohio. The applicant must be enrolled full time in a four-year undergraduate program at an accredited college or university. Loans are available for only four years of an undergraduate program; they are not available for graduate school students. Seniors in high school are encouraged to apply before their graduation using first semester senior year transcripts.
Designated Churches
The loan program began at Dr. Pierstorf’s home church, Messiah Lutheran, in Fairview Park. Today we accept applications from any Lutheran church in the state of Ohio. Dr. Pierstorf was a steward of grace. The fund is now able to do what was first envisioned: serve more and more young people!
Pastor Endorsement
A required part of the application process for first-time borrowers is a Pastor’s Endorsement. Using a form we provide, the pastor comments on the applicant’s church life. We rely heavily on this recommendation when students first enter our program.
Loan Approval & Repayment Process
The Pierstorf College Fund Loan Committee reviews each application, considering the student’s academic record, church participation, college costs, and other pertinent information. When the first loan is approved, the student and parent(s) meet with the committee to discuss the loan and repayment plan, and to sign the promissory note. Future loans for subsequent college years do not require an in-person meeting, but students must apply each year. The distribution is made payable to the student and their college or university.
After graduation, the student is expected to fully repay the loan within five years. These 60 even monthly payments begin six months after graduation or when the student ceases to be enrolled in college. Regardless, payment must begin five years after the first loan is granted. The maximum loan is $3,000 per year. The entire period of the lending years and repayment years are interest-free as long as the payments are made on time. Late payments will trigger the addition of an interest-rate to the loan.
Loan Signing Day
All first-time applicants and a parent (guardian) meet with a committee member to secure the loan. This is the only time we meet with the applicant. These meetings are held on the last Saturday in July, either in person or zoom options are available.
Pastor Endorsement Form
The applicant’s Pastor must complete the endorsement form which can either be in the format of a digital form, or download and print a hard copy. This is the sole reference required for each application. Completed Pastor Endorsement Forms must be received by the Pierstorf College Fund Committee by the application deadline of June 30. Hard copy forms can be sent to: Pierstorf College Fund, 21485 Lorain Road, Fairview Park, OH, 44126. Please contact our office with questions regarding the Pastor Endorsement Form.
Automatic Payment Authorization
This form allows establishment of automatic debit payments for the loan. To complete, please print, complete the form, attach a voided check, and mail to the Pierstorf College Fund as instructed on the form. Completed forms may be scanned and emailed, along with the voided check sent to [email protected]rg.