FAQ's

FAQ's

FAQ's

Questions
1) Are Loans Available to Graduate Students?
2) Can I get a Military Deferment?
3) How Can I Dontate to the RCET?
4) How is The RCET Funded?
5) How Much Can I Borrow?
6) What are the terms of repayment?
7) What is the Cooperative Plan?
8) What must I do to receive a RCET loan?
9) Who Oversees the RCET?
10) Who Qualifies for a Loan?

Answers
1) Q Are Loans Available to Graduate Students?
A
Graduate students can now borrow up to $4,000 per semester, or $8,000 per year. Graduate loans are contingent on the availability of funds. A Graduate loan application must be submitted and approved annually.
2) Q Can I get a Military Deferment?
A
RCET recipients enlisting in the armed services will receive a deferment of loan repayments for the first two years of enlistment. An application for deferment must be submitted.
3) Q How Can I Dontate to the RCET?
A
Any individual, business or organization interested in helping Ritchie County citizens obtain a post-secondary education may make a tax-deductible contribution to the RCET. Contributions in excess of $500 are recognized on plaques located in the Ritchie County Board of Education offices, the common Area of Ritchie County Middle/High School and the Ritchie County Courthouse.
4) Q How is The RCET Funded?
A
The Ritchie County Educational Trust was created in 1956 with a bequest of $25,000 from the estate of Minnie Broadwater. In 1964, the estate of Mary C. Flanaghan added over $418,000 to the Trust for the same purposes and it has since been increased by additional donations. Other contributons, including a $530,000 bequest from the estate of Barr Wilson in 2000, have increased the assets of the RCET to more than $1.5 million.
5) Q How Much Can I Borrow?
A
Undergraduate students in years one and two (freshman and sophomore years) may borrow up to $2,000 per semester.  Beginning in the third, or junior year, and continuing through years four and five, if necessary, the undergraduate student may borrow up to $3,000 per semester.  Students MUST re-apply at their junior year, (1) completing a new application form, (2) providing a transcript (an un-official one is fine) showing all college grades to date and a cumulative GPA, and (3) including a full-time schedule (showing hours) for the up-coming semester, which will all go before the Trustees for approval. Students can get a loan for any amount up to the loan cap twice per calendar year for up to five years (or ten semesters). The amount of the loan cannot exceed the tuition of the borrower's school and is contingent upon other financial aid received. 

6) Q What are the terms of repayment?
A
* Loan interest begins accruing immediately at "payment time" (when no longer full-time)
* The first installment is due 90 days after "payment time".
* 60 uniform monthly payments will be made together with accrued interest rates at 4% each of the five years.
* Early repayment can occur without penalty charges.
7) Q What is the Cooperative Plan?
A
The RCET is a revolving loan program, which means that the repayment of loans, fund future loans. For that reason, all repayments must be made promptly and according to the terms of the loan.
8) Q What must I do to receive a RCET loan?
A
* Remain a full-time student
* Remain a Ritchie County resident
* Maintain a 2.0 Grade Point Average or better
* Send a copy of all grades
* Call for appointment for loan closing
9) Q Who Oversees the RCET?
A
A Seven-member Board of Trustees, comprised of the Judge of Third Circuit Court, the Ritchie County Schools Superintendent, one representative from each of the four Ritchie County magisterial districts, and one at-large representative, administers the Educational Trust. All trustees serve a 10 year term without compensation.
10) Q Who Qualifies for a Loan?
A
An applicant must be a Ritchie County resident and must be in the upper fifty percent of is or her high school graduation class scholastically. If already enrolled in a post secondary program, the applicant must have the equivalent of a "C" average or better while carrying full-time hours. All loans must be approved by the RCET Board of Trustees.
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