Mary E. McGarry Student Loan Fund
Through a generous gift from the estate of Mary E. McGarry, Fresno State Foundation holds an endowment that is dedicated to providing student loans to financially needy, full-time Fresno State undergraduate or graduate students majoring in a field within either the Jordan College of Agricultural Sciences and Technology, or the Craig School of Business.
If you qualify for a loan from Mary E. McGarry loan fund, you may have the loan forgiven if: (1) you elect to perform a service learning project administered by the Office of the Dean, and (2) you satisfactorily satisfy the requirements of the project within the semester that you received the loan. For more details on the forgivable nature of the loan and the required service learning project, please contact the Office of the Dean. Any income tax liability resulting from such loan forgiveness shall be the sole financial responsibility of the loan recipient.
In order to be considered for a Mary E. McGarry student loan, you must first fill out and submit online a FAFSA (Free Application for Federal Student Aid) form by the deadline date for the McGarry loan application form. In addition, you must fill out a Mary E. McGarry loan application form.
The deadline for completing the FAFSA form and submitting this application to the Financial Aid Office is August 30, 2013 if you are requesting a loan for the 2013-2014 academic year or just the Fall 2013 semester, and December 16, 2013 if you are requesting a loan for just the Spring, 2014 semester. You must be enrolled in a minimum of twelve (12) units as an undergraduate student or eight (8) units of 200 series classes as a graduate student, before submitting your Mary E. McGarry loan application to the Financial Aid Office.
The interest rate for a Mary E. McGarry student loan is one percent (1%) simple interest. The maximum amount that a student may borrow is Ten Thousand Dollars ($10,000) per year ($5,000 per semester) for a maximum allowable cumulative amount of Forty Thousand Dollars ($40,000). All loan proceeds and accrued interest shall be fully due and payable no later than five (5) years after you cease to be enrolled as a full-time student at Fresno State.