Frequently Asked Questions

Who can apply for a loan from the Fellows Foundation?

Click here for eligibility requirements.

What are the appropriate fields of study in order to apply for a Fellows Foundation loan?

Click here for accepted fields of study.

Is there a residency requirement?

Yes. Applicants must be a U.S. citizen and be a bona fide resident of Escambia, Santa Rosa, Okaloosa, or Walton Counties in Northwest Florida.

Do I need to be a student at Pensacola State College to be eligible?

No. Pensacola State College provides administrative support to the Fellows Foundation, but loan recipients may study at any accredited school in the appropriate field of study.

How much funding am I allowed to request from the Fellows Foundation?

Loan amounts will be determined by the needs of the applicant and will vary depending on the program of study and the length of time it takes to complete the program. Loan amounts are also based on the cost of attendance at the school the student will be attending.

Medical school recipients may apply for any loan amount but loans are capped at $160,000 for the full four years of medical school education. Medical school applicants with less than four years remaining will have their loan amount prorated based on the number of years left in their training.

What is the interest rate on the loan?

Loans are interest-free until graduation. For all loans, repayment begins on the first day of the fourth month following graduation with zero interest for the first 60 months (five years) of principal repayment.

For loans totaling less than but not exceeding $25,000, payment of principal and interest at Prime rate (not to exceed 8%) begin the 61st month through the 84th month of repayment (remaining two years).

For loans exceeding $25,000 up to the maximum, payment of principal and interest at Prime rate (not to exceed 8%) begin the 61st month through the 144th month of repayment (remaining seven years).

How are the loan funds disbursed?

Loan funds are disbursed on a semester-by-semester basis, but only at the request of the recipient through a Disbursement Request process. Loan funds are sent to the school and the school makes the disbursement to the student.

How long am I eligible for scholarship loan funding?

A student may continue to receive funding as long as he/she is actively enrolled in an appropriate field of study at an accredited university. The length of scholarship loan eligibility will depend on the program of study and the appropriate length of time it takes to complete the program as determined by Fellows Foundation Trustees.

Must I maintain a certain GPA and credit-hour enrollment requirement in order to keep my loan scholarship?

Your college has their own minimum GPA and enrollment requirements for remaining in the particular program of study. The school may not disburse loan funds to the student unless the minimum enrollment requirements are maintained.

If my enrollment or GPA falls below the minimum requirement, can I reinstate my loan?

These situations are reviewed on a case-by-case basis. Depending on the circumstances, the student will be notified what information and documentation would be required to submit to the Consultant and Trustees to request their loan be reinstated.

How do I obtain an application for the Fellows Foundation?

Click here for contact information.

Does Fellows Foundation accept electronic copies of application form via email?

No. You must mail back your completed loan application forms. Photocopies, scans, or any other reproductions will not be accepted.

Is there an application deadline?

Applications are accepted throughout the year. Applicants for loans from the Fellows Foundation must complete an application packet and provide all additional documentation to support their application. No decision is made until all required documents are received.

How will I know if you received my application?

We acknowledge receipt of every application by U.S. mail, email or phone.

How will I be notified as to whether I received a loan or not?

You will receive a letter via U.S. mail that you have been awarded a Fellows Foundation loan.

If approved, when can I expect loan payment?

Loan funds are disbursed on a semester-by-semester basis. The school may not disburse student funds any earlier than the first day of classes for that semester. However, student loan funds are not disbursed to the school unless the student has first submitted the proper Request for Loan disbursement form to the Consultant at least 4-6 weeks prior to the beginning of the next semester.

Can I practice anywhere I like once I finish school?

Yes. However, the Trustees may waive principal repayment for loan recipients (medical doctors) who locate their practice and practice on a full-time basis in rural Northwest Florida. Such waiver is at the discretion of the Trustees.

Who do I contact for further questions about the application process for Fellows Foundation?

Ms. Virginia Santoni

(850) 471-4546

vsantoni@pensacolastate.edu