1. Loan Amount
1.1 The maximum amount of each loan is $2,000.00.
1.2 At any given time, a member cannot have in excess of $2,000.00 in loans outstanding.
1.3 Undergraduate nursing students working towards RN registration with the CNO may also apply for PEF loans. The number of PEF loans available to undergraduate nursing students is up to ten per year.
2. Loan Eligibility
To be eligible applicant must:
2.1 provide a letter of acceptance into a program of study from an accredited college or university or RNAO program that will further her/his career in nursing .
2.2 be a current RNAO member or undergraduate nursing student associate and have been an RNAO member or undergraduate nursing student associate for at least 1 year immediately prior to the loan application for the initial loan.
2.3 be a current RNAO member or undergraduate nursing student associate and have been an RNAO member or undergraduate nursing student associate for at least 2 years immediately prior to the loan application for the second and subsequent loans, and have no lapse in their membership during the time that the initial loan is outstanding.
2.4 continue to be a RNAO member or undergraduate nursing student associate until the loan is repaid.
2.5 successfully complete the program of study that entitles her/him to a certificate, diploma or degree.
2.6 designate a guarantor who has provided the RNAO with documentation that s/he has met the terms and conditions to guarantee the loan or provide collateral in a form satisfactory to the RNAO together with a fully executed Security Agreement.
2.7 When all loans are paid in full, and there is no balance outstanding, the next loan application will be considered an "initial loan".
3. Payment of Loans
3.1 Payment will be received in Canadian funds through the Association' s Pre-Authorized
Payment Plan.
3.2 The repayment of the loan shall commence immediately after the completion of the course.
3.3 The minimum monthly repayment will be 5% of the total amount of the loan. Loans will be interest free for one year from the date of first installment; thereafter, interest shall be due and payable monthly on the unpaid balance of the loan and interest shall be calculated at the bank prime plus 1% in effect as established from time to time by the bank used by RNAO.
4. Loan Deferral
4.1 A loan deferral will be granted only if written confirmation from the educational institution is received confirming that the graduation date has been extended. The initial loan payment date will commence immediately upon the new graduation date.
4.2 Loan deferral requests due to financial hardship will be considered by the Director of Membership and Services on an individual basis. The monthly payment and length of deferment are at the discretion of the Director of Membership and Services.
4.3 In all cases of loan deferment, the interest charge will continue to be applied to the amount of loan repayment as per the original agreement.
5. Processing of Loan Applications
5.1 RNAO will consider only those applications with completed documentation.
5.2 RNAO will consider applications in the order in which they are received
with preference to those applications from members who
have no
outstanding PEF loans.
6. Confidentiality
6.1 RNAO will treat all information pertaining to the loan as confidential.
Implementation:
This policy will go into effect as of November 1, 1999. Changes to policies regarding terms will not affect previously disbursed loans, and existing contracts will remain unchanged.
Application For Loan
Complete in Full - Please Print Clearly
Incomplete Applications will be Returned to Sender
I, the undersigned, hereby apply for a loan of $
(max. $2,000.00), to assist me in my studies.
RNAO Membership #:
Previous Loan(s) yes, Amount(s):
Paid in full
yes no
Loan deferral
yes no
Res. Phone: ( ) -
Bus. Phone: ( ) -
Name:
Address:
Postal Code: ______ - _
__
Mailing Address During Course ( if known)
Name of course or program to be taken:
Name and Location of College/ University:
Approximate Date of Completion of Course: Month:
Year:
Date of Acceptance (proof of acceptance to be sent with application):
/
/
Day, Month, and Year when loan required: / /
State the amount you can repay on the loan each month ( minimum 5% of the loan ): $ / month
Give details of your nursing education:
Name of School and Date of Completion of Basic Nursing Program:
Year:
Post Basic Study - Program : Year:
Record of Professional Experience ( giving
names and addresses of employing agencies, positions held, and dates in each case ):
| Date (From - To) |
Position Held |
Name and Address of Employer |
| |
|
|
| |
|
|
| |
|
|
You may elect to have a guarantor or pledge collateral
to secure
your loan. Please choose one option:
Guarantor Agreement (form attached)
Security Agreement to pledge collateral (form attached)
Dated at __________________ this ______ day of ________________ 20____, I herby declare that all the
foregoing answers are true.
Witness
Signature
Applicant Signature
Address
Address
Phone
Number
Phone Number
Permanent Education Fund Guarantor Agreement
Complete in Full Detail
I, the undersigned, have been asked by
to guarantee repayment to the Registered Nurses' Association of Ontario of a loan not exceeding $
from the Registered Nurses' Association of Ontario, and I hereby give the following information concerning myself, all of which
I declare to be true:
( Please print clearly)
Name ( in full ):
Address:
Postal Code:
Occupation:
Employer:
Address:
Postal Code:
Bus. Phone : ( )
Res. Phone: ( )
Are you of legal age ( 21 years )? yes _____ no ____
Are you related to the applicant requesting the loan?
yes
no
If yes, how?
Are you able to repay the loan in full at any time if called upon to do so? yes no
Dated at _________________ the ______ day of ___________ 20_____
Witness Signature
Guarantor Signature
Address
Address
Phone Number Phone Number
PEF Security Agreement
