School loans should be considered a last resort for financing an education. Who wants to have to pay back a loan? However, when needed, school loans are a good investment. Most college students end up having to borrow some money. That’s often because no one taught them how to use other mechanisms to fund their schooling. The Yount Seminar is designed to help people explore those other options prior to going the loan route.
When loans are needed, there are basically three options: government, Yount, and private parties. Government loans were revised beginning July 1, 2010 and no longer work through local banks. Because the interest rates on government loans are low, the Yount Program encourages that route so that the Yount Fund money can be used for those who don’t qualify for federal loans. The Yount Program covers the options and teaches how to go about applying for either type of loan. Private bank loans are discouraged because of the higher interest charges. After other funding options and government loan options have been exhausted, the Yount Fund makes education loans to worthy and needy LDS Church members ages 18-40.

Private party loans have higher fees and interest and should be avoided if at all possible. However family organizations often provide loans. Many are interest free. They can present relationship problems if they are not repaid.

How Yount Loans Work

• Loan amounts are up to $3,000 per year and $10,000 total. Loans have a low interest rate (currently 3% – but subject to change based upon inflation). Loan money is paid directly to the school, semester by semester. An invoice from the school is required. Students are reimbursed for books and supplies up to $200 dollars. Receipts are required.
• Students begin repaying their loans while in school with a monthly $5 payment. Within 150 days after finishing or ending school, students must start repaying the loan. The loan repayment is amortized over eight years. Yount loan funds are limited. Faster repayments allow more people to have a loan opportunity.
• The Yount Fund has limited resources. It is to provide a boost to get students into school who otherwise could not attend. The loan limit is $3,000 per year, $10,000 total. Loan recipients must be in need and are expected to be frugal in their spending for school. Unless special circumstances apply students are expected to attend school near their home so that they can avoid unnecessary expenses for out-of-state tuition and room and board. Special circumstances should be spelled out in an accompanying letter. This request will allow more students to take advantage of the Yount Loan. In the same vein, if students are eligible for federal loans we encourage them to take advantage of that opportunity.

Yount Loan Requirements

• Complete the Yount Seminar.
• Pay your own way as much as you can and work part-time while in school.
• Complete the loan application (done online), including:
• The LDS Employment Resource Services Office will validate the job opportunity and salary estimates for your chosen career as well as the legitimacy of the school.
• You will be notified after the Loan Committee approves your loan.
• Obtain worthiness signatures on a printed copy of the finished application from both bishop and stake president.
• You will then have to sign the loan documents.

About Worthiness and Need
Other than a missionary requirement, worthiness and need are determined by the bishop and stake president.
The Yount Loan Committee expects male members of missionary age to serve missions unless they are excused from missionary service (due to marriage or handicapping conditions, etc.) However, if a person has not reached missionary age they may apply for a Yount Loan to begin their education. Payments are exempted while they are on their missions.

• Yount Program Contact Information
• See this website for current contact information.
• For application assistance after the Young Seminar, contact Judy Maxfield:
• Phone toll free: (800)453-3860 X 20561
• Email: maxfieldjl@ldschurch.org