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The Honolulu Advertiser
Posted on: Thursday, April 10, 2003

Hawai'i scholarship money doubled

Advertiser Staff

USA Funds of Indianapolis and its affiliate, SMS Hawaii — guarantors of student loans — will make it a little easier for people to afford to go back to school.

The loan guarantors have doubled to $300,000 the amount of money to be used for scholarships in Hawai'i for 2004. And the emphasis will be to open up scholarships to students from households with annual incomes under $50,000.

The program provides $1,500 scholarships to full-time graduate and undergraduate students and $750 scholarships to part-time undergraduates. As long as students remain eligible, the scholarships may be renewed until the students have finished their degrees or accumulate a total of $6,000 in awards under the program.

The Hawai'i Silver Anniversary Scholarship Program also celebrates the guarantor's 25th anniversary in Hawai'i. Information about the scholarship will be distributed to college financial-aid offices and high school counselors this fall, and applications should be made through them.

SMS Hawai'i also will offer a one-time loan-forgiveness program to certain student loan borrowers experiencing economic hardship.

Borrowers who have applied for an economic hardship deferment will be eligible for forgiveness of up to $2,500 of their outstanding balances. An estimated 55 Hawai'i borrowers will save about $120,000. Eligible borrowers will be notified by SMS Hawai'i.

SMS Hawai'i is a nonprofit student-loan secondary market for Hawai'i whose mission is to ensure a continuous supply of private capital to meet higher education financing needs in Hawai'i.