Purpose:To reduce the amount of student loan debt incurred by clergy in appointment in the Dakotas and Minnesota Annual Conferences and increase personal financial literacy through participation in financial education opportunities.
- The applicant is a provisional or ordained deacon or elder or a licensed local pastor in good standing with the Dakotas or Minnesota Annual Conferences.
- The applicant is under appointment and actively serving a local UM congregation or an extension ministry in the Dakotas or Minnesota.
- The applicant is a provisional or ordained deacon or elder or licensed local pastor in the Dakotas or Minnesota Annual Conferences who has been under active appointment within the last year, but is currently on leave.
- The applicant is able to provide evidence of current student loan debt resulting from college or seminary education.
- The applicant has been under appointment ten years or less and completed approved financial literacy training.
- The applicant, as described above, is eligible to receive up to $5,000 annually renewable up to three years total, not to exceed the student loan payoff.
Steps in the Application Process:
Complete the application between July 1 and September 30, 2019. Provide documentation supporting the completion of personal finance education. If personal finance education has not occurred within three years of the application date, please contact Diane Owen, program director of the Lilly Grant, at firstname.lastname@example.org. She can provide assistance in identifying appropriate financial education options. Provide evidence of student loan debt repayment commitment and current balance, along with loan information needed for payment. Submit finance education documentation and student loan debt information to Diane Owen at email@example.com mail to: Diane Owen, 122. W. Franklin Ave., Ste. 400, Minneapolis, MN 55404-2453.
Grant Review Team and Process:
- The grant review team is comprised of the Lilly Grant program director and the executive directors from the Dakotas and Minnesota United Methodist Foundations along with United Methodist lay people from the Dakotas and Minnesota Annual Conferences. Clergy or staff of either Annual Conference are not part of the review team. All personal information provided is held in strict confidence and not shared with anyone outside of the team without your consent.
- The grant review team notifies the grant recipient of the applications status within 30 days of review.
- A grant up to $5,000 is paid to the institution holding the loan within 60 days of the applications approval. The grant may be disbursed in one lump sum or over 12 monthly payments to one or more loan institutions.
- A 1099 for the grant amount will be issued to the grant recipient at the end of the year.
If you have questions about the grant process or need additional resources, contact Diane Owen at firstname.lastname@example.org.