Prior to 2013, the Mary Jeanes fund at PYM operated by awarding interest-free loans, rather than grants. These supported Friends in a wide variety of post-secondary schooling, including vocational schools, liberal arts colleges, graduate schools and technical training. After that date, all awards were in the form of grants.
☞ Loans may be repaid by mailing a check to: Philadelphia Yearly Meeting, Attn: Accounting, 1515 Cherry Street, Philadelphia, PA, 19102; checks must include “Mary Jeanes Loan” and the name of the loan recipient in the memo line.
For questions about repayment of loans received prior to 2013, contact grants@pym.org. By making loan repayments, recipients assure that financial support for education will be available to future generations of Friends.
Upon notification of a Mary Jeanes Loan award prior to 2013, recipients affirmed the following:
- Within one year of leaving school or college, but not later than five years from the date hereof, I will begin repaying Loan by making consecutive monthly payments equal to 2% of the Loan. In the event I shall have received more than one loan from the Mary Jeanes Loan Fund, my monthly payment shall be 2% of the aggregate amount of all outstanding loans. In any event, the Loan shall be paid in full on or before five years from the date of leaving school or college (i.e., the “due date”). I understand that Loan may be repaid in advance of the above schedule at any time.
- I understand that Loan will be interest-free.
- I agree that timely repayment of Loan will be an equal obligation along with any other debt contracted by me while attending school or college.
- I acknowledge that Loan checks will be made payable to me, personally, and I agree that all Loan proceeds will be used by me exclusively for school or college-related expenses.
- I agree to notify PYM in writing of any changes in my contact information.
- In the event I continue my education in professional or graduate school, or in the event my personal circumstances shall require it, I acknowledge that I may apply to PYM to renegotiate the terms of my repayment of Loan; provided, however, any new terms must be agreed to by PYM and in writing.
- In receiving this loan, I acknowledge that the Mary Jeanes Loan Fund is a resource of the religious community (PYM) of which I am a member, and that it is a resource not only for me, but for those who will come after me. In this light, I accept a moral responsibility, as well as a legal one, to repay this loan so that others may also enjoy the benefit that I now have.
