Bell Gardens : City Council Funds College Loan Program for Residents
The City Council has set aside $2.5 million to create an interest-free oan program for Bell Gardens college or trade school students.
The money will come out of reserves from the city’s $17.3-million general fund and will be invested. City officials said they hope to earn 10% interest, which would be used to fund the student loans, City Manager Charles Gomez said.
The average loan will be $4,500 a year, Gomez said, which is enough to pay for a year’s tuition at a University of California campus and for some book expenses. The maximum loan amount is $10,000.
Students will be expected to pay back the loans within 10 years of graduating but will get a four-year grace period before the payments must begin.
Gomez said the city also will encourage students interested in attending trade schools and community colleges to apply for the loans.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.