Origin and purpose:

Since 1922, the Rotary Club of Davenport has offered educational loans to students who maintain a grade point average of 3.0 or above. The program was created by the Rotary club and two additional contributing families, Walter and Alice Ackerman, and James and Marguerite Dunn.

• Loans are available for $2,000 annually to Scott Country residents only.
• No interest is charged while student is enrolled in school. Rate of interest charged after graduation will reflect the June 15 rate of the current year for a 5-year U.S. Treasury Bond.
• Student and co-signer are required to sign a Promissory Note.
• The note will be payable in equal monthly installments over a seven year period beginning three months after graduation, termination of studies, or seven years after the date of the initial loan.
• Loan checks are made payable jointly to the student and the college or university.
• Any failure to repay the loan constitutes a default. Upon default, a delinquency charge of 1.65% per month (19.8% APR) of the total amount will be assessed. The co-signer is also responsible for the debt should the student default.