STUDENT TOOL KIT

Introduction

Iduka was formed in response to make college more affordable in our communities, our nation, and the world. In December 2008, a group of volunteers from Port St. Lucie, Florida, met to organize a program to help students reach their goal of higher education. The group established a financial aid process that can bring meaningful change in our society. The purpose of an Iduka micro-loan is to make post-secondary education more affordable by: helping students pay any of the expenses of higher education with an interest free loan; or giving the students a chance to pay back by volunteering in their local community if Iduka is able to secure matching funds to repay the outstanding loan.

1. Iduka Micro-Loans

• Iduka Micro-loans cap at $3000.00.
• Iduka Micro-loans are interest-free. Iduka field partner sponsoring student may charge a small processing fee.
• Students need to repay the loans according to terms and conditions agreed upon with Iduka and student sponsoring field partners.

2. Applying for an Iduka Micro-Loan

• Anyone with a high school diploma or GED who is enrolled in an accredited post-secondary program may be eligible for an Iduka micro-loan. These include, but are not limited to: universities, community colleges, vocational schools, technical schools, and trade schools.
• There is no age limit or residential requirement.
• Minors who apply must have signed permission from a parent or guardian.
• Iduka is a web-based organization and anyone, anywhere who meets the qualifications can apply on the Iduka website. For an application, go to www.iduka.org/student_application.html

3. Qualifying for an Iduka Micro-Loan

• Before submitting an application, students are required to read the Student Guide to determine whether they qualify as an applicant for an Iduka micro-loan.
• The micro-loan must be for a qualified use. These include all educational expenses, but are not limited to the following: tuition, fees, books, supplies, special equipment, research, and study abroad.
• There are other expenses not directly related to educational costs which also qualify. These can include but, are not limited to the following: housing, meal plans, medical insurance, and transportation.

4. Selection for an Iduka Micro-Loan

• Student will submit an online application by visiting Iduka’s website. The application can be accessed via www.iduka.org/student_application.html
• Upon approval by an Iduka field partner student’s profile is posted on the Iduka website.
• Gifters will go to the website and select the student for their loan.
• Upon successful funding of each loan, Iduka will notify the Iduka field partner sponsoring the student.  

5. Disbursement of an Iduka Micro-Loan

• Students are required to repay their Iduka micro-loans according to the terms and conditions agreed upon with their respective sponsor.
• Iduka field partner sponsoring student will make loan payable according to the terms and conditions previously established with student. 

6. Repayment of an Iduka Micro-Loan

• Upon receiving funds from gifters, Iduka will transfer these funds to the Iduka field partner sponsoring student.
• Students who do not repay their Iduka micro-loan cannot apply for another Iduka micro-loan.

7. Terms and responsibilities of an Iduka Micro-Loan

• The time to repay an Iduka micro-loan will be arranged at the time the loan is requested.
• Iduka micro-loans are interest free. However, the Iduka field partner sponsoring the student may charge a small processing fee.
• Student is responsible to repay a micro-loan received.

8. Loan-to-Grant conversion program

• Iduka micro-loans may in some cases be converted to Iduka grants.
• Student may be eligible for a loan-to-grant conversion if:

• Student proves an unforeseen hardship, such as a genuine emergency.
• Local volunteer organization requests student participation in one of its programs.
• Student application will need to be supported in both cases by the student sponsor organization.

• Matching grant funds must be available to allow the conversion of an Iduka micro-loan to an Iduka grant. A volunteer organization must also be available for student placement. 

9. Iduka network of participating Schools, Colleges, and Universities

• TAccredited Colleges and Universities.
• Accredited Technical, Vocational, and Trade schools.
• Please contact us for a current list of eligible post-secondary education institutions in Indian River, Okeechobee, St. Lucie, and Martin Counties.
  

10. Satisfactory Academic Progress

• Students are required to maintain a passing grade and report progress to sponsor organizations per terms and conditions agreed upon at the time of loan request.

11. Personal Identification

• Students will be assigned an Iduka Identification code. 

12. How to Contact Iduka

• You may contact us via email or by phone at 772-335-9030.