A new loan program will enable students attending the Solid Rock School of Discipleship to obtain short-term, fixed-rate interest loans to cover the cost of their education. The loans are available for students entering the 2017-18 school year and beyond.
Solid Rock is a ministry of Lake Beauty Ministries in Long Prairie, Minnesota, and serves as a one-year Bible college and discipleship school for young adults.
The school has partnered with National Covenant Properties to provide the loans. National Covenant Properties is the lending arm of the Evangelical Covenant Church that supports the growth of local and regional ministries by connecting mission-minded investments to kingdom-expanding projects. It is providing the funds to Solid Rock, who then issues the loans.
The school has already had a major impact on students in the three years since it opened. A story published in The Covenant Companion, “School of Solid Rock,” was written by a former student who reflected on her experience.
Evelyn Jorgensen wrote, “There are so many parts to the year that I could point to and say, if only for this one thing, the whole year would be worth it—the trip to the Holy Land; the knowledge I gained from our studies; applying that knowledge to my life; and the community Solid Rock provided me. During the year I worked through some personally difficult things, and people came alongside with me in important ways. They became a family to me.”
The loan program has two options (details are based on the 2017-18 tuition rate):
Upfront Due: $4,100 ($600 deposit at time of acceptance and balance due by October 1)
Loan Amount: $8,000
18 or 24-month repayment at 4.5% fixed interest
First payment due February 1 of the year of enrollment
Option 2 (Only to be given in rare circumstances):
Upfront Due: $600 deposit at time of acceptance
Loan Amount: $11,500
24-month repayment at 4.5% fixed interest
First payment due September 1 of the year of enrollment (repayment begins immediately)