The Olson/Wolf Loan Program
THE OLSON/WOLF LOAN PROGRAM
The Olson/Wolf Loan Program makes college loans to graduates of high schools in Boone, Antelope, Greeley, Nance and Wheeler Counties. Loans in excess of $800,000 have been made to students in the five(5) county area. These loans were made possible by generous gifts from Grant and Berenice Olson and Max and Hattie Wolf.
Grant and Berenice Olson were long-time farmers in Boone County. They survived the Depression and seven years of drought. They were extremely hard workers and very frugal people. The Olsons had no children and they decided to leave most of their estate to charity. Grant had a longtime friendship with Max Wolf and Max’s nephew, Jim Wolf. Grant asked Jim for advice on what would be worthy local charities. Ultimately, the Olsons decided to bequest 30% of their estate to a loan fund for graduates of area high schools. In 1989, the Olson estate donated close to $1.0 millionto the Albion Education Foundation and the Olson Loan Program began.
Max and Julius Wolf were brothers who farmed and raised cattle in Boone and Wheeler Counties beginning in 1910. Julius’ son, Jim Wolf, carried on the family business and his son, Jay, continues operating it today. Max wanted to help students help themselves. His idea was to create a loan fund that would be repaid so future generations could benefit as well. The Wolf Loan Program was first established in 1952 by Max and his wife, Hattie, in memory of Julius. The Wolf Loan Fund grew over the years to $300,000 and was merged with the Olson Loan Program in 2003.
The Olsons and Wolfs were people who were willing to share what they had with others. Their vision has helped hundreds of area students achieve their dreams of a college education.
The Olson/Wolf Loan Program is a fund managed by the Albion Education Foundation. The Boone Central School Board approves loan applications. Daily administration of the loan program is provided by volunteer, Rick Martinsen, CPA, and staff at Boone Central Schools. The loan program could not be a success without their efforts.
The Olson/Wolf Loan Program makes college loans to graduates of high schools in Boone, Antelope, Greeley, Nance and Wheeler Counties. Students are eligible if they are enrolled in a post-secondary educational program for the purpose of obtaining a degree, a certificate or other recognized educational credential. Eligible programs include community colleges, schools of business, vocational training, any 4-year college or university, and postgraduate programs. Merit and needs of the applicant are given priority, not the applicant’s age or year of graduation.
A financially responsible adult co-signer is required for each loan. An applicant’s spouse, ex-spouse or fiancé may not be a co-signer.
If a student qualifies for this loan, the student will have no interest on the loan while enrolled for consecutive semesters or consecutive grading periods defined by the post secondary school (i.e. quarters, trimesters, etc.). A summer session is not considered as one of the consecutive grading periods.
The lender is the Olson/Wolf Loan Fund. The lender or anyone who takes this note by transfer is called the note holder. The student agrees to immediately notify the note holder of any change in the student’s permanent address or enrollment status.
Within six(6) months after the student(borrower) leaves school or is not enrolled during consecutive grading periods, the loan will be converted to an installment note. It is the responsibility of the borrower to negotiate the terms of his/her loan with a local bank. Many of the local banks are aware of the program and try to give the borrower interest rates and terms similar to the federal loan program. These loans may be purchased by participating banks with full recourse back to the Foundation. Each bank will sign an agreement with the Foundation with complete procedures.
Any amount awarded to an applicant will be determined by the total availability of funds in the loan program. The maximum amount for this loan will be $5,000 per year payable, by an equal amount per semester less, $50 management fee from the first installment annually with a maximum of $20,000 in 4 years and an allowance of $5,000 for a fifth year for a maximum of $25,000. This loan must be renewed each year through the application process.
LOAN APPLICATION PROCESS
To apply for an Olson/Wolf loan, the applicant must complete an application form, obtain a letter of reliability from the applicant's bank, submit a transcript and have three(3) recommendation forms completed. These forms are available on-line at the bottom of the page. When completed, mail forms to: Boone Central Superintendent’s Office, Box 391, Albion, NE 68620. Once the loan applications have been reviewed by the Boone Central Board of Education, all applicants will be informed of their loan status in writing.
If an applicant is granted a loan, the applicant will receive an “Olson/Wolf Loan Agreement Note” from the Superintendent’s office to be signed by the applicant (Borrower) and the co-signer. Signatures on the note must be notarized. Also, the applicant will receive a “Notice to Co-signer” form, which must be signed by the co-signer.
Both forms (Loan Agreement Note and Notice to Co-signer) must be returned to Rick Martinsen, Treasurer, P.O. Box 45, Albion, NE 68620. You also must provide proof of enrollment. Upon receipt of the properly signed forms and proof of enrollment, a first semester payment less of $50 management fee will be made to the borrower.
For the second semester, the borrower must submit proof of enrollment to Rick Martinsen, Treasurer, P.O. Box 45, Albion, NE 68620. Upon receipt of the proof of enrollment, the second semester payment will be made to the borrower.
March 30 - Application and recommendation forms available below. To receive a loan, the application and a letter of credibility from the bank must be submitted annually.
July 1 - Deadline for submission of loan applications. Applications submitted after July 1st will not be considered.
July 20 - Notification of loan status
August 10 - Signing of Olson/Wolf Loan Agreement Note and Notice of Co-signer
August 30 - 1st semester payment less $50 management fee to student or college/institution. Remember to provide proof of enrollment to: Rick Martinsen, Treasurer, P.O. Box 45, Albion, NE 68620
January 30 - 2nd semester payment to student or college/institution. Remember to provide proof of enrollment. Rick Martinsen, Treasurer, P.O. Box 45, Albion, NE 68620.
Please complete the following documents (along with a letter of reliability from the applicant's bank and a transcript) and return them to Supt. Office at Boone Central High School, PO Box 391, Albion, NE 68620 before July 1st.