Bell Gardens Program to Fund Loans for Trade School, College
The Bell Gardens City Council has set aside $2.5 million to create an interest-free loan 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 is $10,000.
Students will be expected to repay loans within 10 years of graduating but will get a four-year grace period before the payments begin.
Gomez said the city also will encourage students interested in attending trade schools and community colleges to apply.
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