Mount St. Joseph University

Students Receive Interest-free Loans

Admission & Financial Aid, Student Life

By: Kathleen Cardwell

File Under: financial aid, news, press release, students

Mount St. Joseph University has been awarded a $100,000 grant from the Charles E. Schell Foundation, Fifth Third Bank, Trustee

Cincinnati, OH – Mount St. Joseph University has been awarded a grant from the Charles E. Schell Foundation, Fifth Third Bank, Trustee. The funds will be used to offer interest-free loans to returning students through the Schell Student Loan Program. Unexpected gaps in federal funding is one of the reasons students struggle with financing their college education during the four or more years it takes to earn a bachelor’s degree. The grant from the Schell Foundation will aid the Mount in directly impacting this critical need.


“The timing of this grant is extremely beneficial as we help returning students and their families finalize their financial aid plans for the next school year, stated Kathy Kelly, the Mount’s director of student administrative services. “More than 95 percent of our students receive some form of financial aid, and these loans can immediately reduce the financial gap in a student’s education budget.”

These interest-free loans are often referred to as honor loans, as the students are entrusted with repaying the loans when they are able, versus within a specific period. Students receiving the loans will be expected to understand the Schell Foundation’s guidelines for the loans, including an emphasis on the intrinsic, pay-it-forward values of repayment, so future Mount students can benefit from these loans. Students find these loans to be hassle-free as the Mount’s friendly, familiar staff guides them through the process.

Shanyce Matthews, a junior from Louisville, Kentucky, majoring in psychology at the Mount, knows firsthand how critical these loans are to students. A scholarship recipient and stellar student, Shanyce was faced with a gap in her financial aid, due to an unexpected end to an on-campus job. “This loan was truly a life-saver for me, as it provided a secure and simplified way for me to ensure my tuition was covered. Now I can continue to focus on my psychology classes and begin thinking about my career goals.”

Mount administrators are grateful for the generosity of the Schell Foundation, as these annual honor loans are a testament to the Mount’s commitment to each student achieving their educational goals. Since 1992, the Mount has received grants from the Schell Foundation, totaling $700,000. In the grant award letter, representatives from the Schell Foundation recognized the Mount’s consistent, high-quality stewardship of the grant funds. In prior years, the $100,000 was distributed over four years. This year’s grant of $100,000 has been awarded all at once, resulting in a significant number of Mount students benefiting from this loan program. First priority will be given to seniors followed by juniors.

Mount St. Joseph University is a Catholic academic community grounded in the spiritual values and vision of its founders, the Sisters of Charity. The University educates its students through interdisciplinary liberal arts and professional curricula emphasizing values, integrity, and social responsibility. The Mount’s hallmark has always been smaller class sizes and personalized attention for all its undergraduate, graduate, and doctoral students, along with a commitment to preparing graduates who are career-ready and leadership-focused.