From Deseret News archives:

LDS fund transforms lives

Published: Thursday, Sept. 29, 2005 11:12 p.m. MDT
 |  E-MAIL | PRINT | FONT + - 
Initially funded on little more than an explanation and a request, an educational loan program for impoverished young people looks to be transforming the lives of tens of thousands around the globe.

By the end of this year, the program, known to members of The Church of Jesus Christ of Latter-day Saints as the Perpetual Education Fund, will have made 24,000 loans at an average of $860 each to disadvantaged Latter-day Saints, using only the interest earnings from the fund.

The program's genesis?

Latter-day Saints believe it was inspiration from God.

President Gordon B. Hinckley, who will preside at the 175th Semiannual General Conference of The Church of Jesus Christ of Latter-day Saints this weekend, was the catalyst for the loan program.

He announced its formation during a similar conference on March 31, 2001, telling Latter-day Saints that it "entails no new organization, no new personnel except a volunteer director and secretary. It will cost essentially nothing to administer."

He then invited Latter-day Saints and others to contribute, noting the fund would continue in perpetuity because it would loan only the interest generated on what he projected would be a continually growing principal.

Story continues below
"We shall begin modestly, commencing this fall. We can envision the time when this program will benefit a very substantial number."

Elder John K. Carmack, who administers the fund for the church, believes those words were prophetic.

The fund provided a relative handful of loans in 2001, but the numbers have grown exponentially ever since, he said. By the end of 2005, he anticipates 24,000 loans will have been approved for young Latter-day Saints in nearly three dozen nations.

Recipients are scattered throughout Mexico, Central and South America, the Philippines, the Caribbean, Cambodia, Mongolia and India, with plans to expand into west Africa, central Europe, Russia, Tonga, Samoa and Fiji, Elder Carmack said.

Applicants work through local LDS seminary and institute personnel, who provide the oversight, screening and support for the program, in addition to their regular teaching assignments. Applications are forwarded to Salt Lake City, where a loan committee meets twice monthly to discuss approval. Loan money to pay for tuition and books is then sent directly to the college or training facility the applicant will attend.

Comments

You can be the first to comment on this story.

Image

Elder John K. Carmack talks about the growth of the LDS Church's Perpetual Education Fund. By the end of 2005, about 24,000 loans will have been approved for young LDS members in almost three dozen countries.

previousnext

Latest comments

The logic is a little fuzzy. Who works at these Big Box Stores. It's you...

Didn't Alabama have six weeks to prepare for Utah?

Use boldness, but not overbearance; and also see that ye bridle all your...

I really enjoyed this article...good truths that we can all learn from...not...

Photo: The Gingerbread (Super)Man

Steve always does such a great job with these works of art! The Wellington is...

You are right about Miles,soft is the best way to describe him,I`d keep...

U. eyes bowl for redemption

Hey yewt fans how's the view from 3rd place? Again?

This story is on ESPN already...finally Hall gets the national recognition he...

Editorial: East, West and religion

Nothing shuts down the brain like the fact that there are too many who have...

Letters: Hall is an embarrassment

10:41 a.m. This isn't about the fans a year ago. That you think what a...

Advertisements