Cranston Veterans’ Memorial Fund awards $1,000 interest-free college loans

By MERI R. KENNEDY
Posted 1/4/19

The Cranston Veterans’ Memorial Fund is a rotating loan-fund supported and operated by the citizens of Cranston with the cooperation of the Cranston School Department.

The fund is administered …

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Cranston Veterans’ Memorial Fund awards $1,000 interest-free college loans

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The Cranston Veterans’ Memorial Fund is a rotating loan-fund supported and operated by the citizens of Cranston with the cooperation of the Cranston School Department.

The fund is administered by respected members of the community, educators, business and professional people, and civic leaders working in cooperation with the Cranston School Department. The fund was established in 1956 as a “living memorial” to the 73 sons of the city who laid down their lives for democracy during World War II and the Korean War.

This year the CVMF distributed interest-free loans at its annual awards night at the Sprague Mansion on Dec. 27. They also started a new tradition that night. This year all those recipients who attend the Awards Night were eligible for a drawing of one of five no-interest loan awards.  There were four $500 awards and one $1,000 award.

Those receiving interest-free loans were: Naicha Mercier, Noah James, Kailee Pearson, Alexandra Corcoran, Nicole Sacco, Amber Rastella, Kyle Hammond, Zachary Ramsey, Nicole DeAngelis, Taylor Grant, Zachary Sparks, Emily Nunez, Peter Xiong, Ethan Gomez and Lagzacine Alexandri.  

Recipients were selected by the executive board of the CVMF.  The selection is based on the completed application, school and community involvement, and personal recommendations.  The number of loans awarded each year is based on the fiscal strength of the CVMF.

The five who won the drawing were: Peter Xiong ($500), who is attending Berklee College of Music; Zach Ramsey ($500), who is attending Lasell College; Kailee Pearson ($500), who is attending Mass. College of Art & Science; and Naicha Mercier ($500), who is attending the Fashion Institute of Technology. The $1,000 winner was Nicole DeAngelis, who is attending URI.                                                               

The Board of Directors of the Cranston Veterans’ Memorial Fund is proud to have played a part in supporting aspiring young students who seek to further their education after graduating from the city’s high schools.

Each recipient received a $1,000 interest-free loan. This loan is renewable yearly, upon submitting an application and transcript, for a total of $4,000 over a four-year span. These loans are expected to be repaid in full within four years after completion of the educational program or immediately upon dropping out of a full-time program. Complete payback is vital to the continuing success of the CVMF.

Any resident of Cranston who is a graduate of Cranston East, Cranston West, or the NEL/CPS Career Academy and is enrolled in an accredited post-secondary institution, on a full-time basis, is eligible to apply for an interest -free loan from the CVMF.

Information and applications regarding these loans can be obtained from either the guidance counselors at CHSE, CHSW or NEL/CPS Career Academy or by writing to the Cranston Veterans’ Memorial Fund P.O. Box 3686, Cranston, RI 02910. Loan recipients will automatically be sent an application to renew.

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