$5 Million Added to Gilbert Loan Fund at UMaine
Contact: Joe Carr at (207) 581-3571
ORONO — The Charles E. Gilbert Loan Fund, which provides low interest loans to University of Maine graduates who are accepted at medical, dental or veterinary schools, has grown by $5 million with an additional contribution to the fund from the Charles E. Gilbert Trust. The fund is held and managed by the University of Maine Foundation. The addition of $5 million, which was provided earlier this year, is the largest addition ever made to an endowed fund at the UMaine Foundation.
Some 200 students have received loans from the fund over the past 25 years. Approximately $650,000 is available each year, provided in the form of an interest-free loan for the duration of the student’s academic program and up to three years for a required internship. In repayment, the loan has a three percent interest rate. Loans typically range from $10,000 to $20,000 annually; 30 were awarded for the 2003-2004 academic year.
Gilbert graduated from The University of Maine in 1894. He was connected with the Great Northern Paper Company for many years as a mechanical engineer. Throughout his life he was engaged in a number of lumbering operations and made several trips around the world.
“Mr. Gilbert demonstrated great foresight and generosity by remembering University of Maine students in his will in such a meaningful way,” says Amos E. Orcutt, President/CEO of the University of Maine Foundation. “His fund may someday help to alleviate the state’s shortage of medical professionals.”
UMaine students interested in more details should contact the Office of Student Financial Aid.