The fund is being created to assist, for the most part, missionaries who serve from areas of the world such as Asia, Africa, Mexico, Central America, South America and the Philippines who often return to a life of poverty after Church service, lacking the resources to pay for an education. The Perpetual Education Fund will provide loans, with minimal interest, to be repaid once the individual has completed his or her education and is gainfully employed. In making the announcement during the 171 st Annual General Conference of the Church, President Hinckley made clear this is not a welfare effort, but an educational opportunity.
Education is the key to opportunity.
This training must be done in the areas where they live. It will then be suited to the opportunities of those areas. The program, funded by contributions from Church members, will be directed through the Church institute program which maintains 321 institute buildings throughout the world as well as 1,950 institute programs from Belize to Nigeria with over 316,000 participants. Institute directors will accept applications and make recommendations for loans which will then be issued from Salt Lake City to the institution where an individual will receive his or her education. It will cost essentially nothing to administer.