Funds are disbursed electronically to Hendrix College and credited to the student's account. Students are notified by campus mail when the account is credited. Parents are required to complete an application for the PACE loan. Eligibility is determined through a credit review process. Typically, credit is approved unless there is adverse credit history such as bankruptcy.
Most parents complete the application process in late spring or early summer.
Yes, a new PACE application must be submitted and approved each year. The new application will necessitate a new credit check. Students must also demonstrate satisfactory academic progress as outlined in the Hendrix College Catalog to continue in this program from year to year. PACE remains available to all students who are meeting satisfactory academic progress requirements as outlined in the Hendrix College Catalog. Hendrix College will no longer subsidize a PACE 1 loan.