$5M increase in loads for graduate students

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 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 ever made to an endowed fund at the UM Foundation.

Some 200 students have received loans from the fund in 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 3 percent interest rate. Loans typically range from $10,000 to $20,000 annually. Thirty 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,” said Amos E. Orcutt, president and chief executive officer of the University of Maine Foundation. “His fund may someday help to alleviate the state’s shortage of medical professionals.”

UM students interested in learning more about the loans provided from the fund should contact the Office of Student Financial Aid at the University of Maine.