• 1/2 Back Loan
• Eligibility
• Application
• Selection Process
• Payback Partnership Program
• Ivy Tech Partnership
• IPFW Partnership
• Requirements
• Terms & Conditions
• FAQs

Students selected to participate in the Questa Scholars 1/2 Back Loan Program agree to the following terms and conditions for participation.

Questa Scholars 1/2 Back Loan Program –Terms and Conditions

Lending programs sponsored by Questa Foundation (“the Foundation”) are at the discretion of the Board of Directors and can be modified or suspended at any time. The Board of Directors of the Foundation reserves the right to discontinue the Questa Scholars 1/2 Back Loan Program at its discretion at any time. 

Upon board approval, policy revisions become immediately effective.  Written notice of any changes to the terms and conditions of the Questa Scholars 1/2 Back Loan Program will be immediately provided to loan recipients.

Selection and Declaration of Intent

Upon selection into the Questa Scholars 1/2 Back Loan Program, applicants must sign and return a Declaration of Intent to Participate (or not to participate) form by July 30 of the year in which they are selected. Failure to return the Declaration of Intent form will be interpreted as an intent not to participate and will result in exclusion from the program.

Terms and Conditions for Receiving Loan Funds

Questa Scholars 1/2 Back Loans are only intended for full-time students, enrolled for 12 credit hours or more per semester. Part-time students are not eligible to borrow.

Questa Scholars 1/2 Back Loans are intended for fall and spring semesters or for the quarters of study from August through May. Questa Scholars 1/2 Back Loans are not available for summer terms.

The Questa Scholars 1/2 Back Loan is only approved for four consecutive years defined as eight consecutive semesters. The Questa Scholars 1/2 Back Loan is not intended to go beyond the initial four years of study. If a student does not borrow during a given semester, he or she does not “bank” these funds for future semesters.

Students enrolled in degree completion programs that require more than four years of study will be invited to apply for deferment of loan repayment while they complete their additional semesters of study for the intended degree.

Exceptions to this policy must be reviewed and approved by the Program Committee of the Board of Directors.

Questa Scholars 1/2 Back Loans cover Cost of Attendance expenses defined specifically as:

• Tuition
• Mandatory fees (as reflected on a student’s university billing statement)
• Reasonable room and board expenses
• Books
• Reasonable transportation costs (for commuter students only)

Expectations for Executing Promissory Notes

Questa Scholars are expected to be present to sign their promissory notes each semester, along with a parent or guardian who must serve as a co-signer. First year program participants are required to be present to sign their promissory notes so they learn the expectations of the Foundation and the terms and conditions of Questa’s 1/2 Back Loan Program.

The following exceptions to this expectation are allowed for non-first year students:

• If a student is studying abroad, then a parent or guardian can secure power of attorney for the student. Once a copy of the power of attorney documentation is provided to the Foundation, then the parent or guardian can execute the promissory note on the student’s behalf.




• If a student is attending an out-of-state school and is required to be on campus for classes before a university billing statement or transcript are available, then a parent or guardian can secure power of attorney and sign for the student.




• If the student and his or her family no longer reside in northeast Indiana and are unable to be present to sign a promissory note, then a promissory note will be mailed to the student and parent or guardian after the required documentation has been received by the Foundation. They each must sign the note before a Notary Public and return the notarized promissory note to the Foundation. No funds will be issued to a school until the promissory note is signed, notarized and returned to the Foundation.

If parents and/or students move out of the northeast Indiana region or out of state with no Allen County or Indiana residency, the Foundation will continue to lend to these students.

The Foundation will not execute promissory notes for/with students who have not submitted required documents before the start of each semester: official university transcript, official university billing statement with balance due, and proof of full-time course registration.  Approved documentation must be on file before the Foundation staff will meet with students and co-signers to execute promissory notes.

Questa Scholars are expected to sign promissory notes prior to the start of the semester or quarter in which they intend to use the funds.  Questa Scholars are required to sign promissory notes within 30 days of the start of the semester or quarter or the student is not able to borrow for that semester. This does not increase a student’s available balance for borrowing in future semesters.

Criteria for Debt Forgiveness

There are two criteria for a Questa Scholar to qualify for the maximum 50 percent debt forgiveness:

1. Upon graduation, a student must have a cumulative 2.75 grade point average.  The Foundation will not use “rounding” to arrive at the 2.75 GPA. If the student graduates with a 2.75 cumulative GPA, then the Foundation will forgive 25 percent of the student’s principal loan balance immediately.




2. If, after college graduation, the Questa Scholar resides and becomes employed in the 11 counties of northeast Indiana (defined as Adams, Allen, DeKalb, Huntington, Kosciusko, LaGrange, Noble, Steuben, Wabash, Wells, and Whitley), within 180 days after graduation, then the Foundation will forgive 5 percent of the graduate’s loan principal each year for up to five years (for a total of 25 percent) as long as proof of residency and employment are provided annually. The initial 5 percent debt forgiveness will occur one year after loan repayment begins. Loan repayment begins 90 days after graduation.

Loan Repayment

The Foundation expects all Questa Scholars 1/2 Back Loans to be repaid in full (except for that portion of the loan that may be eligible for debt forgiveness based upon cumulative GPA at graduation and employment and residency after graduation). Failure to graduate or to secure employment or to qualify for debt forgiveness does not remove a borrower’s obligation to repay the debt. If a borrower becomes disabled or deceased while in college, during any pre-approved deferment, or during repayment, loan repayment in full is expected from the borrower’s estate or co-signer.

Time Frame for Initiation of Repayment

Students who borrow funds from Questa Foundation for Education (and the Fort Wayne Educational Foundation) are responsible to repay their loan in full ninety (90) days after graduation. 

Students who leave college prior to graduation are required to repay their loan in full immediately. The borrower’s full payment is due 30 days from the date the student withdraws from school or ceases to be enrolled full time.

Installment Loan Notes

All loans with Questa Foundation for Education (and the Fort Wayne Educational Foundation) are single payment notes. The loans are payable in full at the date of maturity, which is 90 days after graduation for Questa Scholars and other loan recipients or within 30 days for those who withdraw from school without graduating or who move to part-time status.

Borrowers do have the option of replacing their single payment note(s) with a loan installment note. A loan installment note allows for repayment over a specific period of time with a monthly payment due on a given date each month.

Students who graduate from college have 90 days from the date of graduation to execute an installment note to replace their single payment note with the Foundation. Since full payment is due 90 days after graduation, borrowers are encouraged to execute an installment note as soon as possible after graduation.

Students who withdraw from college prior to graduation or who take time off from college have 15 business days to execute an installment note with the Foundation. Otherwise, the balance of the promissory note is due 30 days after the borrower ceases to be a student or moves to part-time status.

Time Period for Repayment

Questa Scholars in the 1/2 Back Loan Program have six (6) years to repay their loans.

Students who borrowed from the Fort Wayne Educational Foundation prior to the Questa Scholars 1/2 Back Loan Program have five (5) years to repay their loan.