Student Loan Reduction

 Student Loan Reduction Applications will be available in the Fall of 2025.

PURPOSE
To assist in reducing outstanding debt from student loans.

ELGIBILITY
*Applicant must have completed at least one year of service. *Applicant must have worked full-time hours, an average of at least 30 hours per week, during the qualifying period (12 consecutive months prior to the date the grant is made). *Applicant must have an active status of regular, full-time team member when funds are distributed. *Excluded from program: Any team member that received a scholarship award from Carmel Country Club in 2024. Any team member who has less than satisfactory standing regarding performance or attendance. Any team member listed as highly compensated on the current year of the Club's IRS form 990.

GUIDELINES
*The loan reduction payment is awarded once a year.
*Applicant may reapply each year, subject to Fund Board approval and availability of funds.
*The award may only be paid directly to a qualifying lending institution, which is defined as a commercial enterprise or educational institution whose business includes granting student loans (team members or their family members will not receive direct payment).

APPLICATION PROCESS
*Applicant must meet all eligibility requirements / guidelines to be considered.
*Complete this online application, filling in all sections in full.
*Email your supporting documentation (example: latest bill from a qualifying lending institution) to Karen Rose in HR [email protected]

NOTIFICATION OF DECISION
You will be notified directly by HR when decisions of the application have been made by the EAF Committee.

TAX IMPLICATIONS
The IRS considers student loan repayments by an employer to be taxable compensation. Please consult a financial representative about documenting this award when filing your taxes.

The Employee Assistance Fund reserves the right to make changes to the grant program and to specific grants at any time with or without notice.