“This is a unique opportunity for our students to learn about how lending works through the LEF’s hands-on Student Loan Board Program," said Principal Jonathan Lyons at El Rancho High School.
Pico Rivera, California (PRWEB) March 27, 2017
Heberto M. Sanchez. President and founder of the nonprofit, the Latino Educational Fund (“LEF”) and Principal Jonathan Lyons of El Rancho High School have agreed to launch a “Student Loan Board Program” at El Rancho High School located in Pico Rivera. The LEF has donated $6,000 for the program over three years.
“This is a unique opportunity for our students to learn about how lending works through the LEF’s hands-on Student Loan Board Program," said Principal Lyons.
“We’re extremely excited that Principal Lyons has taken this first step towards providing El Rancho High School with a Student Loan Board Program that seeks to advance students’ financial literacy,” said Sanchez. “This is in keeping with El Rancho’s mission statement to prepare students to be college and career ready. The program is also part of the LEF’s dedication to helping Latino students and young adults achieve their full potential through higher education.”
How it works:
The LEF will provide a three-year grant of $2,000 per year, up to a maximum of $6,000. The funds will be managed by El Rancho’s Student Loan Board (“SLB”) for the purpose of lending money to fund student projects. The SLB is similar to an Associated Student Body, which administers the loans for school programs.
Loans granted by the SLB will help supplement athletic programs, clubs, or student projects such as snacks delivered during final exams, car wash services, etc. The loans are then repaid with interest by each program’s fundraising activities. The interest rate is set by the SLB and it depends on market conditions. The SLB keeps the interest. The loans are repaid based on the terms determined by the SLB.
The idea of the SLB is for the members to learn how risk is assessed and what the interest and repayment conditions should be to ensure a profitable return on their investment.
“This is a well, thought-out program that allows students to grasp practical financial applications”, said Principal Lyons. “We congratulate the LEF for its enterprising program that aligns with El Rancho’s mission to prepare students to be college and career ready.”
About The Latino Education Fund
Founded by Heberto M. Sanchez in 2010, LEF is a 501c3 organization that provides scholarships, financial literacy, educational outreach, career development, microloans and community development programs to assist young Latinos achieve academic success. For more information about LEF and Heberto M. Sanchez, please visit The Latino Educational Fund.
About El Rancho High School
The community of El Rancho High School is committed to creating an environment in which students develop the skills and ethics to be college and career ready. This will be achieved through a student-centered, teacher-guided curriculum that recognizes diversity in a climate of positive parental involvement In addition to providing students with a college ready education, the school offers students Tier One SAT prep courses. For more information, please visit El Rancho High School.