For Preaching: The King Loan
The late Wilbur C. King wore the title “public servant” in an unusual manner. He was active in Florida Public Utilities Commission until his untimely death in an automobile accident on July 17, 1964. Mr. King’s deep religious convictions led him to other public services in a unique sense. He and his wife were active and devoted members of the church of Christ. Propagation of the gospel was of prime concern to them.
Through his will, Mr. King established the Wilbur C. King Family Educational Trust Fund. This fund provides loans to assist qualified young men to attend Florida College for preparation to preach the gospel of Christ. This fund is administered through trustees as designated by Mr. King’s will.
Presently King Loans are not to exceed $4,000 per year for the second year of college, and $5,000 during the third and fourth. Interest is at 4% per annum on any unpaid balance and is assessed on August 1 of each year for the entire year. Unless a recipient is in a forgiveness period, payments are expected monthly. Payments are to be 1% of the balance or $25—whichever is the greater. Earlier repayments are encouraged.
Students who are enrolled at least half-time can defer repayments until they are out of school. Additionally, for the present time the Trustees are offering a forgiveness policy under certain conditions. Students who have received the loan in the school year 2003–2004 or thereafter will be eligible for the forgiveness program. Recipients who preach on a full-time equivalency will be forgiven one third of the loan amount due for one full year of preaching. Thus, if the student preaches the equivalent of three years, the entire amount of the loan is forgiven. Students who are in this process will have interest and repayments waived. It is the responsibility of the recipient to notify the King Loan Trustees if they expect to benefit from the forgiveness policy. This notification must be in writing. A form is available upon request. In the absence of proper notification, interest will be assessed August 1 of each year—once assessed, interest will not be waived.
To apply for a King Loan, print and fill out the W. C. King Loan Application:
Then, send your completed application to:
Attn: Dr. Dan Petty, Wilbur C. King Loan Fund
119 N. Glen Arven Ave.
Temple Terrace, FL 33617