Feild Co-Operative Association, Inc., was organized November 12, 1919, by the sons of the late Dr. and Mrs. Montfort Jones, Kosciusko, Mississippi, for charitable, educational, and scientific purposes. The name “Feild" was chosen to honor the founder's mother, whose maiden name was Sallie Thomas Feild. The fund was given freely, wholeheartedly and absolutely by the Jones family. After six years' experience in financing the education of students, the Association in 1925 established a REVOLVING STUDENT LOAN FUND which is designed to be self-perpetuating. The success in achieving this goal depends upon the cooperation of every borrower in paying loans when due. These borrowers must fulfill the trust which is theirs to insure the continuous operation of the association. Loans are made to supplement other funds available to students, but never to cover all expenses.
The Board of Directors of the Association generally restricts loans to residents of Mississippi, inasmuch as it is the state of the founders' birth.Students of good character who have usually completed two years of college work (juniors), graduate students, and students in special fields may apply for loans. Students must show evidence of need, and promise of social and financial responsibility.
Notes:
Loans are made on promissory notes which bear 6% interest per annum.
No endorsement is required on notes unless circumstances warrant such endorsement.
Each borrower is urged to keep an accurate account of all receipts and expenditures.
Payments:
First payment on account is due not later than three months from date of graduation, or withdrawal from college for any reason, MILITARY or otherwise.
In order to save interest for themselves, to eliminate the college debt more quickly and to make the funds available to others, borrowers are urged to repay their loans ahead of scheduled time, if possible.
After carefully considering the conditions stated above, a student who qualifies and wishes to apply for a loan should anticipate the need as early as possible and secure application blanks from the Association. These blanks must be filled out carefully and returned promptly, since it takes several weeks to process an application. The Association must obtain college records and secure information from all references whose names are given in the application.
Applications should be made for only one year at a time.
When an application has been processed, the student will be notified immediately.
The Applicant must have an interview in the Feild Co-Operative Office in order to recieve the application and may write or call to schedule an appointment. Applications should be made for only one year at a time. When an application has been processed, the student will be notified immediately.
Acceptance of such financial assistance imposes upon the student the obligation to maintain a high standard of work, to use these funds economically, and to keep a close relation with the Association, conforming with its principles and regulations.