Pierstorf Loan Application
The Pierstorf Loan Fund was made possible when a sizeable commitment was made to the College of Pharmacy by Clarence and Ervin Pierstorf. This Fund was established to help support Pharmacy students who had financial need that could not be met by other sources. Both Clarence and Ervin were pharmacists and life-long residents of the Cleveland area. Clarence has since passed away, but Ervin continues to increase the size of the endowment regularly, thus assuring that there will be sufficient funds available to help students in need. Your loan will be interest-free if you maintain an active membership in a professional organization and repay the loan within the time limit.
With this information in mind, you must comply with the following conditions of the loan:
- Complete this Pierstorf Loan Application webform. Submit a letter of thanks addressed to Dr. Ervin Pierstorf, along with a stamped envelope addressed to Dr. Pierstorf at the address below, to the Dean’s office. The Pierstorf family did not request a thank you letter as a condition to receive a loan; this is a Pharmacy College requirement. Such generosity deserves your sincere thanks.
Address your letter and envelope to:
Dr. Ervin Pierstorf
3830 Carol Boulevard
Rocky River, Ohio 44116
- Once the loan application and thank you note have been received, the Financial Aid staff will determine the amount to be loaned based on academic achievement and financial need.
- A promissory note will be prepared and sent to you by the Financial Aid Office via email, in addition to some other loan documents. Both you and a parent/guardian will be required to sign the note and return to the Financial Aid Office. A scanned copy of the signed note and other loan documents is acceptable.
- Once the signed promissory note is received, half of the Pierstorf loan funds will be disbursed to the student account in June and the second half will be disbursed in December.
- The loan is interest-free while you are registered as a student in the Raabe College of Pharmacy. The loan remains interest-free following graduation provided that you submit proof of membership in a local, a state, or national pharmacy organization.
- Terms of repayment are 10% of all borrowed funds due one year from the date of graduation; 15% due two years from the date of graduation; 20% due three years from the date of graduation; 25% due four years from the date of graduation; and the remaining funds (30%) are due five years from the date of graduation. All payments are due on a monthly basis.
- Should you leave, be suspended or be dismissed from the College of Pharmacy, the loan becomes immediately due and payable in full.
- An interest rate of 12% per annum (1% per month) will be assessed to all overdue amounts.
- If repayment of the loan is delinquent, no documents or signatures may be obtained from University or college personnel, even those associated with Pharmacy licensure.