When can I apply to the Trust’s student aid program?
The student aid applications are made available each October for consideration for funding during the following academic year. For example, an application is completed in December 2021 and submitted prior to the February 2022 deadline. If selected to receive an award, the student will receive funding in August and December of 2022 for the 2022-2023 academic year.
I am an Ecolab retiree. Are my grandchildren eligible to apply to the Trust’s student aid program?
If your grandchild is your legal dependent, then they are eligible to apply to the Trust’s student aid program.
When is my dependent required to begin repayment of their student aid loans?
Dependent children are required to begin the loan repayment process one year after their graduation from their post- secondary schooling or after they officially withdraw from schooling altogether.
If my son/daughter receives an award through the Academic Assistance Program, and I leave Ecolab before he/she completes the school year, will my child still receive the award amount?
Yes. Once an award has been made, the Trust will not reverse the award based on an employee leaving the company.
How do I send more than one letter of recommendation?
Students are able to forward the email link to up to three recommenders. Recommenders must be non-family members.
What if I’m not sure if I qualify for assistance?
The Ida C. Koran programs were established to help global Ecolab employees only who are faced with unexpected expenses as a result of unforeseeable events. The programs are not intended to help employees who can afford to handle the situation on their own or who are experiencing hardship due to financial mismanagement.
How does the Trust define "financial need"?
All of the Trust's programs operate under the premise that an employee is not able to manage the hardship event or student aid funding through their own financial means. The employee does not have an income level that can manage the event nor assets available to fund the event. Employees are expected to look into all other available financial resources (bank loan, family assistance, personal loan, etc.) prior to coming to the Trust for assistance. The Trust is considered a place of last resort.
Is my application confidential?
What information should I include in my personal summary statement to the Trust?
Include as much information as possible about the circumstances that led you to apply for assistance. Applicants remain anonymous throughout the review process, so the Review Committee and Trustees need as much detail as possible about your situation in order to make a recommendation for assistance. Try to answer who, what, when, where, why and how/how much in your letter.
Who reviews the applications?
Upon receipt of your application, the Ida C. Koran Review Committee, made up of Ecolab employees representing a cross-section of the company, will review your information and prepare a recommendation for the Trustees. The Trustees make all funding decisions after reviewing the application and the input and recommendations the Review Committee.
Once I submit an unexpected hardship application, how long will it take to get a response?
In most cases, the Trust will make a decision and get back to you within two weeks of receiving your application.
How will I find out if my request has been accepted?
You will be contacted by the Trust’s administrator directly if your application is approved or denied.
If I received assistance from the trust two years ago, can I apply for help again?
It depends. The Trust does not provide on going financial support for routine expenses. It is dedicated to giving financial assistance to employees to assist them in recovering from difficult life events. However, there have been occasions when a new event occurs (for example, a natural disaster, medical illness) and support from the Trust could be helpful. Contact the Trust’s Administrator with questions about whether the new event qualifies for a second request.
What types of medical assistance can the Trust help with?
Eligible medical expenses include medical and dental expenses that are not covered by insurance, such as prosthetic devices or oral surgery. Expenses for elective medical procedures, such as cosmetic surgery or LASIK eye surgery, are not eligible.
What are the terms for loans provided through the Trust?
Loans provided through the Ida C. Koran Trust have an interest rate of 2%, to be repaid through monthly or bi-weekly payroll deduction. Loans of less than $10,000 are repaid within five to seven years. Larger loans may have a longer loan term based on what the associate can afford. Loans are provided only for unexpected events that could not have been financially planned for and meet the guidelines set by the Trustees. The Trust is not a lending institution and does not provide loans for routine expenses such as buying cars or homes.