Courses of study for which loans are available must not be limited to those that would be of particular benefit to the employer or foundation. If the courses of study for which loans are available include one or more that would be of particular benefit, a loan may not be conditioned on the recipient choosing such a course of study. The recipient must have free choice to use the loan in the pursuit of a course of study for which the loan is otherwise available that is not of particular benefit to the employer or to the foundation. Return to Life Cycle of a Private Foundation
