Selection of loan recipients must be made by a committee of individuals who are totally independent (except for participation on this committee) and separate from the private foundation, its organizer, and the employer concerned. An individual who is a former employee of either the foundation or the employer concerned will not be considered totally independent. These committees preferably should consist of individuals knowledgeable in the field of education so that they have the background and knowledge to evaluate the applicants' potential properly.
Forwarding selections to the employer or foundation to verify the eligibility requirements and selection criteria the independent selection committee followed in considering candidates and making its selection will not disqualify the program. Only the selection committee or the foundation may make public announcement of the awards, however. The awards may be announced in the employer's newsletter, if the foundation or the selection committee is clearly identified as the grantor.
Loans must be awarded only in the order recommended by the selection committee. The number of loans to be awarded may be reduced but may not be increased from the number recommended by the selection committee. Only the committee may vary the amounts of the loans awarded.