The MJFLA Student Loan program provides confidential, interest-free loans up to $5,000 to students who are residents of Southeastern Wisconsin. Loans help with tuition for continuing education certificate or degree programs. Applicants are required to have sufficient income to repay the loan (payments will be $100 per month, minimum, and will begin about one month after receiving the loan). Continuing Education loans are not renewable.
Qualified guarantors are required and may include the student's employer, parents, friends, or others.
1. Guarantors are required for all loans.
One guarantor is required for loans up to $500.
Two guarantors are required for loans of more than $500.
A married couple is considered one guarantor. Both spouses will sign the Guarantee loan document.
2. Qualified guarantors will:
have a good credit history.
have income from employment (grandparents with sufficient retirement income will be considered).
be Wisconsin residents.
1. Submit the online Continuing Education Loan application.
2. Read the confirmation email that you receive after submitting.
3. Upload, email or fax your supplemental documents.
4. Ask your guarantor(s) to submit their online guarantor application(s) and tax returns.
Loan Committee Review:
Once all documents are received and credit reports are completed, if the applicant and guarantors qualify, then a loan summary will be prepared for review by the loan committee. Once approved, loan documents will be signed and the loan funds will be disbursed.
NOTE: Loan application may be submitted at any time throughout the year.
Loan payments are $100/month.
Repayment will begin about 30 days after receiving the loan.
All payments will be made via monthly ACH transactions from the client's or a guarantor's bank account.