MJFLA STUDENT LOAN RENEWAL OVERVIEW:
Students with current MJFLA student loans in good standing may request a renewal of up to an additional $5,000 each year that they are enrolled full-time. The new loan amount will be combined with the current amount outstanding.
1. Submit the shortened Renewal application (same guarantors required).
2. Upload, email or fax your supplemental documents.
3. Ask your guarantors to submit their online guarantor applications and tax returns. *NOTE* All guarantors for renewal applications must be the same as those who guaranteed the student's original MJFLA loan.
Loan Committee Review:
Once all documents are received and credit reports are completed, if there are no major changes in qualifications, then a loan summary will be prepared for review by the loan committee. Funds are limited and priority review will be reserved for applications received by May 15 and those applications will be reviewed for approval in Mid-July. Applications started after May 15 will be reviewed for approval in August. Contact MJFLA if earlier review is needed. Once approved, loan documents will be signed via DocuSign and the loan funds will be disbursed via electronic funds transfer.
NOTE: Student loan applications may be submitted at any time throughout the year and those not submitted during April-August will be reviewed as they are received.
Student loan payments are $100/month. Subsequent renewals increase the payment by $100/month, but as third and fourth loans are made the maximum monthly payment per student is capped at $300/month. MJFLA will work with each student and their family to confirm the monthly payment on an individual basis.