MJFLA STUDENT LOAN OVERVIEW:
The MJFLA Student Loan program provides confidential, interest-free loans up to $5,000 per year to full-time college students who are residents of Southeastern Wisconsin. Loans help with tuition, room & board, books, transportation, etc., as needed for higher education. Applicants or their parents 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).
Qualified guarantors are required and may include the student's parents, grandparents, family friends, or others. Students and siblings may take out additional loans each year they are enrolled full time. Parents or grandparents may guarantee loans for multiple siblings but it is preferable for siblings to find different cosigners.
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 Student 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. Funds are limited and priority review will be reserved for loan 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 and the loan funds will be disbursed.
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 loans are also $100/month, but as third and fourth loans are made the maximum monthly payment per student is capped at $300/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.