STUDENT LOANS:

1. ‣ College/Post Graduate Loans - for tuition, books, supplies, living expenses, etc. to supplement student financial aid.*
   

1. ‣ Private/Parochial Loans - for tuition, fees, and other expenses to assist a family with the cost of private school education.
   

* MJFLA Student Loans are not federally backed or controlled.  All loan decisions are made at the sole discretion of the MJFLA Loan Committee and Board of Directors.

TYPICAL STUDENT LOAN INFORMATION:

The typical MJFLA loan amount is $1,000, with a maximum loan amount of $2,000.  Monthly payments will be discounted while in school and will increase 3 months after graduation.  All loan payments begin about one month after receipt of the loan.

The information on this page and in the MJFLA loan documents is provided to help in the application process.  The documents are self-explanatory, but it is also recommended that each applicant contact our office prior to submitting an application.  Please carefully review all the loan documents before completing the application.  All forms are required for every loan and must be filled out completely and legibly before MFJLA can review any request for financial assistance.

HOW TO APPLY:

1. ‣  STEP 1:  Review the application forms (see link below) and contact MJFLA at 414-961-1500 if you have any questions. 
   

2. ‣  STEP 2:  Complete and return all forms (including MJFLA Loan Application Parts 1, 2 and 3, and two Co-maker Applications) to MJFLA by mail.  Forms must be completed in full in order to be considered for a loan.  Co-makers will be contacted to confirm their understanding of their responsibility.
   

3. ‣  STEP 3: Meet with a loan coordinator.  If you meet the MJFLA Student Loan criteria (see below) you will be contacted by telephone to schedule an appointment.  Bring your valid drivers license, student identification card, and proof of enrollment.
   

4. ‣  STEP 4:  Within four weeks* of your appointment, the Loan Committee will meet to review your application and you will be notified of approval or denial by mail.  *Contact MJFLA if your need is more urgent in nature.
   

5. ‣  STEP 5:  Upon approval, you will receive a Promissory Note and Guarantee for signatures by the co-makers (notary required).  You will be contacted by telephone to schedule an appointment.  At your appointment you will sign the documents and your payment schedule, and will receive the loan check.
   

6. ‣  STEP 6: Begin making payments approximately 30-45 days after the check is issued.
   

QUESTIONS?  CLICK HERE FOR FAQs.

STUDENT LOAN CRITERIA:

1. 1.All applicants must be at least 18 years of age, state of Wisconsin residents for at least three years prior to the application date, and must be current residents within the Greater Milwaukee area.  Students under 17 may apply with their parents, but the parents may not be a co-maker of the loan until the student turns 18.
   

2. 2.Applicants must provide proof of enrollment each semester or quarter.
   

3. 3.Applicants must have verifiable means to repay the loan.
   

4. 4.Applicants must provide MJFLA with two qualified co-makers for each loan.
   

5. 5.All co-makers must be at least 26 years of age, and permanent Wisconsin state residents.  New permanent residents must have lived in Wisconsin for at least two years prior to the application date.  All co-makers have a steady source of income and a strong, established credit record.
   

6. 6.Current MJFLA co-makers may not be a co-maker to another MJFLA loan until the current loan is successfully repaid.
   

7. 7.A qualified co-maker is a person who is willing and financially able to repay the loan in the event that the borrower defaults on the loan.  Co-makers are jointly and severally liable for the repayment of the loan.
   

8. 8.Professionals working in the community, including but not limited to: clergy, other service agency executives, etc. may not be co-makers.  These individuals tend to have high visibility in the community, and are often requested to be co-makers of loans.  This rule, therefore, exists for their benefit and protection.
   

9. 9.The applicant’s spouse cannot be a co-maker.
   

10. 10.A married couple is considered to be one co-maker (either one may guarantee the loan - not both).
    

11. 11.Divorced parents may both be co-makers so long as they maintain separate households and
    

       neither relies on the other for any income.

12. 12.No person in active military service may be a co-maker.
    

13. 13.MJFLA reserves the right to contact any and all co-makers at any time as they deem necessary.
    

14. 14.The applicant and co-makers will each have a credit report performed via MicroBilt Corporation.
    

15. 15.A copy of a valid driver’s license or other legal identification must be provided by the applicant and the co-makers.  Students must provide their student identification card and proof of enrollment.
    

16. 16.The Promissory Note that must be signed by the applicant and all co-makers states that in the event of a default, the co-makers are liable for the loan, “jointly and severally”.  MJFLA would expect the co-makers on the note to share equally in the responsibility of repayment of the loan, however, each co-maker is liable for the full amount and, as such, could be called upon to repay the total balance due in full in the event a default occurs.
    

17. 17.All information received by MJFLA is strictly confidential.
    

18. 18.Borrowers who successfully make all payments in a timely fashion will be eligible for future loans from MJFLA.
    

QUESTIONS:

Contact MJFLA at 414-961-1500 or email your questions to email@mjfreeloan.org.

Click here to download and print required Loan Documents

Click here to download and print required Loan Documents