We understand that many individuals do not have the available funds to pay up-front for school tuition. AMUA offers assistance in financing in the form of monthly payments. You must meet credit history, income, and employment requirements to qualify for a private student loan. A cosigner may help you qualify. Contact us to discuss your options.
- Materials fees and $500 tuition deposit must be paid 30 days prior to start-date
- Tuition balance is divided into monthly payments
- 10% fixed interest
- No loan origination fee
- No pre-payment penalty
Here’s what you’ll need to start your application
- Your address; if you’ve lived at your address less than one year, you’ll need to provide your previous address
- Your Social Security Number
- Your employment information (company name and gross income) for past two years
- Financial information including your bank accounts and your monthly mortgage or rent payments
- If you’re applying with a cosigner, we’ll ask your cosigner to provide similar information about themselves.
After you submit your application
- We’ll review your credit. We usually provide a decision when you and your cosigner (if applicable) submit your application but in some cases, we may ask you for additional information or documentation before we can make a decision.
- If we approve your application, we will ask you or your cosigner to accept the terms of your loan and sign it electronically.
To qualify for this loan:
- The borrower must be a U.S. citizen or permanent resident or apply with a cosigner who meets this requirement.
- The borrower and cosigner must be of legal age as defined by their state of permanent residence.
- The borrower or cosigner must have at least 3 years of positive credit history and meet other creditworthy requirements (see below).
- The borrower or cosigner must have an annual income of $24,000 or greater for the past 2 years.
- The cosigner may not exceed the debt to income threshold of 45%.
Credit worthy means the applicant:
- Has not had open collections or charge offs in the past 2 years.
- Does not have bankruptcies, foreclosures or repossessions during the past 5 years.
- Has not defaulted on a federal or private student loan.
- Meets the minimum credit score of 580.
- Has at least 2 years of credit history.
- The borrower or cosigner must have an annual income of $24,000 or greater for the past 2 years to qualify.
- Does not exceed the debt to income threshold of 45%.
If you meet the above requirements, complete the available Consumer Credit Application, and if you are using a cosigner, then they’ll need to complete an application, too.
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