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.

Forms

AMUA-Consumer-Credit-Application.pdf

AMUA Credit Authorization

In-House Credit Rates 2017-18