INSTITUTIONAL LOAN PROGRAM
Institutional financing is available to students who qualify and enroll at either Make-up Designory’s Burbank Campus or New York Campus.
Students enrolling in a FAFSA-eligible program may apply for institutional financing for the remaining tuition, lab fee and supply costs not covered by federal or private financial aid funding. FAFSA aid must be applied for first. The student may apply for an institutional loan by completing a credit application.
Students enrolling in a course or non-FAFSA eligible program may apply for institutional financing for tuition, lab fees and supply costs. The student may apply for an institutional loan by completing a credit application.
The student is the borrower and must meet the age of majority requirement in their state of residence at time of application. Student may have a family member apply on their behalf. Eligibility requirements include having a valid social security number, demonstrating a willingness to pay, and the ability to pay which includes: having an established credit history; debt to total income evaluation; review of payment history on other types of credit including student loans. Student may apply with a cosigner to meet eligibility requirements.
The interest rate is fixed at 10%. Minimum monthly payment is $100 per month with a repayment period between 5 – 10 years. Monthly payment and repayment period will vary based on amount being financed. Repayment begins 30 days after student’s enrollment start date. There is no origination fee, no prepayment penalty and there are no deferment options available for this loan. A late fee is charged when payment is received 10 or more days late.
Borrowers may apply to release their cosigner from the loan after they have made 12 on-time principal and interest payments. Releasing the cosigner will not change the interest rate or repayment terms of the loan.
Truth in Lending Act (TILA) disclosures will be provided as applicable. MUD’s institutional loan is serviced by Tuition Financing Corporation (TFC), all payments must be paid directly to TFC.