Student Loan Debt Relief Loan Program
Student debt can feel overwhelming—especially with payments resuming after a five year hiatus. That’s why JFLA offers a zero-interest, zero-fee Student Loan Debt Relief Program to help you take control of your financial future. At JFLA we understand what you or anyone with student debt must be going through. That is why we are offering a unique loan program which will allow you to consolidate your student debt up to $25,000. The amount of your debt will be considered by the Loan Committee.
To be eligible you must have graduated or completed your education, have a steady income and at least one guarantor must sign on to the loan. Current JFLA borrowers or guarantors may be eligible for a second loan through this program if they have a strong repayment history, are in good standing with their current loan, and provide new guarantors. Contact info@jfla.org to see if you qualify.
Student Loan Debt Relief FAQs
- Is this loan really interest-free? Are there any fees?
Yes. The loan carries 0% interest and $0 in fees. JFLA is able to offer zero-interest, zero-fee loans because of the support of our donors.
- How many guarantors do I need?
At least one qualified guarantor is required for any loan from JFLA. With one guarantor, the maximum available is $7,500. To access the full $25,000, you must provide two qualified guarantors.
- Who cannot serve as my guarantor?
The following individuals are not permitted to be guarantors:
- You (the applicant), your spouse, or your domestic partner
- A current borrower or guarantor on an active JFLA loan (or their spouse/domestic partner)
- Anyone living with you or sharing household expenses with you
- Anyone on active U.S. military duty
- Anyone in active bankruptcy or who has declared bankruptcy in the last two years
- A current student who is not employed or earning significant income
- Does a guarantor's spouse have to be involved?
Yes. If a guarantor is married or in a domestic partnership, the spouse or partner is considered a co-guarantor, must also sign on to the loan, and cannot sign separately as an additional guarantor.
- What is Plaid, and why is it required?
Plaid is a secure, third-party service JFLA uses to verify identity and, in some cases, bank account details. There are two main ways to verify through Plaid:
- Plaid ID Verification: Required for all applicants to confirm a California-issued ID or driver's license.
- Plaid Bank Verification: Required for applicants requesting $10,000 or more, to confirm account ownership, balances, and transaction history.
If you choose not to complete verification through Plaid when required, JFLA may not be able to process your application. JFLA never receives your online banking login credentials through Plaid.