Interest-free Loans

Effective 2018, MYLA has partnered up with A Continuous Charity (ACC) to launch a chapter in Minnesota and offer Interest-free Loans to students in Minnesota. ACC is a non-profit organization (section 501 (c) (3)) whose mission is to to promote the Islamic and intellectual development of Muslims in America by providing interest-free loans for higher education.

ACC's Process

  • Funds are generated from local community fundraisers, sponsors, and investments. These funds are distributed based upon merit, need, community involvement, Islamic scholarship, and location.
  • A priority will be given to students applying in areas where local fundraising has been done. We call this “local investing with local rewards”. This program will reward communities for their generous donations by giving their qualified students a priority during distribution.

Eligibility Requirements

  1. A Muslim who is actively engaged in their respective community.
  2. Currently attending or attended a junior college or four-year university/college.
  3. Actively advancing their Islamic education.
  4. A U.S. Citizen or Permanent Resident.
  5. Preferable to have a minimum GPA of 3.0 but not an absolute.
  6. Gather Documents:
    1. 2 letters of recommendation (written by either a local imam, a community leader, or a teacher)
    2. Financial Statements (available below)
    3. Account Transcript: Order Account Transcript; click the red button and follow the directions; please be aware that it takes 7-14 days to get this letter from the IRS
    4. Financial Documents:
      1. If dependent then have your parents(s) complete and submit Financial Statement 1.
      2. If married and independent of parental financial support, then you (or your spouse) should complete and submit Financial Statement 2.
      3. If single and independent of parental financial support, then you should complete and submit Financial Statement 3.

Interview

Finalists will be notified for an interview 6 weeks after application deadline. Review Committee will determine the need for additional documentation including but not limited to the following:

  • Original School transcript
  • Credit Check
  • Identity Verification
  • Tax Transcript

When Accepted

Once chosen by the selection committee, the recipient will sign a legally binding agreement with A Continuous Charity (ACC) that will outline their loan repayment strategy, community development projects, and advancement of their Islamic education.

  • Loan repayment schedule will vary per individual recipient based upon their field of study, amount of loan awarded, and financial status.
  • Community development projects will also be specifically related to the recipients’ field of interest in Islam and secular education. Community activities may include but are not limited to the following: Muslim youth programs, tutoring, adult education, Quran memorization classes, MSA participation, and da’wah projects.
  • Within one year upon of receiving the loan, all recipients will be required to begin their projects and fulfilling a minimum number of hours towards these projects under the supervision of the ACC and the local masaajid.
  • Recipients will also be required to continue their Islamic studies during their secular academic studies. Curriculums may include online classes, Quran memorization, studying Arabic, and/or attending seminars and conferences. Curriculums will be specialized for recipient.
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