ACC: Application Process
BE SURE TO READ THE INSTRUCTIONS BEFORE -APPLYING
-Applications Closed until Jan 2022-
ACC Uses 5 Criteria When Determining Loan Recipients:
- Merit is determined by examining the applicant’s academic achievements, test scores, class standing, GPA, and awards. The better a student does academically, the more points he/she will receive in this category.
- Islamic scholarship represents the student’s simultaneous quest for Islamic knowledge. Examples include learning Arabic, memorizing the Quran, attending a weekly halaqah, weekend seminars, etc.
- Community involvement examines how involved an applicant is in the greater Muslim and non-Muslim community. Examples include volunteering at a local food bank, being the president of a club or school organization, tutoring, feeding the poor, etc.
- Need is determined by looking at the financial portfolio of the applicant, spouse, and parent(s). Other scholarships such as FAFSA are included for review. The greater the need, the greater the points that are assigned to this section.
- Geographic location implies that if an applicant resides in a locality that has invited ACC for a community event, fundraising, khutbah, etc., then these applicants are at an advantage as ACC feels obliged to return the funds to the local communities that have supported us and our cause.
Determining Loan Amount:
The Application Review Committee (ARC) will determine the loan amount given to each student and the repayment period based on the strength of their application, the amount requested, and the amount of funds raised by ACC during that calendar year.
- Maximum lifespan of loans: ACC will only give loans to students who can realistically pay back their total loan within 4 years. No loan lifespan can exceed the 4-year maximum. If an applicant cannot pay back their loan within 4 years, then a lesser amount may be loaned out.
- Minimum monthly repayment: When determining a recipient’s minimum monthly repayment, the ARC will determine the maximum a recipient can repay without it becoming a burden on the recipient. However minimum monthly payments start immediately after the loan is awarded.
- Flexibility of Repayment: In Islam, a loan is a form of sadaqah (charity). In those cases where a student is unable to meet their minimum monthly payments due to financial hardship, then ACC will contact the student in order to determine a new minimum monthly payment. This flexibility may extend the lifespan of the loan. This flexibility reflects the mercy and compassion demonstrated in the Quran and Sunnah and will be determined by the ARC.
- Loans are Sadaqah: As mentioned above, loans are a form of sadaqah. We still believe that students are obliged to repay their loans; however, in cases where a student is unable to due to loss of work, injury, or other life circumstances, ACC will work with them to reassess their loan repayment.
- Loan Delinquency: If a student refuses to repay their loan, ACC will take the following actions to ensure repayment:
- ACC will take all appropriate actions to speak with the student in order to find a solution. If the student still refuses to repay their loan, the following actions may be taken.
- Damage to credit rating by student loanee or cosigner
- Garnishment of wages
- Withholding of tax refunds
- Possible loss of eligibility for federal and state financial aid
Application Process FAQ
+ WHAT ARE THE MINIMUM REQUIREMENTS?
- A student who is actively engaged in their respective community
- Currently attending or attended a junior college or four-year university/college or a Master’s program.
- A U.S. Citizen or permanent resident
- A GPA of 3.0 is preferred but not an absolute must
+ WHAT DOCUMENTS DO I NEED?
- Two letters of recommendation (written by a teacher, employer, or local religious leader)
- Financial Statements
- Tax Return Transcript: To place an order, click here. Then, click the “Get Transcript Online” button and follow the directions.
+ WHAT IS A FINANCIAL STATEMENT?
- If dependent, then have your parent(s) complete and submit Financial Statement 1.
- If married and independent of parental financial support, then you (or your spouse) should complete and submit Financial Statement 2.
- If single and independent of parental financial support, then you should complete and submit Financial Statement 3.
+ DO I HAVE TO ATTEND THE INTERVIEW IN PERSON?
The interview will take place over the phone. Finalists will be notified for an interview six weeks after the application deadline.
+ WHEN WILL I RECEIVE MY LOAN?
- You will be notified about your acceptance and the amount awarded two weeks after all interviews are conducted.
- All loans will be paid directly to your educational/financial institution.
+ WHAT DO I DO WHEN I RECEIVE MY ACCEPTANCE LETTER?
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.
The loan repayment schedule will vary by individual based on their field of study, the amount of loan awarded, and their financial status.
+ CAN INTERNATIONAL STUDENTS APPLY?
Our program is targeted towards the American Muslim community, therefore we prefer US citizens and Permanent Residents. However, we can make exceptions for International students who are able to raise funds for themselves. We can help by facilitating the process for them, and use our platform to share their fundraising page if needed.
+ ARE DONATIONS MADE TO ACC ZAKAT-ELIGIBLE?
No, as we are lending the funds, not donating them.
+ WHEN DO APPLICATIONS OPEN?
Our application cycle is currently open.
+ WHEN DO APPLICATIONS CLOSE?
Our application cycle typically runs until April 30th.
+ WHEN DO APPLICATION DECISIONS GET SENT OUT?
We review applications from mid of April to end of May. We send out decisions in June.
+ DO YOU OFFER LOANS TO POSTGRADUATE STUDENTS?
Yes, we accept undergraduate and postgraduate students.
+ CAN I REFINANCE A COLLEGE LOAN THROUGH YOUR ORGANIZATION?
Yes, you can. We do take on cases for refinancing. Please send us an email at email@example.com with the details of loan amount & repayment amount and we will be happy to discuss further.