Institutional Loan Program

INSTITUTIONAL LOAN PROGRAM

Institutional financing is available to students who qualify and enroll at Make-Up Designory’s  Burbank Campus.  Institutional financing is not available for enrollment at Make-Up Designory’s New York campus. 

Students enrolling in a FAFSA-eligible program may apply for institutional financing for the remaining tuition and lab fee costs not covered by federal or private financial aid funding.  FAFSA and private funding must be applied for first.  Upon confirmation by the Financial Aid Office that the student could not secure all of his or her funding through FASFA/private funding, 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 supplies.  The student may apply for an institutional loan by completing a credit application. 

Must be at least 18 years or older at time you apply.  Eligibility requirements include having a valid social security number and demonstrating a willingness and 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 make 12 on-time principal and interest payments, and meet credit requirements.  Releasing the cosigner will not change the interest rate on 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.