The Hebrew Free Loan Association of Greater Washington (HFL) (Lender) is proud to provide zero-interest loans to qualified Jewish borrowers (Borrower) in the DC metro area. Please read the full loan guidelines here.
Loans to students are a maximum of $15,000. Loans to student are paid to the borrower in two equal installments one year apart, assuming the borrower is still enrolled in school; the first half of the loan is provided at closing and the second one year later. This type of loans is available to full time undergraduate students who are juniors or seniors or to graduate students.
Payment Terms
Loans to student are paid to the borrower in two equal installments one year apart, assuming the borrower is still enrolled in school; the first half of the loan is provided at closing and the second one year later.
Repayment: Loan repayments begin on the first of the month after funds have been disbursed. Repayment amounts for loans to students:
Loans of $5,000: $25/month for 25 months, $175/month thereafter
Loans of $10,000: $50/month for 25 months, $245/month thereafter
Loans of $15,000: $50/month for 25 months, $400/month thereafter
Guarantors
Guarantors All loans require guarantor(s) to co-sign on the loan. A borrower (or their spouse) cannot serve as a guarantor on their own loan.
Loans up to $10,000: 1 guarantor
Loans over $10,000: 2 guarantors
Guarantors must meet the following criteria:
Income of at least $70,000
At least one must be Jewish
Each must complete the guarantor form in full
It is preferable for at least one guarantor to reside in the DC Metro Area but not required
Application Process
Application Process
Loan applications are considered complete once you and your guarantor(s) submit fully completed applications
Once loan is complete, you will be contacted to schedule a phone interview
Following your interview, your application will be presented to the Executive Committee for review and approval
If the loan is approved, you and your guarantors must sign a promissory note which is done electronically via DocuSign
Disbursement of funds usually take places within 2 business days of loan documents being signed.
