A Continuous Charity (ACC) application process for loans is open until February 29, 2024, and the program is targeted towards the American Muslim community. ACC uses four criteria to determine loan recipients: merit, Islamic scholarship, community involvement, and need.
Merit is determined by academic achievements, test scores, class standing, GPA, and awards. Islamic scholarship represents the student's simultaneous quest for Islamic knowledge, community involvement examines how involved an applicant is in the greater Muslim and non-Muslim community, and the need is determined by the financial portfolio of the applicant, spouse, and parent(s).
This is the perfect opportunity for Muslim students within the United States.
Loan Eligibility and Application Process: Requirements, Considerations, and Repayment Terms with A Continous Charity
To qualify, you must be a U.S. citizen or eligible noncitizen with a valid Social Security number, enrolled in an eligible degree program, and maintaining satisfactory academic progress. The Application Review Committee (ARC) determines loan amounts and repayment periods based on the application's strength, requested amount, and ACC's funds for the year.
Loans have a maximum lifespan of 4 years, with the monthly repayment set by the ARC. Flexibility in repayment is considered a form of charity. Applicants need two recommendation letters, financial statements, and a tax return transcript. Finalists will be notified within six weeks of the application deadline, and upon acceptance, recipients sign a legally binding agreement outlining their repayment strategy, which varies based on their field of study and financial status.
If you have more questions, feel free to contact A Continous Charity!
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