Academic Answer^® Loan

Salaried or a Wage Earner

• A pay stub less than 60 days old for monthly, bi-monthly, bi-weekly, or weekly pay periods which contains your name, employer's name, and if available year-to-date income, OR
• Must provide a copy of last year's W-2. If providing W-2, you should be employed for more than 1 year and W-2 must match employer information provided on application.

Teachers only may provide either a copy of their annual contract or the last 2 year's W-2 from which the average annual gross income may be derived.

Part-time employment: If you have part time income (less than 37.5 hours per week), you must provide two pay stubs dated within the last 60 days AND a copy of the most recent W-2 and be employed for at least 2 years for income to be considered.

Self-Employed: Regardless of the type of business you own (Sole Proprietor, S Corporation, Partnerships etc), please provide an entire copy of your most recent 2 years Personal Federal Tax returns. The tax returns must be signed by the borrower and/or accountant.

Other Income

• Overtime/Bonus: Will be considered if the income received from overtime/bonus can be averaged for 24 months. The same documentation will be required as listed in the Salaried or Wage Earner section.
• Commission: The same documentation will be required as listed in the Salaried or Wage Earner section above. Note: If your income is based 100% on commission, you must have been employed for at least previous 2 years.
• Social Security please provide one of the following:
  • Please submit your most recent SSA-1099 form.
  • In the event these funds are directly deposited, two consecutive months bank statements within the last 90 days from the application date, that include the depositor name as "U.S. Treasury" will be accepted.
  • An award letter or benefit statement can also be accepted.
• Rental Income: Tax returns must be provided. Note: if rental property owned less than 2 years, a current copy of the signed lease between the owner and tenant is acceptable.
• Pension Income/Dividend:
  • For Dividends: Please provide tax returns including Schedule B of tax returns.
  • For Pension, please submit 1099 from prior year, copies of annual or quarterly account statements, monthly if year to date figure is listed, or a Pension Award Letter.
• Miscellaneous Income please provide one of the following:
  • Must provide the prior year's IRS 1099 forms.
  • First two pages of the most recently completed personal federal income tax return.
  • Copies of Award Letters.
  • Copies of annual or quarterly account statements.
• Alimony/Child Support: If you would like alimony or child support considered as income, please provide a certified copy of the final divorce decree or separation agreement that specifies the amount and duration of payments AND
  • If you receive Alimony, provide the first two pages of the most recently completed personal federal income tax return, showing the income.
  • If you receive Child Support, provide proof of receipt of Child Support for the last three months in the form of bank statements, cancelled checks, deposit receipts, or three months of court records.
    
    

• I-551 Alien Registration Receipt ("green card") - with an unexpired date on the front of the card
• I-551 Conditional Alien Registration Receipt – with an unexpired INS I-751
• Unexpired passport with an unexpired stamp "Process for I-551. Temporary Evidence of Lawful Admission for Permanent Resident. Valid until MM-DD-YYYY. Employment Authorized."