SHORT-TERM UNCOLLATERALIZED EMERGENCY LOANS

Financial assistance in the form of an interest-free, short-term emergency loan is available to all students.  Funds have been donated for this purpose by a number of individuals and organizations. However, a processing fee is charged based on the amount of the loan.

At the time of their application for and later receipt of the emergency loans, students must present a current validated ID card to verify that they are registered students, and cannot have any outstanding delinquencies, ($200 maximum for undergraduate students and $500 maximum for graduate students).

Requests for loans of $200.00 or less can be made by completing a Student Loan Application at the Foundation Accounting Services Office (AD 225).  The student must also sign a Statement of Understanding which states that if the loan becomes delinquent, no temporary clearances of the delinquency (for registration purposes) will be allowed.  A one business day waiting period is required before the loan, if approved, may be picked up.  At that time the student must sign a Loan Agreement, indicating the amount of the loan and the date by which it is to be repaid.  Another loan application cannot be initiated until the first loan has been repaid. 

Loans must be repaid within a period of six weeks.  Such loans are made in checks to students at the Foundation Accounting Services Office.

To help preserve funds and to ensure fiscal control, loans are not made during the last three weeks of each academic semester.

All students will be notified by e-mail or mail a week before payment is due.  Payments can be made at the Foundation Accounting Services Office by cash, check, or credit card.  If the payment has not been made by the loan due date, a late fee of five dollars ($5.00) will be assessed, up to a total of $25.00, for every five-business-day period that a loan is in delinquent status.  Students in a delinquent status will be put on the University Delinquent Debts Report and sent a notice of their past due loan.

A student can only have an uncollateralized emergency loan or collateralized emergency loan (the student cannot have both at the same time). 

SHORT-TERM COLLATERALIZED LOANS

Financial assistance in the form of an interest-free, collateralized loan is available to all students.  Funds have been provided for this purpose by a number of individuals and organizations.  However, a processing fee is charged based on the amount of the loan.

Applications for these loans should be made at the Office of Student Accounts (Student Administration Services Building, Room 117).  The maximum amount of money that will be authorized for a collateralized loan is $500.00.  Such loans will not be made unless collateral, usually in the form of student aid checks, can be given.  It is the responsibility of the Office of Student Accounts to approve Student Aid collateral before approving loan applications. 

As in the case of short term emergency loans, the student must, at the time of receiving the loan, sign a Loan Agreement. 

Another collateralized loan application cannot be completed until all loans have been repaid. 

Collateralized loans are made to students by check and have a payback period of ten weeks or the end of the semester (or summer term), whichever comes first.  

To preserve funds and to ensure fiscal control, collateralized loans are not made during the last three weeks of each academic semester, although in extraordinary circumstances such loans may be made to students with the written approval of the Office of Student Accounts.

All students will be notified by e-mail or mail a week before a payment is due.  If the payment has not been made by the loan due date, a late fee of five dollars ($5.00) will be assessed, up to a total of $25.00, for every five-business-day period that a loan is in delinquent status.  Students in delinquent status will be put on the University’s Delinquent Debts Report and sent a notice of their past due loan. 

A student can only have an emergency loan or collateralized loan (the student cannot have both at the same time).