SHORT TERM LOAN PROCEDURES 

Eligibility Criteria: 

The short-term loan program is available to assist students with temporary funding for emergency or unforeseen expenses.  Generally, these loans are available for a maximum of $100 with a handling fee of 1% (that stays in the short-term loan principal) charged for the majority of short-term loan programs.  Students may receive one short-term loan per semester.  To be eligible for a general short-term loan without exception, a student must be:

•     Enrolled full-time (Undergraduate: 12 or more hours; Graduate: 9 or more hours)

•     If a graduating senior, enrolled for a minimum of 8 credit hours

•     Requesting $100 or less

•     Enrolled in a degree program

•     Willing/able to repay the loan within 30 days or by the end of the semester, whichever comes first

Exceptions on a case-by-case basis may be made by the Short Term Loan Counselor or by an Assistant Director for the following:

•     Students who are enrolled part-time (including less than half-time)

•     Students who have/want more than one loan but the total borrowed is less than or equal to $100

•     Students who are not enrolled in a degree program

•     Repayment extensions beyond the normal 30 day repayment period (but may only approve extensions to the end of the semester)

Exceptions that may only be made by the Director, Deputy Director or Associate Director include the following:

•     Loan amounts of higher than $100 (but no more than $400)

•     Additional loans for students who have been delinquent on previous short term loans or still have at least $100 in outstanding short term loans

•     Loan approvals that cross enrollment terms (i.e., repaying a short term loan during the spring term that was approved during the fall term)

To apply for a short-term loan, complete the loan application available in the Office of Scholarships and Financial Aid (2016 Harris Hall).  Loan funds approved before 3:00 p.m. by the Office of Scholarships and Financial Aid are generally available the next business day after 10 a.m.  These funds are paid in cash and must be picked up at the University Cashier’s Office.

Short-term loan programs that are under the approval authority of outside offices (such as the CVM, College of Engineering, Student Government, LLE and International Students) may be administered at the discretion of the approving authority.  They are not subject to the above restrictions.