Short-Term Loans

What is a Short Term Loan?

Short term loans are small, one-time loans issued by the university. The loan is requested by visiting the Office of Financial Aid and the check is issued by the Student Financial Services/Bursar's Office. Unlike other student loans, these loans must be repaid within the semester and are only intended to address short-term financial emergencies.

Short-term loans are borrowed for temporary issues such as:

• Urgent academic needs (books, supplies)
• Late paychecks
• Unexpected expenses (car repairs, etc.)

Loan Terms

• Enrolled students only
• Maximum one loan per semester of up to $700
• A Student with a past-due balance cannot borrow a short-term loan
• The payment deadline for the loan is the same as the final payment deadline for the current semester
• Failure to repay will prevent registration in future semesters
• Disenrollment will cause the loan to enter repayment immediately
• There is a service charge of $5 per $100 borrowed
• There is a $10 late fine for late payments
• Interest will accrue after maturity at a rate of 1% per month on the unpaid balance
• Students must sign a promissory note which may contain additional terms

Appeals for Additional Loans

Effective Summer 2014
In normal circumstances, students may only receive one short-term loan of up to $700 per semester. However, students may submit an appeal for additional short-term loans by completing the following steps:

• Contact the Office of Financial Aid and request a short-term loan appeal
• Sign-in to the student portal to access the appeal form through your to-do list.
• The appeal committee will review your submission and email you their decision.

Note: Daniels and Kane Scholars are not required to submit an appeal if emergencies arise from the timing of their scholarship refunds.