Student Services Manual (SSM)

Effective: 1/1/1984

Revised: 7/1/2008

SSM 302–01: Emergency Short-Term Loans

Purpose

To quickly provide a nominal amount of money to qualified students who face serious financial hardship due to unanticipated expenses

Source

Student Financial Assistance Office (SFAO)

Policy

Students who encounter emergencies or other circumstances beyond their control may be eligible for short-term assistance. Emergency short-term loans (STLs) are available on a year-round basis to students who:

1. are enrolled in a degree-seeking or other eligible program
2. are enrolled at least half-time
3. have tuition charges paid or waived with expected financial assistance
4. have a verifiable source of repayment (i.e., current employment, financial aid expected in the same semester, or valid cosigner)
5. do not have a history of delinquent short-term loans or other outstanding debts to the university

   and

6. agree to pay the loan and the service charge within the current semester.

If the application is approved, the loan will be available within two business days. STLs are generally limited to a maximum of $500. There is a $15 service charge per loan. This charge may be waived by a Student Financial Assistance Office (SFAO) staff member if extenuating circumstances exist. Multiple emergency short-term loans requested during the same semester are subject to the discretion of the SFAO.

Note:

Most STLs are available through the SFAO. However, the Buros loan is a type of short-term loan that is only available through a student’s college. The approving college/department determines the terms and conditions of Buros loans.

ProcedureD

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Responsibility	Action
Student	Obtain the short-term loan application in person at the Student Financial Assistance Office (SFAO). Submit the appropriate documentation and application to the SFAO.
Student Financial Assistance Office	Review the application and all documentation. Approve or deny the loan.
	If the loan is approved:
Student	Obtain the check in person at Student Business Services in two business days.
	Note: For Buros loans, the student must obtain the application from his or her college dean’s office.

endtable

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