Short Term Loans
A short term, or emergency loan is available to students who have no balance owed to the University and are in relatively good academic standing. These loans are designed to meet the current term needs of a student.
Short term loans are available each semester that a student is enrolled, beginning the third week of the semester through the week prior to final exams.
There is no interest rate associated with the loan, however you must repay the full amount borrowed by first payment due date of the next semester to avoid any late fees. For example, if you borrow during the Fall semester, your loan will be due January 10.
If you fail to pay or default on your short term loan:
- Late fees will be charged to your Univeristy student account in accordance with Student Accounts policy
- Late payment may make you ineligible for a short term loan in the following semester
- If the balance is not paid in full by the end of the add/drop enrollment period of the following semester (Census Date), your account will be assigned to a collection agency
- You become permanently ineligible for future short term loans
- This may affect your credit rating for a long time. For example, you may find it very difficult to borrow from a bank to buy a car or a house. Contact Student Financial Services before your loan is due
If you would like to apply for a short term loan or are having trouble making your payment, contact Student Financial Services.