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.)
- 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.