Effective Date: 07/01/00
Procedure Statement 5: Emergency Loans
An emergency loan is a short time loan of an emergency nature for an enrolled borrower. The emergency loan is $500 or less and payment is due within that term.
The Student Loans Office:
- Reviews the system to see if the application is for a new borrower or a previous borrower.
- Verifies that the borrower's table within the disbursement file on the computer is empty. Keys all sections of the borrower table using the information from the application.
- Writes the check manually and has the check signed.
- Requests a current semester registration card or a picture I.D. before disbursing check to borrower.
- The loan is checked periodically. If the loan is past due, a hold is placed on the borrower's records at the University. At the end of the semester a reminder letter is sent to the delinquent borrowers to inform them that they will not be able to register until the loan is paid.