Student Loans

Effective Date: 07/01/00

Procedure Statement 5: Emergency Loans


Policy

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:

  1. Reviews the system to see if the application is for a new borrower or a previous borrower.

  2. 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.

  3. Writes the check manually and has the check signed.

  4. Requests a current semester registration card or a picture I.D. before disbursing check to borrower.

  5. 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.