Short Term Loan Disbursement and Repayment
The Office of the Bursar handles the disbursement of Short Term Loans and the subsequent collection of these loans.
Once the Office of Student Financial Aid and Scholarships has approved the loan application, the application will be given to the Office of the Bursar for processing.
An approved Short Term Loan can be picked up from the Office of the Bursar after 12:00pm on the appropriate day (or the Regional Campus Student Services Office). The student must have a valid photo Student I.D. or photo Drivers License with them when picking up a Short Term Loan. Each student will sign a Promissory Note before receiving the Short Term Loan. A copy of the signed Promissory Note will be given to the student for their records.
NOTE: The Promissory Note is a legal document. It includes the date in which the Short Term Loan must be repaid, the service charge, and any applicable finance charges. The student may be asked to sign an addendum that authorizes repayment of the Short Term Loan from their financial aid. There is a $5.00 service charge on each Short Term Loan.
If a student is experiencing difficulty in repaying a Short Term Loan, a Request for Extension can be requested. This extension request can be completed at the Office of the Bursar or at a Regional Campus Student Service Office. The Associate Bursar will review each extension request for approval.
If a student signs an addendum (see definition above in NOTE), the Short Term Loan will be repaid with financial aid funds that are applied to their student account. If the Short Term Loan is to be repaid with funds, other than financial aid, payments can be made to the Office of the Bursar, 015 Chubb Hall.
Delinquent Short Term Loans
A student with a delinquent loan will receive notices from the Office of the Bursar on the status of their loan. A Hold will be placed on the student account at the time the Short Term Loan becomes delinquent. The Hold will remain on the students account until the unpaid balance is paid in full, including interest and applicable finance charges. Once the loan is delinquent for 45 days, it may be turned over to a collection agency for collection.