Emergency Loan Policies
August 1, 2010
Associate Vice Chancellor for Enrollment Services
Director of Financial Aid
a. Emergency loans are available for registered students at USC Aiken only during semesters for which they are registered. These should be used only for situations which are beyond the student's control such as returning home for a family emergency or something that would prevent the student from attending school or work.
b. The amount of loan normally shall never exceed $150.00.
c. Loans can be written for a maximum of 30 days; however, the due date must be on or before the last day of classes for the semester in which the loan was made.
d. Students may have only one outstanding debt at a time to USC Aiken. This includes both emergency loans and delayed payment agreements.
e. Once the loan becomes more than 10 days past due, the student is not longer eligible to receive emergency loans or any other University based financial assistance.
f. Before the loan becomes due, a student can arrange to extend the due date up to 30 days. The new date must fall within the semester in which the loan was originally written. Extensions will be granted one (1) time only and are at the discretion of the Vice Chancellor for Enrollment Services.
g. Students should only be approved for one emergency loan per academic year.
a. If the note becomes 5 days delinquent, the student will be sent a letter by the Vice Chancellor for Enrollment Services. The letter will explain that he/she is no longer eligible to receive emergency loans, and that the loan must be paid in full within l0 days of the letter or it will be turned over the courts for collection.
b. Once the note becomes 5 days delinquent, a late processing fee will be added onto the balance owed. The fee charged will be ten ($10) dollars for every five days the note remains outstanding.
c. In addition, if after ten days the loan has not been repaid, the University will place a hold on all the student's records, registration, financial aid checks, et al.
III. Counseling Students
a. The student must fill out a loan request form in the Office of Financial Aid or the Business Services Office.
b. If the student asks how much he can borrow - ask him how much he needs. Do not volunteer the $150.00 figure.
c. Agree on a suitable payment date keeping date restrictions in mind. Emphasize importance of meeting this debt within the allotted time.
d. Document how the student plans to pay off the loan.
e. Counseling Students
1. Check the student's records and make sure there are no outstanding notes or loans.
2. Have the student fill out a loan request form and initial check list.
3. Complete an emergency loan check authorization.
4. The form is finalized in the Business Services Office. The Business Services office writes the check and places the debt on accounts receivable.
5. A bill/reminder is sent to the student approximately 5 days before the due date.
IV. Related Policies
V. Reason for Revision