Short-Term Loan Regulations Policy - Northern Michigan University
Short-Term Loan Regulations Policy
To administer short-term loan funds.
The University has two types of short-term loans: emergency loans and tuition loans.
The short-term loans are administered in accordance with the donor's specifications and the following loan regulations:
1. The maximum amount a student may have outstanding of all emergency and tuition loans is $350.
Emergency loans are for college related expenses. The maximum amount a student can have outstanding in emergency loans is $100.
Tuition loans are for the payment of tuition. A student may borrow up to one-half of his or her tuition but not more than $350.
2. Except as otherwise prescribed by a donor, no distinction is made as to curriculum, sex, race, religion, handicap, or other affiliation.
3. To be eligible for a loan, a student must be enrolled on at least a half time basis and have a GPA above 2.00. Preference will be given to full-time students.
4. A student who has failed to meet a previous obligation to the University, or who has a poor credit rating, based on past experience of paying University obligations, is not eligible for a short-term loan.
5. Loans are noninterest bearing while the student is in school and can be made for up to 30 days. All loans must be repaid by the end of the semester in which the student is enrolled. Emergency loans are not available the last 30 days of each semester.
6. All funds due the student are applied against the loan until the balance is paid, even if the loan has not come due.
7. When a loan payment becomes delinquent, the student automatically forfeits the privilege to obtain a loan for a period of one year.
8. If a loan payment becomes delinquent and the student willfully ignores a payment request, the privilege of using the student loan fund may be permanently withdrawn from the student. (Determination of this negligence is made by Financial Services, the record keeping and collections agent for the loan fund.)
9. A student with a delinquent loan payment cannot finalize his or her registration for the next semester, nor will his or her transcript be mailed to other colleges by the Registrar's Office until the loan is paid.