Short Term Loans
Short Term Loans are intended for students in an emergency situation, in which all other financial resources have been researched and exhausted.
Emergency situations are defined as:
- An expense incurred due to unforeseen circumstances.
- A need for funds to pay for living expenses prior to the arrival of financial aid, such as rent, groceries or transportation
A Short Term Loan is NOT financial aid and cannot be used to pay tuition or an accounts receivable balance
- The loan amount may not exceed $500.00.
- If approved, a $15.00 non-refundable processing and service fee is assessed to the student's NDSU account.
- The loan must be repaid in full within 60 days. If the Short Term Loan is requested during the last 30 days of the semester, the student must be pre-registered for subsequent semester (including summer).
- Starting 30 days after the loan due date, a late payment fee if 1.75% will be assessed each month on the loan balance and processing fee.
- Only one Short Term Loan may be borrowed each semester.
- This loan is acknowledged to be for an educational benefit and is therefore not dischargeable through bankruptcy
Students must meet ALL eligibility requirements listed below to qualify for a Short Term Loan.
- Student must be enrolled at least half-time (undergraduate = 6 credits, graduate = 5) for the current semester.
- Student must have definite and verifiable means of repayment, such as pending financial aid (e.g. grants, loans, etc.), a job or an income tax refund. Proof may be required. In the event that pending financial aid is being taken in to consideration, all application and/or verification tasks must be completed beforehand.
- Student must be in good standing with NDSU (e.g. unfavorable account holds).
- NDSU Customer Account Services reserves the right to deny any application based on the evaluation of all eligibility requirements, academic and financial service indicators and intent of use of loan funds.
Application and Repayment Procedures:
- To apply, complete the Short Term Loan Application and Promissory Note, and submit to Customer Account Services, 302 Ceres Hall.
- Approved applications will be processed and a check will be issued
- 2.1. Checks will be mailed to an active home address or the student can requests to pick them up in person at the Customer Account Services office in 302 Ceres Hall
- 2.2. If the student is enrolled in direct deposit the loan amount will be deposited to their account within 2-3 business days.
- 2.3. The $15.00 processing fee will be charged to the student's account upon approval of the loan application
- 3.1. Failure to repay within the sixty (60) day time period will result in a 1.75% late fee to be charged to the student's account each month the loan is more than 30 days past due.
- 5.1. A hold placed on the student account will stop registration and transcript requests
- 5.2. Additional late fees may be applied
- 5.3. The Credit Bureau may be notified of the default
- 5.4. The student's account may turned over to a collection agency