Effective March 16th, 2020, Students receiving short-term loan funds will be required to sign up for Direct Deposit and paper checks will not be issued.
A Short Term Loan is intended to help students in an emergency situation when they have exhausted all other financial resources. Typically, this is the result of an unforeseen emergency situation or the need for funds prior to the arrival of financial aid. Please note that a Short Term Loan is NOT financial aid and cannot be used to pay student account charges. Short Term Loans may also be used for the purpose of receiving an advance payment of Pell Grant funds.
- The loan may not exceed $500.
- If approved, a $15 non-refundable processing and service fee is assessed to your NDSU account. This fee may be waived if the student is Pell eligible and the purpose of the loan is to purchase books in advance of the semester start.
- The loan must be repaid in full within 60 days.
- Starting 30 days after the loan due date, a late payment fee of 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 not able to be discharged through bankruptcy.
Students must meet ALL eligibility requirements listed below to qualify for a Short Term Loan.
- Must be enrolled at least half-time for the current semester.
- Must be in good standing with the University. (e.g. no unfavorable account holds)
- Must have a definite and verifiable means of repayment, such as pending financial aid (including grants, federal loans, and alternative loans) or a job. Proof may be required. In the event that pending financial aid is being taken into consideration, all application and/or verification tasks must be completed beforehand.
- If a student has not previously attended NDSU, a loan may not be processed until the start of the first semester in which they will be attending. Students that have previously attended NDSU may request a short term loan up to 7 days in advance of the start of the semester.
- If the loan is requested during the last 30 days of the semester, the student must be pre-registered for the subsequent semester (including summer).
- The semester ends on the last day of finals and the new/next semester starts the following day.
- No more than one loan per semester and not more than one in a 30-day period.
- Previous short-term loan recipients that failed to repay the debt by the due date may be declined.
- 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 intended use of loan funds.
Additional Eligibility Requirements for Pell Grant Advances
- Financial aid file must be complete (i.e. all requested documents received and processed) a minimum of ten days prior to the start of the academic term.
- The student must be anticipated to have excess financial aid available after all mandatory charges have been paid.
- The purpose of the loan must be to purchase books and/or supplies at an outside source, other than the NDSU Bookstore where these items may be charged to the student account.
Application and Repayment Procedures
- To apply for a Short-Term Loan, complete and submit the electronic Short-Term Loan Application form. Your application will be electronically routed to Customer Account Services for review. REMINDER: The Short-Term Loan is NOT financial aid and must be repaid within sixty (60) days.
- The Customer Account Services office will notify you of the decision, via email, within approximately three (3) business days.
- If approved a $15 processing and service fee and the loan amount will be charged to your student account.
- Repayment of the loan can be made at Customer Account Services, Ceres Hall 302, or will come out of pending financial aid payments if financial aid is received prior to the due date.
- If the loan and processing fee is not paid by the due date, a hold will be placed on registration, receiving a transcript, and/or the release of diploma. In addition, your student account will be subject to late payment fees and your account may be turned over to a third party collection agency.