Urgent Student Fund Loan Policy #314
|Policy # 314||Approved: November 28, 2016|
|UNIVERSITY OF NORTH CAROLINA SCHOOL OF THE ARTS
Name of Policy
|Source of Authority:|
|History:||First Issued: November 28, 2016|
|Responsible Offices:||Controller's Office|
|Effective Date:||November 28, 2016|
The purpose of the Urgent Student Loan Fund is to assist students with an immediate need for unforeseen expenses related to their education and/or costs of living (not including tuition, fees, or other institutional charges).
This policy applies to all students currently enrolled at the University.
To be eligible for an Urgent Loan, a student must be currently enrolled in the University. (Students enrolled in a spring semester who are expected to return in the following fall semester are matriculating students considered currently enrolled.)
Students are allowed only one outstanding Urgent Student Loan at a given time. The maximum loan limit is $500, with a processing fee of 5% of the loan amount; e.g., a student who borrows $500 repays $525.
Waivers of the 5% feel can be granted by either the Office of Student Financial Aid or the Student Accounts Office in extreme hardship situations, or based on University delays in funding for which the student is not responsible.
The repayment period for loans may not exceed 30 days, unless approval is made to use the upcoming semester's credit balance refund from their student account. (Student's certification and signature on the application authorizes "attaching" to the student's credit balance refund even if that was not the stated method of repayment.)
Habitual violations of repayment may result in ineligibility for future Urgent Student Loans. In addition, students who do not repay according to the application and promissory note will be placed on registration hold as well as transcript hold. The Student Accounts Office will communicate with the students in a delinquent repayment status.
UNIVERSITY OF NORTH CAROLINA SCHOOL OF THE ARTS
Student Loan Fund
I. Processing Urgent Student Loans
A. Students seeking Urgent Student Loan funds should visit the Office of Student Financial Aid to determine if the student could be eligible to receive financial aid to assist with their immediate financial need.
B. If financial aid cannot be awarded, the student can receive an Urgent Student Loan if they meet the guidelines outlined in the policy.
C. Financial Aid will provide the student with an Urgent Student Loan Application and Promissory Note to complete. A Financial Aid employee will notate the form indicating the student's need has been reviewed and provide any appropriate comments, including any justification for a fee waiver.
D. The student will transport the Application and Promissory Note to the Student Accounts Office. After the completed Application and Promissory Note is submitted to Student Accounts, a prepaid card for the loan amount will be issued to the student from Student Accounts (within 24 hours).
E. The student will be given a copy of the Application and Promissory Note for their records by Student Accounts.
F. The Student Accounts Office will monitor repayment, contacting students who are delinquent on repayment and placing appropriate holds for transcripts and registration when necessary.