Emergency Short Term Loans

Emergency Short Term Loan Application [pdf]

General Information about Short Term Loans
Currently enrolled, registered UCSC students experiencing temporary difficulties meeting their financial obligations may be eligible to apply for an Emergency Short Term Loan. These loans are typically for no more than $200 and typically must be repaid within 30 days. There is a maximum of two Short Term Loans per academic year.

Short Term Loans can be used to pay for off-campus housing, or other living, transportation, or book expenses directly related to your education. They cannot be used to pay registration fees, on-campus housing (including Family Student Housing), personal debt, credit card debt, or car payments.

Requirements
Short Term Loan Applicants must:

Have a guaranteed and verifiable source of repayment that is not from future quarter financial aid.

Provide receipts or estimates for unusual expenses (medical, dental, etc.) must be submitted with the loan application.

Not have any outstanding university debts.

Not have defaulted on a student loan or have a history of bad checks or late payment on a previous Short Term Loan.

Not be a current co-signer on another Short-Term Loan.

Provide a Co-Signer if:
Employment is the source of repayment
The source of repayment is not pending financial aid paid to your student account
You will be graduating at the end of the quarter
A previous Short Term Loan was repaid late
You have a returned check with the university

How to Apply
Submit your application in person at the Financial Aid Office, 205 Hahn Student Services Building. We will notify you by email within one to two business days if it has been approved or denied. Once your loan application is approved it will take 2-5 days before the check is available for pick-up at Student Business Services (203 Hahn Student Services Building, Photo ID will be required). Students who have previously set up Direct Deposit (EFT) for financial aid refunds may elect to have the funds deposited directly to their bank account.

Co-Signer Requirements
If a Co-Signer is Required, s/he CANNOT BE:

A lower-division student (frosh, sophomore)
The borrower’s spouse
A student who has an outstanding Short Term Loan
Anyone who is currently a co-signer on another Short Term Loan
Anyone who is under 18 years of age
Anyone who has a history of poor loan repayment
Anyone who has had an account assigned to a collection agency

The co-signer is a UCSC faculty or staff member
The co-signer comes to the Student Business Services with a valid picture ID and co-signs the loan note in the presence of a Student Business Services staff member

A co-signer becomes as responsible as the borrower for the loan. Any restrictions placed on the borrower (holds on registration, transcripts, diploma, etc.) for non-payment will also be placed on the co-signer if s/he is a UCSC student.

Repayment
ALL LOAN REPAYMENTS MUST BE MADE TO THE UCSC CASHIER’S OFFICE

Loans must be repaid by the date indicated on the promissory note (generally within 30 days). If the repayment source is from outside the Financial Aid Office (employment, parents, etc.) the student is responsible for the repayment directly. Future quarter financial aid cannot be used to repay this loan.

Short Term Loans become due and payable immediately if you leave school for any reason (graduation, leave of absence, withdrawal, planned educational leave)

An extension of repayment may be approved if you are unable to repay your loan by the due date. You must contact the Financial Aid Office to request an extension. Late repayments will result in late fees.