Short Term Loan

A limited amount of money is set aside by the University for short-term loans to students who have a temporary need for money to take care of expenses related to being a student at Radford.  The maximum amount of these loans is $250, and the usual length of a loan period is 30 days.  If after reading the following information, you believe you qualify for a loan, you must complete an application form, which is available in the Office of Financial Aid.  Be specific and complete with the requested information, especially about why you need the loan and how it will be repaid (salary, parents, etc)

In order for students to be considered for a short-term loan, they must meet the following criteria:

• Be currently enrolled at least half time at Radford University

• Have no short-term loans outstanding

• Have paid off all previous short-term loans in a timely manner.  Students who were late in repaying a previous Short Term Loan are no longer eligible to participate in the program (This does not include extensions granted by the Office of Financial Aid.)

• Have a definite method of repayment by the designate due date.

• Student must be on good academic standing with the university

If a short term loan application is approved:

• Checks can be picked up at the Student Accounts Office approximately three working days after the loan is approved and the promissory note completed.

• Students will be required to sign the promissory note at the time the application is approved.

• Loans are to be paid back at the Student Accounts Office by 4:30 pm on the due date.

In addition, students applying for a short-term loan should be aware of the following:

• If you do not complete the entire application, your short-term loan will be delayed.

• Short-term loans will be made only when classes are in session during the academic year, which you are currently enrolled.

• Under normal conditions, a student will be allowed to borrow from the short-time loan fund only two times per academic semester or more than one loan per summer session.

• If a loan has not been paid by the due date or an extension negotiated, the student's academic records will be blocked until such time as the loan is paid in full.  In addition, a $25 penalty fee will be charged if by 10 days.

• Loans cannot be deferred to the next semester.