400.10 Short Term Loan Fund

Date Adopted: 11/22/1985
Date Revised: 1/31/2003
Date Last Reviewed: 01/16/2024
References:
Issuing Office: Administration and Finance
Approved By: Vice Chancellor for Administration and Finance

1. Policy

   The University of Montana Western provides a Short Term Loan Fund for students to obtain short term funding for temporary and emergency school-related costs.

2. Purpose

   The purpose of this policy is to provide students with the procedure for application and repayment of short term loans.

3. Procedures

   • All short term loan funds are authorized by the UMW Director of Financial Aid (or in absence, the Financial Aid Specialist) and disbursed by the UMW Business Services Office for college-related expenses.
   • The applicant must be credit worthy.
   • There is a minimum of $50, maximum of $400. A $10 administrative fee is assessed at the time of loan.
   • If the loan has not been repaid by the due date, there is a 12% simple interest charged with a $2 minimum and a $10 penalty for late payment.
   • Repayment is made during enrollment. These funds are for temporary and emergency school-related purposes, and repayment is made 60 days after securing the loan or at the end of the semester, whichever comes first.
   • If the request for a loan is denied or application is in excess of $400, or is non-college related, the Short Term Loan Committee must review for final action. The Short Term Loan Committee consists of the Financial Aid Director, Financial Aid Specialist, and the Director of Business Services/Controller.
   • There can be only one loan outstanding at one time.
   • If the borrower does not pay as agreed, all services, including transcripts will be withheld.

4. Authority

5. Responsibility

   Financial Aid Director, Financial Aid Specialist, Director of Business Services/Controller, Vice Chancellor for Administration and Finance