Title: Emergency Loan Policy
Policy Number: A220.127.116.11
Responsible Department: University Financial Services & Treasury
Crow, Christopher William
Assistant Treasurer/Fiscal Operations
Effective Date: 2012-01-23
Next Review Date: 2015-01-01
Approval Date: 2012-02-28 10:50:36.0
It is the policy of Western University of Health Sciences (WesternU) that in the case of an emergency, a student could be granted a short term loan at the discretion of the Bursar’s Office.
To inform students of the terms and conditions of emergency loans.
1. Students must complete and return an Emergency Loan Application to the Bursar’s Office to apply for the short term loan. This form is available at the Bursar's Office and on the Bursar's Office website.
2. Applications are approved at the discretion of the authorized signer or his/her designee.
3. Students receiving financial aid can use their financial aid award as collateral.
a. The financial aid funds will be automatically applied towards the loan repayment prior to any additional charges.
b. All emergency loans will be repaid from the student’s financial aid proceeds or by a personal payment.
4. Emergency loans must be repaid within 90 days, or upon receipt of financial aid funds, whichever occurs first.
5. All delinquent loans will result in a hold on the student account which will prevent the student from registering for classes or receiving transcripts and/or a diploma.
6. All delinquent loans will be assessed a late fee of $10 per month until the emergency loan is repaid.
7. Only one emergency loan will be granted per term.
Delinquent Loan: an emergency loan that has not been repaid within the 90 day term.