Short Term Loans are intended for students in an emergency situation, in which all other financial resources have been researched and exhausted.

Emergency situations are defined as:

• An expense incurred due to unforeseen circumstances.
• A need for funds to pay for living expenses prior to the arrival of financial aid, such as rent, groceries or transportation

A Short Term Loan is NOT financial aid and cannot be used to pay tuition or an accounts receivable balance

Loan Terms:

1. The loan amount may not exceed $500.00.
2. A 5% non-refundable processing fees is assessed to the student's account balance.
3. The loan must be repaid within 60 days. If the Short Term Loan is requested during the last 30 days of the semester, the student must be pre-registered for subsequent semester.
4. Only one Short Term Loan may be borrowed each semester.
5. This loan is acknowledged to be for an educational benefit and is therefore not dischargeable through bankruptcy

Eligibility Requirements:

Students must meet ALL eligibility requirements listed below to qualify for a Short Term Loan.

1. Student must be enrolled at least half-time (undergraduate = 6 credits, graduate = 5) for the current semester.
2. Student must have definite and verifiable means of repayment, such as pending financial aid, a job or an income tax refund (related documentation may be required for proof of ability of pay).
3. Student must be in good standing with NDSU.

Application and Repayment Procedures:

1. To apply complete the Short Term Loan Application and submit to Customer Account Services, 101 Old Main or Bison Connection in the Memorial Union.
   
   
2. Approved applications will be processed and a check will be issued
   • 2.1. Checks will be mailed to an active home address or students can requests to pick them up in person at the Customer Account Services office in 101 Old Main
   • 2.2. If a student is enrolled in direct deposit the loan amount will be deposited to their account within 2-3 business days.
   • 2.3. The 5% processing fee will be charged to the students account upon approval of the loan application
     
     
3. The loan must be repaid within sixty (60) days of approval.
   • 3.1. Failure to repay within the sixty (60) day time period will result in a $15 late fee to be charged to the student's account
     
     
4. Deliberate falsification on the Short Term Loan Application may cause the loan to become immediately due for repayment.
   
   
5. Default on the Short Term Loan can result in the following actions:
   • 5.1. A hold placed on the student account will stop registration and transcript requests
   • 5.2. Additional late fees may be applied
   • 5.3. The Credit Bureau may be notified of the default
   • 5.4. The student's account may turned over to a collection agency
     
     
6. Repayment of the loan may be processed through any accepted NDSU Payment Method
   
   
7. It is the student's responsibility to promptly update Campus Connection with any changes to addresses or phone numbers.
   
   

Short Term Loans Applications can be obtained at the NDSU Customer Account Services office in 101 Old Main or the Bison Connection Office in the Memorial Union.