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The Office of Student Financial Aid has funds available for short-term loans to assist students with temporary cash flow problems. Funds are generally available within one to four working days, only to students who are currently attending the University (loans cannot be processed between quarters).
Repayment is due by the next quarter, or whenever additional funds such as financial aid arrive on account, whichever comes first. There is no interest on the short-term loans, but there is a service charge added to the repayment amount. Students may apply on-line through MyUW's Personal Services (paper application forms are also available if you come to 105 Schmitz Hall but the processing time is longer). Please read all of the information below--borrowing a loan is an important responsibility.
Eligibility Requirements
. $1,800 for Undergraduates
. $2,700 for Graduate/Professional students
There is no interest, but a service charge of $30 will be added to the repayment amount for each loan. Late penalties and collection costs will be assessed if not paid by the due date.
Loan proceeds may be applied directly to your tuition account, disbursed directly to you, or both.
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Repayments
Short-term loans are billed through the Student Accounts system (like the tuition bills). All loans are due "on demand," which means that any aid coming in after a short-term loan has been disbursed will be used to repay the loan (EXCEPTION: Summer and Autumn aid will not automatically pay loans taken out the previous spring quarter or earlier, because they are different school years. Contact the staff in Student Fiscal Services if you wish to use your Summer or Autumn aid to pay last year's loan). If aid does not pay the loan in full, repayment is due by the fourth Friday of the next quarter.
Additional repayment information is available from the Student Fiscal Services, 129 Schmitz, 206/543-4694. 
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Extension for the due dates
For students unable to pay in full by the next quarter, a one-time extension until the following quarter is available. To request an extension, you may go to the Student Fiscal Services, 129 Schmitz. An additional $30 service charge will be added to the total repayment amount. Requests for extensions made after the original due date will have additional late charges added, and holds will be placed on student registration and transcript records if a loan is not paid on time.
NOTE: Students who have financial aid should be aware that requesting an extension will not prevent the next aid disbursement from repaying the short-term loan, no matter when the new due date is. If you have unusual circumstances, please see a counselor in the Office of Student Financial Aid, 105 Schmitz Hall, or call 206/543-6101.
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Consequences of not repaying on time
Every quarter, many students benefit from the short-term loan program. However, these funds need to be paid back in a timely manner so that other students can continue to benefit in future quarters. Before you take out a loan, consider:
- How much do you really need?
- What is the due date? Will you be ready to pay the loan back by then?
- How will you repay the loan, and what is your back-up plan?
If you do not pay the loan back by the due date, holds will be placed on your registration and your transcript (which prevents you from registering or adding/dropping and from getting a copy of your transcript or applying to a major). Late fees will begin to accrue. Your account may be referred to an outside collection agency, and it will be reflected on your credit record. You will receive letters and phone calls about the overdue account. No more short-term loans may be available to you for the future.
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