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Policy 3.5.3

Policy 3.5.3

SUBJECT: STUDENT CREDIT ADVANCE

The university administers a credit advance program to assist students with financial difficulties related to the delayed receipt of confirmed financial aid. Student loan funds established by donors are administered according to donor stipulations. Students may apply for a credit advance in the business office. For most loan funds, approval is based upon the following criteria:

1. The applicant must be a currently enrolled student.
2. The student must establish a valid need for the credit advance.
3. Repayment of the advance must be based upon verified excess financial aid, as student expenses are paid in full. The excess financial aid must be scheduled for disbursement during the current term. To be utilized as verified excess financial aid, guaranteed student loans must be certified by the financial aid office. Estimated financial aid cannot be used as a basis of repayment. Student credit advance may not be issued as an advance on earnings from student employment.
4. Students are limited to one credit advance per term. A student must repay a previous credit advance before submitting an application for a second loan.
5. To accommodate the needs of as many students as possible, credit advances are limited to $300.

Processing Fee - A 4% processing fee is charged for each advance approved. A $12 fee is due for a $300 advance, a $4 fee for a $100 advance, a $2 fee for a $50 advance, $1 fee for a $25 advance, etc.

Approval Process - Credit advance applications will be processed after the twelfth day of the term. This schedule permits registration to be completed and necessary compilation of student financial information. Student credit advance loan applications are evaluated by a committee appointed by the chief financial officer. Advance checks for applications received by 5:00 p.m. Monday, if approved, are issued on Friday.

Student credit advances are considered a component of the student account. Default in repayment subjects the advance account to student account collection policies and procedures.

Contact for Interpretation: Chief Financial Officer

This policy statement supersedes all previous policy statements on this subject.

Revisions:

-   08/14/2017 - Reviewed


-   03/21/2007 - Reviewed

-   06/15/2006 - Revision: layout change

-   08/15/2004 - Revision

-   05/15/2004 - Revision

-   10/01/2002 - Revision: TITLE change - 09/15/2001 - Reissue as 3.5.3

-   09/15/2001 - Revision: title change

-   09/15/2001 - Reviewed

-   12/15/1995 - Inception as policy 3.1.7.2

Printable Policy 3.5.3

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