Short Term Loan Information
What is a Short Term Loan?
- Short Term Loan funds are available to assist currently enrolled students who need temporary financial assistance. These funds can assist you with tuition/fee payment, book expenses, or personal use. The funds for Short Term Loans come from private donations to the University specifically to assist students in need, with these types of expenses.
How much can I borrow for a Short Term Loan?
- The maximum that you can borrow for tuition/fees payment is $450.00.
- The maximum that you can borrow for books/personal use is $450.00.
- The total amount of Short Term Loan money received in one semester may not exceed $450.00. Loans for tuition / fees and books / personal can be combined, however, the total amount of the loan cannot exceed $450.00.
Why does University of West Georgia sometimes run out of Short Term Loan money?
- The Emergency Short Term Loan is a revolving loan fund. This means that the money that is available to you is money that has previously been borrowed and paid back by other students. Short Term Loans are available on a funds available basis. No more loans can be made after the funds have been depleted. Usually, the Short Term Loan office can provide a good indication of when loan money will be available again. Students who do not pay their Short Term Loans on time decrease the amount of money available for other students to borrow.
- There are special funds in place to assist Anthropology majors, Geriatrics majors, Kappa Alpha Phi Fraternity members, and international students. Please contact the Short Term Loan office for further information if you believe that you would qualify for these funds.
When will I repay my Short Term Loan?
- All Short Term loan payments are made based on a fixed payment schedule as determined at the beginning of each semester. Payment schedules must be adhered to or late fees will be assessed as outlined in the Short Term Loan Promissory note.
Why can I not pay the entire balance of my Short Term Loan at the end of the Semester?
- Many students were abusing the system by not paying their Short Term Loans on time, so the program was revised and payment schedules were developed. The new payment system has been in effect since Fall Semester 1998.
- Short Term Loans are set up on a payment schedule that is outlined on the Promissory Note which every borrower signs, and receives a copy of. If every borrower paid their Short Term Loans at the end of the semester, there would not be enough money to make new loans for the next semester. As previously mentioned, the Short Term Loan is a revolving fund. By making payments on your Short Term Loan on time you are allowing other students to benefit from the program.
What happens if I do not pay my Short Term Loan payments on Time?
- There is a $5.00 late fee charged on all payments that are not made on time and in full. If you are past due on a Short Term Loan account a hold will be placed on your account and you will not be allowed to register, drop/add classes, receive future loans, receive academic transcripts , or graduate until all past due amounts are paid in full.
- In addition, University of West Georgia reports all Short Term Loan accounts to a national credit bureau. Seriously past due accounts are reported to outside collection agencies once all in-house collection attempts have failed. If your account is reported to a collection agency you are responsible for paying all collection fees as outlined in your Promissory Note.
Is there an interest charge on my Short Term Loan?
- You do not pay interest on a current Short Term Loan. You will be charged a $5.00 handling fee for borrowing the loan. The $5.00 fee is included on your repayment schedule. Therefore, you do not need to pay the $5.00 fee up front. There may be additional interest charged to your account if it becomes past due and in default.
What is my $5.00 handling fee used for?
- The $5.00 handling fee is deposited back into the Short Term Loan account. It is included in calculating the amount of money that is available to lend to other students.
How can I make Short Term Loan Payments if I am only on campus after 5:00?
- You can drop your payment in the 24-hour depository located outside Aycock Hall anytime. Please enclose your payment in a sealed envelope, and write Short Term Loan on the outside of the envelope. Make sure to include your Student Identification Number on the payment (Social Security numbers cannot be used). Although the depository is available 24 hours, please remember that payments must be received by 5:00 on the due date to avoid late fees.
- You can mail your payment to:
University of West Georgia
If you mail your payment, please mail it well in advance of the due date. Payments must be received by 5:00 on the due date to avoid late fees.
- You can pay your Short Term Loan payment over the phone with your Visa or MasterCard by calling (678) 839-4737. Payments must be phoned in by 5:00 on the due date to avoid late fees. Please note that University of West Georgia is not responsible for credit cards that are declined. If your credit card is declined, you will be responsible for paying a late fee if the situation is not resolved by 5:00 on the payment due date.
NOW THAT YOU HAVE ALL OF THE FACTS, THE ONLY QUESTION THAT REMAINS FOR YOU TO ASK IS: WHAT INFORMATION SHOULD I HAVE AVAILABLE, WHERE, AND WHEN DO I APPLY?
What Information to Have Available
The following information is required to complete the on-line application for a Short Term Loan:
- Name, complete address, and telephone number of your parent
- Name, complete address, and telephone number of two personal references who are not relatives, or students/faculty/staff of University of West Georgia
- Name, complete address, and telephone number of your employer.
If you are not employed, please bring proof of financial aid
Print the Co-Maker form, by clicking here, for a co-signer and have it completed by a relative or friend that agrees to be equally responsible for the payments. Bring the completed form with you that includes the ORIGINAL signature and Notary Public Seal, when you come to the Short Term Loan Office to sign your promissory note. Please note that you are still required to complete and submit the application on line.
If you are unable to print the Co-Maker form, you can pick one up at the Short Term Loan Office.
Log onto Banweb and follow the links to the Electronic Short Term Loan Application (Student Services / Financial Aid). After you have completed your application, please come to Aycock Hall, Room 109, within 48 hours of completion of the on-line application, to sign a promissory note. The loan is not complete until you have signed a promissory note.
Application dates and deadlines are published in the Class Bulletins published by Registrar's office each semester. Information can also be obtained by calling the Short Term Loan office at (678) 839-4737 , or you can email the Short Term Loan office at mailto:email@example.com.
Generally, Short Term Loan applications are accepted Monday – Friday 8:30- 4:30pm . However, there may be some dates throughout the semester when applications will not be accepted. These dates are normally posted in Aycock Hall well in advance, and in The Scoop.
Also, due to the large number of applications we receive during fee payment deadline dates, we only keep the applications on file for 48 hours. If you are not able to come in within 48 hours from the time you completed the application, you will need to log-on to Banweb and complete and submit the application again.
If you have any questions regarding the Short Term Loan program, come by Aycock Hall room 109, call (678) 839-4737 , or email mailto:firstname.lastname@example.org.