Short-Term Loans

A limited amount of money is set aside by Virginia Tech to provide short-term loans to students who have a temporary need for money to take care of student-related expenses (i.e. books, food, and/or rent.)  The maximum amount of money that can be borrowed is $600.

Requirements

• You must be a student at Virginia Tech enrolled at least half-time in a degree-seeing program in the term you are requesting the loan (half-time is six hours for undergraduates and five hours for graduates)
• You must have a definite method of repayment from one of the following:
  • Financial aid refund
  • Student employment
  • Parent/spouse (He/She must submit a notarized parent/spouse co-signer form available in our office)
• Short-term loans are made only while classes are in session during the academic year.  You cannot request a short-term loan three weeks before the end of the semester.
• You can only borrow from the short-term loan fund once per semester.

Application

• You must complete an application form which can picked up in our office
• The permanent address and phone number on the application must match University records
• Sign the promissory note. The promissory note must be signed before the application is reviewed.

Repayment

• If a short-term loan application is approved, checks can be picked up at the Office of University Bursar in the Student Services Building approximately 5 working days after the loan is approved and the promissory note completed
• A fee of $5.00 will be added to the principal and is due to be repaid with the principal
• Loans are to be repaid at the cashier’s window in the Student Services Building by 5:00PM on the due date.
• If a loan is not paid on the due date, the Office of University Bursar will block the student’s academic records until it is paid
• Any funds credited to the student’s account will be applied to repaying the loan regardless of the means of repayment listed on the application.
• If a loan is to be paid back upon receipt of a financial aid refund, the refund check will not be released until the short-term loan is repaid