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Short Term Loans

General Information

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, rent.)  The amount of money that can be borrowed is $50 to $600.

Eligibility

  • 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
    • Employment
    • Parent/Spouse (He/She must submit a co-signer form available in our office)
  • Short term loans are available 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.
  • You must complete an application, 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.