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.
- You must be a student at Virginia Tech enrolled at least half-time in a degree-seeking 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
- 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.
- 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.