Personal Emergency Loan
Rules, Regulations and Criteria

Purpose:

The Personal Emergency Loan is designed to assist deserving students with emergency loans in response to unforeseen circumstances.

Eligibility for loans:

To be eligible for this loan, you must meet ALL of the following criteria:

1. Be a student in good standing with the University – academically, financially, and with the Office of the Vice President for Student Services.
2. Have completed at least one semester as a full-time student at the University of Texas of the Permian Basin prior to obtaining loan.
3. Must be currently enrolled as a full-time student - Undergraduates: 12 SCH in a long semester, 6 SCH for a single summer session; Graduates: 9 SCH in a long semester, 6 SCH for a single summer session.
4. 30 days must have elapsed since any prior Personal Emergency Loan was paid in full.

To Apply:

Applications are available from the following offices: Vice President for Student Services, Office of Financial Aid, and Office of Accounting.

Once the student has furnished all required information on the application, it MUST be delivered to the Vice President for Student Services Office for approval. The VPSS office will then forward the application to the Office of Financial Aid and the University Registrar for approval. When the application has received these approvals, the application will then be forwarded to the Office of Accounting for processing. The Office of Accounting REQUIRES 24 hours for processing all applications once it has been received.

Maximum amount of loan: $300.00

Maximum length of loan:

1. Maximum length of this loan is 6 months. Loans are to be repaid at maturity or within 6 months from the date of the promissory note (whichever comes first.) Normally, maturity will be based on the purpose of the loan and projected availability of funds for repayment. The maturity date will be set by the Office of Accounting.
2. One and only one extension of the maturity date of the loan will be considered and only in extreme and unusual circumstances. If an extension is approved, the extension of the maturity date will not exceed 6 months from the original date of maturity.

Payment of loan:

Payment of this loan is due on the maturity date as specified in the promissory note

UNLESS: The student is receiving financial aid in any form. 

If the student receives financial aid, the proceeds of the aid received will first be used to settle any obligations owed the University, REGARDLESS of the due date of any debt owed the University.  Any funds remaining after the settlement of debt owed will be available to the student. 

If the financial aid received is less than the debt owed, than the full amount of the aid received  will be applied to the debt owed and the student will be liable for the remainder.  HOWEVER, the student must come by the University Cashier to apply these funds to the debt owed.