Short Term Loan Application
Short-term loans are available to Texas Tech students who are currently enrolled or have attended a prior term at Texas Tech University and wish to attend the university in a future term that may require funds to pay for college-related expenses. The majority of short-term loans must be paid back in full within the semester the funds are borrowed.
Maximum loan amounts are determined by the donor’s specifications, and the following loan regulations apply:
Applications for Short Term Loans are available through the Short-Term Institutional Loans office located at room 333 of West Hall. You are required to provide a copy of your Driver’s License and complete a loan application. Then, an appointment for an interview with our loan officer will be scheduled.
If you have had a short-term in the past, it must have never been sent to an outside collection agency nor have been more than 60 days past due at any time. Short-term loan payments are due according to the terms of the promissory note, are subject to acceleration after 31 days, and subject to referral to outside collections should the account reach 61 days past due.
Students are not eligible for multiple short-term loans, and any outstanding short-term loan balance must be satisfied before the student will be considered for a new short-term loan.
The Internal Collections Office, Room 301 West Hall, is where ALL short-term loan payments must be made. Any payment questions or problems should be directed to the Student Loan Payments Office at (806) 742-3214.
If you pay off a loan with a check, there is a 10-business day waiting period for check clearance before a new loan may be processed. Your check must indicate your date of birth, driver’s license number, telephone number, student ID number and loan account number.
Short Term Loan Information/ Carry forwards
As of July 1, 2008 there are new limitations on how universities can use federal financial aid to “Carry Forward” balances from prior terms. Texas Tech University will no longer be able to “Carry Forward” balances larger than $200.00 from prior financial aid reward years; however, all outstanding balances, regardless of the amount, from the current reward year are still eligible for a “Carry Forward” up to the amount of the refund after the current term’s fees have been paid. Also, students who have alternative loans are eligible to “Carry Forward” any balance up to the refund amount after the current term’s fees are paid.
Should the student have an outstanding balance that cannot be “Carried Forward,” the Texas Tech University Short Term Institutional Loan department may be able to help the student by issuing a short-term loan to pay the outstanding balance. There are multiple short-term loans available for the student to use should the student meet the criteria, and should there be funds available within the specific loan.
Forms of Payment
Short-Term loan payments can be made in the Internal Collections Office by check, cash, cashier’s check, money order, or debit/credit card.
Late payments can affect consideration for future Short-Term loans. A $50.00 late payment fee will be applied to all payments not made by the due date. Transcript and Registration holds will be placed on the student’s account until the past due balance payment(s) have been made. Payments should be made early enough to arrive at the Internal Collections office by the due date.
If a student is 60 days late paying back a short-term loan, the student will lose borrowing privileges for one (1) academic year.
If a student has a short-term loan sent to an outside collection agency, collection costs will be assessed up to 30%, as provided by law, and the student will not be eligible to receive another short-term loan at Texas Tech University.
If a loan has been accelerated, payment will be due in full and the loan may be referred to an outside collection agency. Registration and Transcript holds will not be released until the debt is satisfied.
The Texas Tech short term institutional loans are used for higher educational purposes and are not subject to discharge in bankruptcy.
If I have an Emergency Enrollment/Short-Term Loan outstanding can I apply for another?
No. Students may have only one outstanding Emergency Enrollment/Short-Term Loan.
Is my loan automatically deducted from my Financial Aid award?
Yes, it can be. We must have written authorization to deduct the balance of the short term loan out of the students Financial Aid award.
Who collects the loan?
The Student Loan Payments Office is located in West Hall room 301. SLP Office collects all short-term loans. Payment questions or problems should be directed to the SLP Office.
What if I am late making payments?
Late payments will certainly effect consideration for future short-term loans at Texas Tech University. Payments should be made early enough to arrive at the Internal Collections office by the due date. If a payment is not received by the due date, a $50.00 late charge will be added to the account balance. If a student is 60 days late paying back a short-term loan, the student will lose borrowing privileges for one (1) academic year. If a student has a loan sent to a collection agency, the student cannot receive another short-term loan at Texas Tech University!
Are Co-Makers required?
Co-Makers are required by some loan funds. Co-Makers must have verifiable employment or sufficient means for repayment and be at least 21 years of age. Notes may not be co-made by a spouse of the borrower, student, faculty, or a staff member of Texas Tech University. All co-makers’ signatures must be either notarized by a duly appointed notary of the state from which the co-maker resides; or verified upon signature in the presence of a financial aid advisor.
- Rule of Thumb…Do not neglect your payment responsibilities. Do not assume that a fellow classmate possesses valid and factual information about policy concerning your loan and its processing and repayment.
- If you pay off a loan with a check, there is a 10-day waiting period for check clearance before a new loan may be processed.
- Do not remain silent. If you should have a problem, get in touch with the appropriate personnel immediately.
- Refunds will be processed no less than three times a week.
- If you have problems, please call the Internal Collections Office at (806) 742-3214.