Institutional Loan Information
Short-term loans are available to Texas Tech University (TTU) students who require short term funding for college-related expenses and who are currently enrolled or have previously attended Texas Tech University and wish to return to the university. The majority of short-term loans must be paid back in full during the semester in which the funds are borrowed.
Loan funds are established by specific donations to TTU. Maximum loan amounts are determined by the donor's specifications, and the following loan regulations apply:
Students may apply for a Short Term Loan after the twelfth class day in Fall or Spring
terms. Short Term Loans are not available during the Summer term. Applications for
Short Term Loans are available through the Short-Term Institutional Loan office located
at room 333 West Hall. You are required to provide a copy of your Driver's License
and complete a loan application. An appointment for an interview with our loan officer
will be scheduled after your application is reviewed.
If you have had a short-term loan in the past, it must not have been sent to an outside collection agency nor 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 past due, 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.
All short-term loan payments must be made at the Internal Collections Office, Room 301 West Hall. Any payment questions or problems should be directed to the Student Loan Payments Office at 806-742-3214.
Forms of Payment
Short-Term loan payments can be made in the Internal Collections Office, 301 West Hall, by check, cash, cashier's check, money order, or debit/credit card.
Loans paid in full with a personal check will require 10 business days before the loan will reflect paid. New loan requests will not be processed during this time. Your check must indicate your date of birth, driver's license number, telephone number, student ID number and loan account number. Temporary checks are not accepted.
Late payments may 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. Grade, 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. Grade, transcript and registration holds will not be released until the debt is satisfied.
If a collection action is initiated with respect to your short-term loan, you agree to reimburse us for the fees charged by a collection agency, which may be based on a percentage (at a maximum of 30%) of the debt, and all costs and expenses, including reasonable attorney fees, we incur in such collection efforts in accordance with Texas Government Code Sec. 2107.003. The delinquency may be reported to the State of Texas and a hold may be activated thus preventing you from receiving any funds payable to you from any state agency, and the student will not be eligible to receive another short-term loan at Texas Tech University.
The Texas Tech short term institutional loans are used for higher educational purposes and are not subject to discharge in bankruptcy.
Frequently Asked Questions
- 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.
- Who collects the loan?
The Student Loan Payments Office is located in West Hall room 333. 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 and holds may be placed on the student account preventing access to grades, transcripts or registration. 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-Signers required?
Co-Signers are required by some loan funds. Co-Signers must have verifiable employment or sufficient means for repayment and be at least 21 years of age. Notes may not be co-signed by a spouse of the borrower, student, faculty, or a staff member of Texas Tech University. All co-signers' signatures must be either notarized by a duly appointed notary of the state from which the co-signer resides; or verified by signature in the presence of a financial aid advisor.
- 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.
- 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.
Eligible Undergraduate, Graduate, and Law students may apply for a Book Loan in an amount less than or equal to $500 each semester. Students are allowed one book loan per fall, spring, and summer semester. Eligible students will be enrolled in the current term and will not have defaulted on a previous book loan.
The book loan application is available at sbsbookloans.ttu.edu
Athletes must apply for book loans in person in room 333 of West Hall.
Book Loan Policy