Simple tips to pertain and you may receive the loan continues

Short-title financing program

The office of College student Financial aid provides fund available for quick-name funds to simply help college students having brief earnings trouble. Short-identity funds come simply to students that are currently gonna the college (loans cannot be processed ranging from residence). Children who happen to be auditing programs otherwise the individuals signed up not earning loans commonly entitled to small-term finance. Financing are generally readily available within one so you’re able to five working days situated with the in case the financing are using costs on your membership or you’re obtaining the finance taken to your own lender thru head deposit.

Cost arrives from the 2nd quarter, or whenever more financing such as for instance financial aid arrive toward account, whatever comes very first. There’s no interest toward quick-label loans, but there’s a $29 services fees put into the new fees amount. College students could possibly get pertain to the-line as a result of MyUW’s Individual Services (paper application forms are also available for individuals who reach 105 Schmitz Hall however the handling day are extended). Excite discover all information lower than – borrowing from the bank that loan is a vital obligations. When you yourself have any queries, please talk to a counselor at the job out of Pupil Financial aid, 105 Schmitz Hall, otherwise call 206-543-6101.

Eligibility standards

School from Washington pupils can acquire an initial-title financing to possess university fees, instructions, and other costs whenever they:

  • Is actually joined inside regular credit-generating kinds regarding UW Scholar Database
  • Lack an outstanding short-term mortgage
  • Have a great payment record to your one payday loans Seaside online prior quick-term financing(s) (only about a couple of late money)
  • Have a means of installment because of the second quarter

One prior brief-label money need to be paid-in complete in advance of some other loan can be be taken out. Please opinion your finances and requirements for the whole one-fourth when ount.

  • $2,five hundred to own Undergraduates
  • $step 3,two hundred for Graduate/Elite students

There’s absolutely no appeal, but an assistance costs out of $29 is added to the brand new installment matter for every single loan. Late punishment and you will range will cost you would-be reviewed otherwise reduced from the due date.


Short-label fund was recharged through the Beginner Account program (for instance the tuition costs). Every money is owed “for the demand,” and therefore any aid to arrive shortly after a short-name financing might have been paid was used to pay back any outstanding latest season small-title mortgage. Aid cannot pay fund borrowed in the previous assistance seasons (the latest services 12 months was regarding June – Spring house). If you use a primary-label financing while in the Spring season quarter, otherwise rating an extension into a winter season one-fourth loan, you might be responsible for to make sure that the loan are repaid on time. If support cannot afford the loan completely, cost arrives because of the fourth Saturday of next quarter.

Extension of one’s deadline

For college students incapable of pay entirely from the next quarter, there is certainly a single-time extension before after the quarter available. So you’re able to request an expansion, it’s also possible to implement on the web or visit Student Fiscal Functions, 129 Schmitz. An extra $30 solution fees might be added to the full fees matter. Wants extensions made following brand-new due date get most late fees added if the a loan isn’t paid off towards the go out.

NOTE: Children who have school funding ought to know you to asking for an extension does not steer clear of the second help disbursement of paying the short-term mortgage if this try removed in same university 12 months, it does not matter if the brand new deadline is. If you have uncommon issues, excite get a hold of a counselor at work away from Pupil Educational funding, 105 Schmitz Hall, or phone call -6101.

Consequences away from not settling timely

Every quarter, of numerous youngsters enjoy the quick-label mortgage program. Although not, such fund should be repaid in a timely manner so that most other youngsters can continue to benefit in the future quarters. Prior to taking aside a loan, consider:

  • Just how much do you want?
  • What is the due date? Will you be in a position to afford the loan straight back at the same time?
  • How can you pay off the mortgage, and you will what exactly is your back-right up plan?

Unless you afford the mortgage straight back by owed date late charges will begin to accrue. Your bank account could be known some other range company, and it’ll getting reflected on your own credit record. You are going to found emails and you can calls regarding the overdue membership. No deferment or forbearance options are designed for short-identity loans. Short-title finance may not be out there in future home.

Plan to come. When your financing becomes past due, or if this new deadline are close and also you don’t possess the cash to settle, get in touch with Student Fiscal Qualities straight away, on -4694 or elizabeth-mail Talk to a loan expert to discover the options. Should your financing goes overdue, school funding might no offered automatically pay it off since your membership could well be transported off College student Accounts to help you some other billing program.

To use, visit MyUW and select “Short-Term Loan application” from the range of Individual Functions doing the applying and you will electronically sign the latest promissory note. You are told of qualification when you complete the application form. If for example the software program is recognized, your own money might be used on the college student membership quickly, as follows:

You’re sent a verifying e-post that have a copy of your promissory mention because the an accessory, for your info. The level of mortgage payment you today owe will additionally be included in your own college student university fees account, also the date this new cost is born.

When you yourself have read the suggestions more than and you can genuinely believe that you meet the requirements to use, see MyUW with the app. When you yourself have questions, please contact a counselor at your workplace from Beginner Financial aid, 105 Schmitz Hallway, or call 206-543-6101.