SHORT TERM LOAN: LETTER OF UNDERSTANDING
You must download the form in Acrobat Reader
by clicking on the logo.
I, the undersigned, agree to repay this short-term loan within 30 days of receiving disbursement of loan funds. Furthermore, I understand that I alone am responsible for the complete repayment of this loan. I understand that I will be charged the following fees if I do not repay my loan within the 30-day grace period:
• A 5% late fee will be added to your account if your loan has not been paid off in full after 30 days from the date loan funds were disbursed to you. The 5% late fee is based on the remaining unpaid balance of your loan after 30 days.
• Additional late fees equal to 5% of the original loan balance will be assessed after 60 and 90 days.
• Failure to repay your loan will encumber your registration for the following semester. You will not be able to register until your loan has been repaid in full.
• Graduating seniors or transferring students please note: You will not be able to obtain your transcripts or diploma until the loan is paid in full.
• We will NOT lift your registration encumbrance until this loan has been paid in full.
• Removal of late fees will no longer exist; you will be held responsible for paying additional charges to this loan.
• Your loan may not be paid with the next semester’s financial aid award. Remember, this is a 30 day loan and must, with no exceptions, be paid within 30 days from the date loan funds were disbursed to you.
• Not paying your loan back during a current semester will disqualify you from receiving any future short-term loans from this office.
If you are unable to access the Letter of Understanding or have problems downloading Acrobat Reader, please visit the Scholarship Center in Central Classroom 120 and we will assist you.