Short Term Loan: Letter Of Understanding
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Letter of Understanding (
38 KB)
I, the undersigned, agree to repay this short term loan within 30 days of the approval date. Furthermore, I understand that I alone am responsible for the complete repayment of this loan. I understand and agree to the terms and conditions listed below.
- You cannot be on financial aid suspension or academic probation (below 67% cumulative completion rate and/or 2.0 cumulative GPA) in order to be eligible for a short term loan.
- A minimum of 6 credits must be completed through MSU Denver before you are eligible to take out a short term loan.
- In order to use your pending financial aid as collateral for a short term loan, you must have a complete file with no additional requirements or holds and you must have sufficient funding available to cover your tuition in addition to the short term loan fee/amount. In the event that you do not have sufficient financial aid funds or a complete financial aid file, your application will be denied.
- In order to use your on/off campus employment as collateral for a short term loan, you must include your 2 most recent pay stubs as well as your employer’s contact information. Your supervisor will be contacted to verify employment information. We cannot enter into any formal contract with an employer or pay a fee to verify employment. In the event that an employer is unwilling/unable to verify employment, your application will be denied.
- A 5% late fee will be assessed to your student account for any remaining short term loan balance after 30 days.
- Additional late fees equal to 5% of the original loan amount will be added to your student account for any remaining short term loan balance after 60 and 90 days.
- Failure to repay the loan will result in various holds on your student account. This includes registration for subsequent semesters and eligibility for future financial aid.
- Graduating or transferring students will not be able to obtain a diploma or transcripts if there is an owed balance on your student account.
- A Lift Encumbrance with the Office of Financial Aid & Scholarships cannot be done specifically to pay a remaining short term loan balance on your student account.
- A short term loan cannot be repaid with the following semester’s financial aid award. This will result in your permanent ineligibility to take out future short term loans through MSU Denver.
