You are currently browsing the monthly archive for April, 2008.
If you want to plan effectively for college and minimize your overall debt, we recommend you review the financial literacy information available on the CFNC web site found below.
http://www.cfnc.org/paying/financial_literacy.jsp
This site provides information on setting and using a budget, misusing credit, and overspending. Use this information to make responsible choices about managing your money.
What is an Emergency Loan?
An emergency loan is a short-term loan granted by the Financial Aid Office to students who need assistance in covering expenses that result from unforeseen situations. Emergency loans cannot be used for tuition, fees, or other institutional charges.
How do I get an Emergency Loan?
To apply for an emergency loan, students must fill out an application in the Financial Aid Office. Most emergency loan decisions take place the same day as the initial request. All approved emergency loan forms must be taken to the Cashier’s and Student Accounts Office in a sealed envelope provided by the Financial Aid Office. Emergency loan funds are distributed by the Cashier’s and Student Accounts Office; picture ID is required.
How much can I receive in an emergency loan?
The emergency loan is designed to assist with education related emergencies only. If a student has financial aid to cover the emergency loan the maximum is $700. If a student does not have financial aid to cover the emergency loan they must provide documentation to verify their ability to repay the loan. The maximum amount a student can borrow in a non-financial aid emergency loan is $300.
How many emergency loans can I receive?
Due to the fact that emergency loan funds are limited, students are allowed only one (1) emergency loan per semester. In order to ensure that all students have access to these funds as needed, we strictly enforce this policy.
When must I repay my Emergency Loan and how do I repay it?
When you receive an emergency loan, the borrowed amount is charged to your student account. If you are due to receive financial aid within this period, your aid funds will be applied to your emergency loan balance along with the other charges on your student account. If you will not be receiving financial aid or your financial aid has already been applied to your account (i.e. refund already processed), then you will be responsible for repaying your loan directly to the Cashier’s and Student Accounts Office within 30 days of receiving the emergency loan or by the end of the semester, whichever comes first.
Are there ever any exceptions if I need more that one emergency loan?
Students must complete an emergency loan appeal for any additional emergency loan requests. Students must provide documentation to verify the emergency as well as verifiable ability to repay the loan. The Emergency Loan Committee will review all appeals on a case by case basis. Students will be notified within 24 hours of the final decision.
