Short Term Loans
The Short Term Loan program provides temporary funds to students for books and supplies, living expenses, medical expenses, unexpected emergencies, and other expenses related to their attendance at the University of Illinois. In addition, Short Term Loans may be provided to students who are experiencing delays in receiving their financial aid funds. A Short Term Loan cannot be used to pay University charges.
Each semester, undergraduate students may request a loan for up to $600, and graduate and professional students may request up to $1,000. A service fee of $3.00 is assessed to the student’s University account at the time the loan is disbursed. The loan is due on the next E-bill due date. No interest will accrue if the loan is repaid by the due date. Interest of 1.5% per month (18% per annum) will be charged on loans that are past due.
If the eligibility criteria are met, one Short Term Loan will be approved per semester, unless there are extenuating circumstances. Students do not have to apply for or be receiving financial aid to apply for a Short Term Loan.
Eligibility Criteria
- Undergraduate students must be registered for six (6) or more credit hours (Fall, Spring or Summer); graduate/professional students must be registered for six (6) or more credit hours during Fall and Spring semesters and three (3) or more credit hours during the Summer term.
- Students must not have a delinquent balance with the University.
- Students must have a valid i-card.
Students with extenuating circumstances may be approved for higher loan limits or additional Short Term Loans during a semester if the student provides sufficient reason(s) and the request is approved by a full-time OSFA staff member. Full-time OSFA staff members may also make professional judgment exceptions to the eligibility criteria (listed above).
Where to Apply for a Short Term Loan
All students, except for international students, may apply for a Short Term Loan in the Office of Student Financial Aid (Student Arcade Building, 620 East John Street). International students may apply for a Short Term Loan in the Office of International Student and Scholar Services (400 Turner Student Services Building, 610 East John Street). College of Veterinary Medicine Students may also apply in Room 2271G Veterinary Medicine Building and College of Law Students may also apply in Room 201 Law Building.
