Seattle College District Procedure
TITLE: Student Short-Term Loans
332.10 Source of Funds
Funds to be used will be existing funds available from service and activities fees collected in the past. When necessary the Campuses may request additional funds from the Associated Student Body in accordance to the procedures in 345.05.
332.20 Fund Accountability
The total funds loaned must not exceed the amount of funds available. The district accounting office will provide to the financial aid directors a status report on the amount of loans outstanding and the balance available to loan by the last week (finals week) of each quarter.
332.30 Eligibility Requirements
- residents or non-residents.
- new or returning (preference will be given to returning students).
- students or co-signer's credit check must pass -- credit rating established by the SCCD Accounting Office.
- promissory note must be completed and signed.
- student must be enrolled for the quarter for which funds are requested.
- students shall be limited to a loan with a maximum dollar amount of five hundred dollars; not eligible for another loan until previous loan is repaid in full.
- student must not be receiving assistance or financial aid for tuition or fees for which loan is requested.
- applications for a loan will be accepted through the 8th instructional day of the quarter of the request.
- Loans will not exceed the cost of tuition and required books and supplies (not parking) as computed in the financial aid budget, and in no event will exceed five hundred dollars.
- The loan fee will be adjusted periodically to cover loan processing and credit check costs and the cost of collection activities.
- Upon issuance of the loan, financial aid will put a hold on the student's records (transcripts, grades, further registration) only if the student is in arrears in repayment schedule.
- Financial aid office will process the credit check and the approval. Cashiers will process student's tuition and class fees on FAPC 799 and will cash checks issued for books and supplies, using imprest funds.
- Students must pay the loan in full before they are allowed to register for the next quarter or receive grades or transcripts.
332.50 Loan Repayment Schedule:
- 50% of loan will be due 30 calendar days after the quarter begins.
- Balance will be due 30 days later. If the student wishes to register for the following quarter, the loan must be paid in full.
332.60 Payment Procedures
- Accounting will send a written notice reminding the student of any unpaid loan amounts that are more than 10 days past due.
- Non-payment of a loan will result in no further eligibility for a loan in this program.
- If an existing loan is re-issued, the financial aid director will notify accounting.
- If an existing short-term loan is not re-issued, accounting will send the student a 10-day notice with a copy to the financial aid director. If the loan is not paid within 10 days, accounting will forward the debt for collection at the end of the quarter. Further registration, transcripts, and grades will not be allowed if the student is behind in loan payments.
- When the total amount of the loan is repaid, the college will remove the hold on the student's records.
Chancellor’s Cabinet – Revision & Adoption History
Companion Document : Pol332
Adoption Date : 0001/01/01
Revision Date : 0001/01/01