SWOSU > Resources > Policies > Business Affairs > Bursar > Short-Term Loans Policy

Short-Term Loans Policy

Section I

Purpose

The short-term loan program at Southwestern Oklahoma State University is administered by the Office of the Bursar. The Bursar receives applications and approves loans that meet necessary requirements as enumerated herein. The University's Director of Business Affairs, Executive Vice-President, or President, in that order, shall act for and on behalf of the Bursar in his or her absence.

Section II

Procedure

Eligibility:

To be eligible for a short-term loan, the borrower must be:

• a student of Southwestern Oklahoma State University who is enrolled not less than half time, or
• an employee of Southwestern Oklahoma State University.

Loan Limitations and conditions:

1. Unless otherwise approved by the President or other appropriate Senior Business Officer, the maximum aggregate loan(s) that may be made to an individual shall not exceed $350.
2. Unless a loan is secured by University wages payable to the borrower or approved University financial aid due the borrower, a guarantor(s) must be obtained. The guarantor(s) may consist of either of the following: two (2) full-time, currently enrolled University students or one (1) full-time employee of the University. Exceptions may be granted by the President or other appropriate Senior Business Officer.
3. Loans to employees must have express approval of the University President or other appropriate Senior Business Officer in the absence of the President.
4. Loans are due and payable in accordance with the loan agreement evidenced by a promissory note.
5. All loans shall be simple interest at the rate of eight percent (8%), but shall have a minimum charge of $10.