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Short-Term Loans FAQs
How do I apply for a short-term loan?
The application for short-term loans is available online at sfaid.tamu.edu/stlapp
Can I pay my tuition and fees with a short-term loan?
Short-term loans can be used to pay optional fees on your billing account, such as residence hall rent, meal plans, sports passes, parking, etc. Short-term loans are also available for other educationally related expenses described in Short-term Loans Acceptable Expenses
What is the interest rate on my short-term loan?
There is a simple interest rate of 8%. There is also a $10 processing fee that will be added to the total loan amount to be repaid.
How long is the repayment period for a short-term loan?
Repayment periods vary from one to twelve months, depending on the loan amount requested and your financial resources available to repay the loan.
What is the penalty for default on my short-term loan?
For any unpaid balance after your due date on your Short-term Loan, an additional 0.5% per month will be charged on the unpaid principal balance. You will be blocked from receiving other Short-term Loans and blocked from registration and requesting your transcript. Additionally, your credit report will reflect the default on your short-term loan
What are the eligibility requirements for my short-term loan due date?
To qualify for a short-term loan
, you must be a half-time student and clear of all past due loans and blocks. For more information, view the Types of Aid
page under your classification.
Can I get an extension on my short-term loan?
If you need an extension on your short-term loan
, you may visit with Student Business Services at the General Services Complex or call 979-847-3337 for assistance.
Will my financial aid refund automatically pay off my short-term loan?
No, your financial aid refund will not pay your short-term loan
balance. It is your responsibility to make payments to Student Business Services in the Cashier's Office at the General Services Complex or online at myaggieloans.tamu.edu
Do I have to come in and sign a Promissory Note every time I request a short-term loan?
You must sign a new Promissory Note each time your borrow through DocuSign if eligible, or in our office and allow the three business day Right to Cancel period to expire before funds are disbursed. Requests for short-term loans
may differ in amounts and length of repayment with each short-term loan
. Thus, you are required to sign a Promissory Note for each short-term loan
How much money can I borrow through a short-term loan?
The amount of money you can borrow through the short-term loan program depends on your university classification, ranging from $1,000-$1,500 for undergraduate, graduate and professional (JD, DDS, MD, and PharmD) students or up to $2500 for veterinary medicine (DVM) students.
How quickly can I receive my short-term loan?
Short-term loans are approved within 1-2 business days. Once approved, if you are eligible you will need to sign your Promissory Note electronically through DocuSign or visit the Scholarships & Financial Aid office to sign a promissory note. After the promissory note has been signed, your loan will enter a three business day Right to Cancel period after which your loan will be disbursed to your student billing account. If the loan is for something other than optional fees on your billing account, funds will be refunded to you within 2-3 business days after the disclosure period if you have set up direct deposit properly.