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. The eligible fees are:
- 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 is 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. This is depdendent on the loan amount requested and your financial resources available to repay the loan. Veterinary students may have 24 months to repay their short-term loans.
What is the penalty for default on my Short-Term Loan?
For any unpaid balance after your due date, an additional 0.5% per month will be charged on the unpaid principal balance. You will be blocked from receiving other Short-Term Loans, blocked from registration, and blocked from 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 contact 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. You can pay online at myaggieloans.tamu.edu
, or through the Howdy Portal
. If you go to the Howdy portal, click on the My Finances tab, and at the bottom in the Institutional Loans section, click on Pay/View MyAggieLoans.
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 you borrow via DocuSign if eligible, or via email. All short-term loans have a required three-business day right to cancel period before funds pay to your student bill. Requests for Short-Term Loans vary in amounts and length of repayment. Each Short-Term Loan requires a new promissory note for every loan requested.
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. The amount can range from $1,000-$1,500 for undergraduate, graduate, and professional (JD, DDS, MD, and PharmD) students. Veterinary Medicine (DVM) students can borrow up to $2,500.
How quickly can I receive my Short-Term Loan?
The Short-Term Loans review process happens within 1-2 business days. Once approved, you will need to sign your Promissory Note electronically through DocuSign, or sign and email the completed forms to email@example.com. After the promissory note signature, your loan will enter a three-business day Right to Cancel period. After the three business days, your loan pays to your student billing account. If the loan is for something other than optional fees, funds refund to you within 2-3 business days after it pays to your billing account. Please make sure you have your direct deposit set up to receive any refunds from the university.