home / policies / sycamore emergency loan

Sycamore Emergency Loan


The Sycamore Emergency Loan Program is intended to assist students who have a need for short-term financial assistance, and who agree to use these funds exclusively to pay educational expenses related to their attendance at Indiana State University.

Available to all full-time students in good academic standing, loans can be made to a maximum of $400 (in $50 increments) and must be repaid within 30 days. Loans must be repaid within the semester for which the funds are intended. There is no interest charge associated with this emergency loan program. A student may have no more than one loan outstanding at a time.

Note:  Students should never borrow more from this source than is absolutely necessary to meet an emergency need.


Instructions and Eligibility

Sycamore Emergency Loans are available only through the Office of Student Financial Aid. An appointment with a counselor is necessary to secure a loan, and all loans require borrowers to sign a promissory note that stipulates the amount of the loan and the terms of repayment. This program has limited funding and when all funds are expended, no further loans will be available for that semester or term.

Academic Year

  • Borrowers must be making satisfactory academic progress.
  • Borrowers must be enrolled full time (for example, an undergraduate would need to be enrolled in a minimum 12 credit hours and graduates 9 credit hours).
  • Borrowers must have exhausted all federal and state financial aid options, and have a complete financial aid file (no missing items).
  • Borrowers must have never received a financial aid refund for the semester in which they are applying for the emergency loan. If the borrower received a financial aid refund of less than $400, he or she may be eligible for a partial emergency loan depending on the availability of funds.
  • There is a $400 borrowing limit in increments of $50.
  • No interest will be assessed on a loan.
  • Loan approval is dependent on the borrower not having existing ISU charges on account for which this loan would be intended to apply.
  • Loans are made only for educationally related expenses that occur during the loan period.
  • Loans may be made up to three calendar days prior to the beginning of a semester and no later than 30 days prior to the end of a semester.
  • Borrowers have 30 days from the date of issuance in which to repay loans.
  • Borrowers must sign a promissory note, a copy of which will be provided to the borrower.

Summer Term

  • Loans may be made for any term (or combination of terms ) within the summer.
  • Borrowers must be making satisfactory academic progress.
  • Borrowers must be enrolled full time.
  • Borrowers must have exhausted all federal and state financial aid options, and have a complete financial aid file (no missing items).
  • There is a $250 borrowing limit in increments of $50.
  • No interest will be assessed on a loan.
  • Loan approval is dependent on the borrower not having existing ISU charges on account for which this loan would be intended to apply.
  • Loans may be only made for educationally related expenses that occur during the loan period.
  • Loans will be issued at the beginning of the summer term and no later than 30 days prior to the end of a summer term.
  • Borrowers have 30 days from the date of issuance in which to repay loans.
  • Borrowers must sign a promissory note, a copy of which will be provided to the borrower.

Exceptions

Exceptions to this policy may be granted for the following reasons:

  • The student is an active duty member of the military, or beneficiary of a family member's military benefits, and is able to provide a certificate of eligibility attesting to his or her benefit amount;
  • The student has previously received aid while studying abroad and is experiencing a delay receiving his or her academic transcript. This exception may require approval by the Study Abroad Director.

Contact

Student Financial Aid
220 North 7th Street
150 Tirey Hall
Indiana State University
Contact Us