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The Administrative Loan is intended to assist students who have a need for short-term financial assistance because of a delay of the processing of their aid due to no fault of their own. The student must have enough aid awarded to cover the balance and agrees 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 with complete files, loans can be made to a maximum of $1,000 and must be repaid with the refund from the original financial awards. Loans must be repaid within the semester for which the funds are intended. There is no interest charge associated with this loan program.
Note: Students should never borrow more from this source than is absolutely necessary to meet an emergency need.
Instructions and Eligibility
Administrative Loans are available only through the Office of Student Financial Aid. A meeting 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 been implemented to meet compliance under 34 CFR 668.164(m) and requires management approval.
- Borrowers must be making satisfactory academic progress.
- Borrowers must have a complete financial aid file (no missing items).
- Borrowers must have a refund equal to or in excess of the amount of the loan to pay off the balance once aid has been processed.
- There is a $1000 borrowing limit.
- No interest will be assessed on a loan.
- Loans are made only for educationally related expenses that occur during the loan period.
- Loans may be taken starting on the 1st day of class and not later than 30 days prior to the end of a semester.
- Borrowers must sign a promissory note, a copy of which will be provided to the borrower.