Short-Term Loan Program
Student Fiscal Services - Custer Hall 100
600 Park Street
Hays, KS 67601
Phone: 785 628-4253
Fax: 785 628-4074
E-mail: sfsmail@fhsu.edu

Short-Term Loan Program

One of the services provided by Student Fiscal Services is the administration of an Endowment Loan
program featuring short-term, low interest bearing loans. Alumni and friends of the University who
understood the need for alternative assistance established the loan program through the FHSU
Endowment Association. Although a loan through the Student Fiscal Services Endowment Loan
Program must be paid back, minimum qualifications allow many FHSU students quick access to funding for financial relief. Loans are subject to availability of funds.

Loan Terms

• The interest rate for the loan(s) will be 4%.
• Loan maximums per semester (only one loan per semester).
  • $--$500 or one-third of the outstanding tuition balance after application of other available aid. This loan will be automatically applied to tuition.
    and/or
  • $--$30 per credit hour for educational expenses up to a maximum of $450. Loan funds for educational expenses will be applied to the student's Tiger Card.

Criteria

• The borrower must have a minimum cumulative GPA of 2.0 or greater and must be enrolled in at least 3 credit hours at FHSU.
• Students are eligible for a loan the next semester as long as the previous loan remains in current repayment status.
• Students are ineligible for a loan if any of their institutional loan history includes sporadic payments, delinquent status, involvement with a collection agency, or was written off for any reason.
• Students who have been granted a deferment on a previous loan are ineligible for a new loan until repayment in full of the existing loan is complete.
• Students may be ineligible for a loan if they have any delinquent accounts at Fort Hays State University.
• The loan requires a cosigner who must be someone:
  • at least 21 years of age
  • not currently enrolled as a student
  • not the borrower's spouse
  • who does not have an outstanding loan balance with the FHSU Institutional Loan Program
  • who has not cosigned for more than $3,000 in institutional loans for any borrower
  • who is a United States citizen with a U.S. address.
• The borrower and cosigner signatures must be witnessed by a notary public.
• Both the borrower and the cosigner must provide accurate and adequate addresses and references.

Processing and Disbursement

• Loans will be issued as per schedule determined by FHSU Student Fiscal Services. No loan funds will be disbursed before official enrollment.
• No loans are granted after midterm of any semester.
• Loan funds that are awarded for tuition and fees will be directly applied first to current FHSU tuition and fees and a receipt will be sent to the permanent address.
• Loan funds intended for educational expenses will be deposited to the student's Tiger card (exceptions may be made for students who do not have on-campus classes by notifying Student Fiscal Services in writing at the time the loan application is completed).

Loan Repayment

• Interest accrues at the rate of 4% per annum on the unpaid principal balance.
• Payments for principal and interest will begin approximately 30-45 days after the loan has been awarded. Monthly payments are established so the loan account is paid off within a year (payments will not be less than $40 a month). A 10% late fee will be charged on delinquent accounts.
• A student may prepay the loan without penalty at any time.
• If an account becomes 30 days or more overdue, the borrower and the cosigner may not be allowed to enroll at FHSU. Academic transcripts may also be withheld.
• Delinquent accounts may be turned over to collection agencies, an attorney, or taken to small claims court with the borrower paying all collection and/or litigation costs. The same collection procedures may be used with the cosigner.
• An appeal committee will review written documentation for loan exceptions, repayment extension or extenuating circumstances. The decision of the appeal committee is final.

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