Student Emergency Loan Program

Purpose

The emergency loan program is designed to assist students who find themselves faced with unexpected financial emergencies that affect their ability to function as a student. The emergency loan program is carried out as a partnership between the Student Accounts Office and the Deans of the various schools.

Eligibility

Emergency loans are available to Hamline University students who meet the following criteria: 

• Enrolled in a licensure or degree seeking program
• Registered for the current term and the term in which the loan is due, if applicable
• Demonstrated need for an emergency loan
• No past due balance on the student account
• No outstanding payments due on their installment plan. (Emergency loans will not be granted for students to make payments toward their installment plan) 
• No other outstanding emergency loans

Guidelines

• Maximum loan amount is $500
• Cumulative loan amount per academic year (June 1 through May 31) is $1,000
• No emergency loans will be issued to pay Hamline University sponsored program deposits
• Employees of Hamline University are not eligible to apply for an emergency loan
• No emergency Loan will be issued more than ten days before the start of the term
• Only one emergency loan per semester

Loan procedure

• The student will fill out the Emergency Loan Request Form.
• A representative from the appropriate Dean's office will review the application and, if approved, send to the Student Accounts office for approval.
• A representative from the Student Accounts office will notify the student within 24 hours if the application has been approved or denied.
• Upon approval, the funds will be processed as either a direct deposit refund or by check, depending on what the student is currently signed up for. If signed up for direct deposit, it can be issued within two to three business days. Bank checks will be processed the following Monday or Thursday and ready the following Wednesday or Monday, respectively.

Repayment

• The loan will be charged directly to the student's account. 
• The loan must be repaid within sixty days, three weeks prior to the student's graduation date, or by the end of the academic year (May 31), whichever comes first. 
• Financial Aid credited to a student's account will first repay all tuition and fees and then repay an outstanding emergency loan, even if the loan is not yet due. 
• Interest will accrue at the rate of 0.67% per month (8% APR) on any past due loan. 
• If the loan is not repaid by the due date, the student will be on hold for registration, grades, transcripts, clearance for the bar, and diplomas. 
• If necessary, Hamline University will institute all necessary collection procedures to collect on a past due loan and the student will be responsible and charged for all collection costs, including attorney's fees. 
• Payments for emergency loans must be identified as such to ensure proper credit to the account. 
• If a student leaves Hamline University and has an emergency loan that is not yet due, the loan will be accelerated and be due immediately.