Policy 1-12
Student Emergency Loan Fund - Accounting

• Issued: 10-74
• Revised: 04-05
• Approved:
  
  

I. GENERAL

The Fort Lewis College Emergency Loan Fund is maintained to provide emergency loans to currently enrolled Fort Lewis College students making satisfactory progress and in good standing (2.0 grade point average or better.) Emergency loans must be supported by a properly drawn promissory note and are limited to the following:

• A loan not exeeding $500 to be repaid within 30 days or the end of the current trimester whichever occurs first.
• A book Voucher redeemable in the Fort Lewis college Bookstore for the purchase of books and educational supplies.  The maximum voucher amount is $500, including tax due at the time of purchase.  Book Vouchers are repaid through the disbursement of verifiable student aid and are limited to one per student per term.  Book Vouchers are only available from the first day of class through census date.
• A loan made subject to the conditions of the Hoyt C. Miller Memorial Loan Fund, that may not exceed $700.00 with repayment occurring within ten (10) months of the date of disbursement.

The Office of Financial Aid is responsible for approving loan and book voucher applications. The Accounts Receivable Office may recommend disapproval of a loan if:

A. Loan funds have been temporarily depleted.

B. The student has existing unpaid notes, has a history of failure to meet financial obligations, or owes the College amounts which are past due. Generally, only one loan at a time will be approved for an individual student.

II. PROCEDURES

A. Loan Applications - Upon approving a loan, the Office of Financial Aid will send the student to the Accounts Receivable Office with the completed loan application.  A Cash Requisition (CRQ) will be included if the emergency loan is to be disbursed in cash.  The top of the application will be marked as a "Book Voucher" if the loan is for books. The application form, as well as the CRQ, must display the student ID number in addition to other required information. The Office of Financial Aid will ensure the completeness of the application.

B. Loan Disbursements - The student will present the loan application to the Accounts Receivable Office where the loan will be approved and information will be entered to the student's billing account using Banner Form TSAISTL. The student then proceeds to the Cashier for the disbursement of the loan amount if the loan is to be disbursed in cash and the Cashier enters the disbursement to the student's billing account using Banner Form TSAAREV.  If the loan is for a book voucher, the amount of the voucher will be entered into the student account and a bookstore transmittal will be faxed to the bookstore.  The student will sign the promissory note in the Controller's Office.

C. Collections - The Student Emergency Loan balances due will receive the same collection efforts as all other balances due from students. See Policy 1-4, Student Accounts Receivable, for the collection procedures.

D. Loan Repayments - At the time a student repays a loan in full, the Cashier enters the payment to the Student's billing account using Banner Form TSAAREV.

E. Reconciliations - The Student Emergency Loans outstanding are reconciled monthly with all other balances due from students. See Policy 1-4, Student Accounts Receivable, for the reconciliation procedures.