Emergency Loan Program
The Student Emergency Loan Program issues loans to qualified students at the University of St. Thomas for emergency situations. These loans are also available to support students who demonstrate financial need of assistance for making a deposit for a St. Thomas approved study abroad program.
A financial emergency or a financial need is defined as a situation where a student has no means of obtaining funds for the emergency situation; all avenues of seeking funds have been exhausted. Loans will be issued only to students who demonstrate a means of repaying the loan by the designated due date and only if funds are available in the program.
Who Is Eligible?
All students currently enrolled as degree-seeking at the University of St. Thomas may apply for these loans, with the exception of graduate female students and law school students. Separate loan funds are available to these students.
- Graduate female students should contact Dr. MayKao Hang at (651) 962-4727.
- School of Law students should contact Laurette Hankom at (651) 962-4884.
Emergency Loan Details
Amounts and Timeline
Only one application may be submitted per semester with a maximum loan of $700 per academic year. The minimum loan amount is $100. Loans cannot be used to pay a student’s St. Thomas bill. However, loans may be used to pay deposit fees for St. Thomas approved study abroad programs.
As part of the application process, applicants will be required to meet with the Dean of Students or designee and loan approval is not guaranteed. Processing may require approximately 2 business days.
Loan repayment due date will be determined prior to issuance of check (no more than 60 days). A hold will be placed on the student’s Banner account if the loan is not repaid in full by the due date.
Loan Criteria
- Student cannot have academic or financial holds on records.
- Student cannot be in default status with financial aid.
- Student must have verifiable means of repayment.
- Student must be able to demonstrate an unexpected financial emergency or be able to demonstrate financial need for assistance to pay a study abroad deposit for a St. Thomas approved study abroad program.
- Students applying for study abroad deposit loans must include on the application the study abroad program for which they are applying.
Example Emergencies
- A death in the family requiring travel
- Eviction from a housing situation
- Medical expenses (where payment is required before care can be provided)
- Possible loss of childcare due to inability to pay
Areas Not Eligible
The following are not considered a financial emergency:
- Credit card bills
- Car payments
- Monthly rent payments where an eviction is not pending
Amounts and Timeline
Amounts and Timeline
Only one application may be submitted per semester with a maximum loan of $700 per academic year. The minimum loan amount is $100. Loans cannot be used to pay a student’s St. Thomas bill. However, loans may be used to pay deposit fees for St. Thomas approved study abroad programs.
As part of the application process, applicants will be required to meet with the Dean of Students or designee and loan approval is not guaranteed. Processing may require approximately 2 business days.
Loan repayment due date will be determined prior to issuance of check (no more than 60 days). A hold will be placed on the student’s Banner account if the loan is not repaid in full by the due date.
Loan Criteria
Loan Criteria
- Student cannot have academic or financial holds on records.
- Student cannot be in default status with financial aid.
- Student must have verifiable means of repayment.
- Student must be able to demonstrate an unexpected financial emergency or be able to demonstrate financial need for assistance to pay a study abroad deposit for a St. Thomas approved study abroad program.
- Students applying for study abroad deposit loans must include on the application the study abroad program for which they are applying.
Example Emergencies
Example Emergencies
- A death in the family requiring travel
- Eviction from a housing situation
- Medical expenses (where payment is required before care can be provided)
- Possible loss of childcare due to inability to pay
Areas Not Eligible
Areas Not Eligible
The following are not considered a financial emergency:
- Credit card bills
- Car payments
- Monthly rent payments where an eviction is not pending
How to Apply
- Complete an Emergency Loan Application (DOC) or stop by the Dean of Students Office (Anderson Student Center, Room 241).
- Students are required to meet with the Dean of Students or designee prior to loan approval.
- Upon approval of the loan, the student will sign a Promissory Note (DOC).
- Checks may be picked up from the Accounts Payable Department during posted office hours (check processing may take an additional 2 days after meeting with the Dean of Students and signing the promissory note).
- Students will be required to present their student I.D. at the time of application and when picking up their check.