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EIU Short Term Loans

Short Term Loans (or "emergency" loans) are available to currently enrolled students through the Office of Financial Aid and Scholarships.  The purpose of Short Term Loans is for school-related emergencies and expenses.  

SHORT TERM LOANS ARE 90-DAY LOANS ONLY.  THERE WILL BE NO EXTENSIONS AND NO EXCEPTIONS

Apply for Short Term Loans online here.  

 

  • Applications will be processed on Mondays and Thursdays.  If your application is received before noon, your check will be available for pickup in our office after 2:00 P.M. the following day.  If your application is received after 12:30 P.M., it will not be processed until the subsequent Short Term Loan day. 
  • When you apply online, do not leave any item blank.  Once you submit your application, you may view the progress (received, approved, denied, ready for pickup).  You may view your loan history, payment history, etc., at this same site.  
  • You will receive an e-mail to your Panthermail account when your check is ready for pickup.  Remember to bring your original, signed Promissory Note to receive your check. 
  • Short Term Loans WILL NOT BE ACCEPTED/PROCESSED when school is not in session ~OR~ during the first two weeks of each semester.
  • Active loans must be repaid before another application will be processed.  Limitations will be considered.
  • Loans may not be approved if the student has received a financial aid refund in the past 60 days. 
  • All Short Term Loans exceeding $200 requires a co-signer. Co-signers must be employed.  Co-signers CANNOT be and EIU student or EIU employee. 

 GRADE CLASS  LOAN AMOUNT 
 WITHOUT CO-SIGNER
 LOAN AMOUNT
 WITH CO-SIGNER
 First semester at EIU  $100                     ----
 Freshman  $200  $300
 Sophomore  $200  $500
 Junior  $200  $700
 Senior  $200  $900
 Graduate  $200  $1000

 

  •  If your loan requires a co-signer, their Promissory Note will be e-mailed to them.  They must sign it and return the ORIGINAL to us along with a copy of their photo ID.  If mailing the Promissory Note, UPS and FedEx are two options to expedite receipt of your Short Term Loan check.
  • If an interview is required, students will be notified via Panthermail.  For example, a loan interview may be required due to prior late repayment of Short Term Loan(s).  
  • Payments must be made, in person or by mail, to the Student Accounts Office. You must specify that the payment is for your Short Term Loan.  
  • If a Loan is not paid within 90 days, a hold will be placed on your account.  It is the student's responsibility to remember the due date.  If the due date falls on a holiday or weekend, payment is expected the business day prior. 
  • If the student is anticipating a financial aid refund, Student Accounts will apply payment to the Short Term Loan BEFORE issuing the refund.  It is the student's responsibility to ensure that the total payment was received by the due date.