Emergency Short-Term Loans
The Short-Term Loan Program is paid for by WSU funds. This is a “revolving” fund, so the amounts available for lending will vary depending on the payments and interest collected from previous borrowers.
WSU short-term loans are not an ordinary source of aid. They are only intended to bridge the gap in emergency situations until other resources arrive. Short-term Loans are for immediate needs such as rent or food and may not be used for tuition or mandatory fees.
Short-Term Loan Eligibility Requirements
- Must have a FAFSA on file
- Must be currently enrolled (excludes WSU staff/faculty)
- Must have demonstrated need (eligible unexpected costs)
- Must have a pending or delayed financial aid award
- A co-signer may be required
Steps to applying for a Short-Term Loan:
Vancouver Campus
For student attending WSU Vancouver, you will need to request a paper application directly through the Vancouver Cougar Center.
Pullman, Global, Spokane, & Tri-Cities Campuses
1. Contact Student Financial Services
Let our office know you are seeking an emergency short-term loan. An SFS advisor will review your account to determine if you are eligible for a short-term loan.
2. Get a co-signer
You may be required to have a co-signer in some circumstances, including:
- You have a pending SAP appeal
- You have outstanding financial aid documents
3. Complete your Short-Term Loan application
To receive a short-term loan, you may need to prove you have future funds coming in that can cover the loan repayment.
If you are eligible for a short-term loan, you will be notified by email and a To-Do list item will appear on your myWSU account. If you have a co-signer, they will receive an email, as well.
You will be directed to our secure documents portal to complete and submit your application materials, including:
- Short-term loans rights, responsibilities and conditions
- Short-term loan information and details
- Short-term loan quiz
- Your contact information
- Your parental/guardian reference information
- Your reference information
The Bursar’s Office receives all completed short-term loan applications (not Student Financial Services). Loan approval and processing may take 24-48 hours, depending on the current volume of loans.
4. Complete your Master Promissory Note (MPN)
The WSU Bursar’s Office will send you an email directing you to complete your MPN. You must submit this alongside your cosigner reference sheet, if applicable.
5. Receive your emergency loan
If you have direct deposit (Touchnet eRefunds) set up for your WSU account, your short-term loan will arrive directly in your bank account. Otherwise you will receive a check in the mail. Be sure to double check your myWSU account to know where your money will appear.
Interest
The short-term loan interest rate is 6%. These loans are usually repaid within the same term they are borrowed. Take the repayment timeline into account when determining if a short-term loan is the best option for you.
Repayment
Repayment will automatically be pulled from your disbursed financial aid as soon as that aid is credited to your account.
If your source of repayment is not financial aid, if you canceled your financial aid, or if you did not receive the amount of financial aid you initially expected, you are still required to repay your loan on time from another source.
You must meet your repayment schedule or you will accrue late charges. Failure to repay a short-term loan on time can impact your future ability to borrow.