The Short-Term Loan (STL) program is funded by WSU funds. Since it is a “revolving” fund, 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 a gap until other resources arrive—for instance, emergency situations when financial aid is not available to cover costs in a timely manner or when unexpected costs occur.
STLs are available to assist with a student’s immediate needs, such as books/rent/food, but not to pay tuition, mandatory fees, or other charges.You must be currently enrolled to request a short-term loan. WSU faculty/staff members who are enrolled in classes are not eligible.
You must be able to document a guaranteed source of repayment to be eligible to borrow. (A Stafford Loan that has been processed but has not arrived yet is one example of a guaranteed source of repayment.)
In some cases, you will be required to get a co-borrower (a.k.a. co-signer) on your application.
- A co-borrower is a person who is equally responsible to repay the loan if the borrower (you) does not make the scheduled payments.
- Parents are the most usual choice for a co-borrower.
- Co-borrowers cannot be other students or a spouse of the borrower.
- Co-borrowers must have been employed for at least a year at the same position unless they are a parent of the borrower.
Prospective borrowers must obtain the STL packet to begin the process.
- Contact our office and indicate that you are seeking an STL
- An SFS counselor will review your account to determine if you are eligible for a short term loan
- If you do not have a financial aid award, you ARE NOT eligible
- If you are eligible for an STL, the counselor will determine if a cosigner is required
- A cosigner WILL BE required if you have a pending SAP Appeal and/or if you have outstanding documents we have requested from you
- The counselor will then initiate a myWSU To-Do list item for you. They will also send an email to your cosigner if needed.
- 2 hours after the counselor initiated the To-Do list item, you will be able to complete the STL application at submitsfsdocs.wsu.edu
- The application will have or collect the following information:
- STL rights, responsibilities, and conditions
- STL information and details
- STL quiz
- Your contact information
- Your parental/guardian reference information
- Your reference information
- You will complete this information and submit the application
- University Receivables will receive this information and then send you the Master Promissory Note (MPN) email.
- You must complete, print out, and submit this information (MPN and cosigner reference sheet) to University Receivables
- Once University Receivables has received all needed documents, your STL will be sent to you via direct deposit or check
Loan applications should not be submitted until all sections have been completed.
- Completed applications are submitted to the Student Loan Office at University Receivables (not to Student Financial Services).
- Loan approval and processing may take 24-48 hours, depending on the current volume of loans.
The amount approved for books and other expenses will be delivered to you either by direct deposit or mailed check, depending on your prior arrangements with University Receivables.
Interest is charged on the loan at a rate of 6%. Short-term loans are usually repaid within the same term they are borrowed.Payment must be made on time or you will accrue late charges. Failure to repay a short-term loan on time can impact your future ability to borrow.
Repayment is usually automatic, occurring when your financial aid is credited to your student account. (If your source of repayment was not financial aid, or if you canceled the aid, or if you did not receive the amount of aid you expected, you must still repay the loan as scheduled.)
University Receivables Office
Washington State University
French Admin. Bldg, Rm. 342
P.O. Box 641039
Pullman, WA 99164-1039
Phone: (509) 335-9653