Short-Term University Loan

The Short-Term University Loan is designed for students who anticipate a temporary cash flow problem or encounter an unexpected financial difficulty related to educational expenses.

Borrowing Limits

You may borrow up to a maximum of $500 per term. Applications are accepted throughout each term but students must pay all currently due Short-Term loans in full before being awarded a new Short-Term loan.

Repayment Terms

The interest rate is 7% per year and accrues from the date of the loan disbursement. Repayment will be due 90 days after you sign the promissory note. You may repay the loan early if you like, but Short-Term loans must be repaid in full within 90 days.

Application Process

To be considered for a Short-Term Loan, you must complete The University Loan Application available from the OSFA. If you are enrolled in Dentistry, Law, Medicine, Optometry, PharmD, or Veterinary Medicine, you should submit a letter of recommendation from your college when applying for this loan. In addition, if you are applying for a loan of more than $150, employment verification or a cosigner is required. Employment verification must be submitted on employer letterhead with the application. See the application for more details.

 

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