General Information

The Short Term Loan (STL) program is funded by Washington State University funds.  Since it is a "revolving" fund, the amounts available to be lent will vary depending on the payments and interest collected from previous borrowers.  

• STLs are available to assist with a student's immediate needs, such as book/rent/food, but not to pay tuition, mandatory fees, or other charges.

• WSU faculty/staff members who are enrolled in classes are not eligible for STLs.

• These loans may be available for students who have emergency situations such as when expected financial aid is not available to cover costs in a timely manner or when unexpected costs occur.  

• Short Term Loans are NOT an additional source of aid.  They are mainly used to bridge a gap until other resources arrive.

• You must be enrolled to request a short term loan.

• 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 spouses 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.

• Short term loans are usually repaid within the same term they are borrowed.

• Interest is charged on the loan, but is charged for such a short period of time that the total is usually quite reasonable.

Loan Process

• Prospective borrowers must obtain the STL loan packet to begin the process.  

  • Contact our office or your local WSU campus Student Service Coordinator for Short Term Loan counseling and applications. 

  • If a co-borrower is required, the co-borrower part of the packet may be faxed to and from the co-borrower.

• Loan applications should not be submitted until all sections have been completed.

  • Completed applications are submitted to the Student Loan Office at University Receivables Office, NOT to the Financial Aid Office.  

  • If you have questions, the Student Loan Office contact information is here.

  • Loan approval and processing may take 24 to 48 hours, depending on the current volume of loans.

• The amount approved for books and other expenses will be delivered to you either by check or direct deposit, depending on your prior arrangements with Student Accounts.

• Short Term Loans must be repaid 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 you cancelled the aid or you did not receive the amount of aid you expected, you must still repay the loan as scheduled.)