5.30 – Emergency Student Loan Program
To offer emergency loans for students who find themselves in need of a rapid source of temporary funding to pay for expenses that might otherwise hinder their ability to attend school.
The policy of this college shall be to provide interest-free emergency loans to students demonstrating an urgent need. This program is directed through an in-take process in the Financial Aid department once classes begin for an academic term. The disbursement and repayment of funds is managed through Student Account Services. Emergency Student loans are not to exceed $250 in the aggregate. Any OTC student has the opportunity to benefit from this program.
- Emergency Student Loan application will be accepted by Financial Aid Advisors and reviewed and approved by the appropriate supervisor prior to submission to Student Account Services.
- Applications will be processed according to the current refund processing schedule for the College.
- Loans will not be considered prior to the first day of classes for any term.
- Loan proceeds are made available to the student via the OTC Smart Card.
- Student cannot have any outstanding Emergency Loan(s) exceeding the $250 limit.
- Loan repayment shall be made to Student Account Services.
- The College will utilize available student account credits in order to repay the amount of the balance due on an Emergency Loan.
- If a student withdraws from OTC, he/she remains liable to the College for the loan.
- Records for reconciliation, notification, and collection of outstanding emergency student loans shall be prepared and maintained as appropriate by the Finance Office.
This policy is maintained under the authority of the Vice Chancellor for Student Affairs and the Vice Chancellor for Finance.
- Related Policies
1. Policy approved and adopted by the Board of Trustees on 02/06/12.
2. Purpose, Procedures, Responsibilities, Definitions, Authority and Related Policies approved and adopted by the Cabinet on 02/11/19.
3. Set for review: 11/2022