Short-Term Loans :: Dean of Students (2024)

Need money quickly for rent, a car repair, an unexpected medical bill, or other emergencies? Short-Term Loans can be a resource for Lobos in need of funds to cover these basic needs and emergency expenses. This can be a lower-risk alternative to emergency loan options in the community.

Applications are reviewed Monday - Friday during regular business hours. Please contact our office if you have any questions or would like pre-application advisement.

Notices

As of 7/8/2024, we are no longer processing loans for the Summer 2024 semester. All loans will be processed for the Fall 2024 semester until further notice.
A Service Charge of 7% is added to all loans when processed. If requesting the full $800.00, the Service Charge is $56.00.

Please read the following information before beginning your application:

Receiving a Short-Term Loan may impact your ability to register for classes depending on the part of the term, your past due balance, and other factors. For example, a prior semester balance may result in a student's disenrollment from classes after the Enrollment Cancellation deadline. Registration holds are also possible. Please evaluate the impact of a Short-Term Loan prior to applying. Dean of Students Office staff can assist you if you have any questions.

Click here to begin your Application

Eligibility Requirements

  • A 2.0 or higher GPA
  • Current enrollment at UNM for at least 6 hours*
  • Past due balance in Bursar’s must be less than $200.00

Additional Eligibility Information

  • New/transfer students who do not have a UNM GPA are not eligible for Short-Term Loans before the semester census date. Please see registrar.unm.edu for current semester dates.
  • Regular full or part-time UNM faculty or staff members earning benefits are not eligible for a Short-Term Loan (student employees and work-study students are eligible).
  • Students at UNM Main and Branch Campuses are eligible.

Emergency Scholarship

The Dean of Students Office offers an Emergency Scholarship in conjunction with the Short-Term Loan Program. Students must apply for and be fully eligible for a Short-Term Loan in order to be considered for the scholarship. Please contact our office if you have any questions about the scholarship.

FAQs

What happens after I send in my application?

Our staff will review your application within 2 business days. You will receive a notice of eligibility via email, along with helpful application instructions and the link to final paperwork. Once fully submitted and approved, we will provide your due date and let you know when your loan will be processed. You can expect your loan disbursement within 24-72 hours once received by the Bursar's Office unless direct deposit information is unavailable. Students who do not have current direct deposit information may receive a check in the mail approximately 2 weeks after loan approval. Please note: weekend deposits may take an additional 24 hours depending on your bank.

How and when do I pay back my loan?

Short-Term Loans and the associated 7% service charge must be repaid within a minimum of 45 days from the processing date. Loans may be paid back any time up to the due date. You can pay back your short-term loan through any of the payment methods offered by the Bursar's Office. Sources of Financial Aid that do not specify the type of charges that will be covered may automatically pay back your Short-Term Loan when applied to your Bursar's account. The Dean of Students Office does not accept payment for short-term loans.

What happens if I miss my due date?

A 1.2% monthly past-due fee will be added to your remaining balance. Unpaid short-term loan balances may result in disenrollment after the Enrollment Cancellation deadline. Extended periods of non-payment may result in bills being sent to collections. Please contact the Bursar's Office at (505) 277-5363 if you have any questions about the impact of missing your due date.

Is $800.00 really the most I can ask for?

Yes, $800.00 is the maximum loan amount. However, you may request any amount up to $800.00. We encourage students to request only what they need to cover their emergency.

What can I use this loan for?

This loan is designed to be used during emergencies for expenses such as rent, car payments/repairs, medical bills, travel, etc.** Short-Term Loans may not be used to pay your Bursar's Account.

Can I take out more than one loan at a time?

No, only one short-term loan may be taken out at a time. Past loans must be repaid in full prior to any future applications.

Is this a one-time loan, or could I ask for another in the future?

Students may take out two loans per semester as long as past loans are paid in full before applying. Eligibility may change depending on the semester.*

Loan Privileges

Our staff, at any time during the application process, may request additional information regarding your application or your answers in response to the questions on our loan forms. Misuse of the Short-Term Loan program will result in an immediate denial of your application and may result in the removal of your Short-Term Loan privileges.

Misuse of the Short-Term Loan program may include, but is not limited to:

  • Use of funds to pay back your Bursar’s bill
  • Course enrollment in order to be eligible for a loan, without the intention of remaining in those courses
  • Use of funds by another person, including UNM students, family, or friends**

Should you be denied the privilege of requesting future loans, you may appeal our decision in the form of a written appeal to the Associate Dean of Student Wellbeing which includes:

  • A detailed and immediate reason for requesting a reinstatement of loan privileges
  • An explanation for why you believe your privileges were revoked and your agreement to avoid repeating this in the future
  • Explicit acknowledgement of all terms associated with the Short-Term Loan program

If, after submitting a formal appeal, our original decision is sustained, that decision will be final while you attend UNM and will no longer be eligible for appeal.

Please contact the Dean of Students Office at doso@unm.edu or (505) 277-3361 if you have accessibility needs or cannot complete the online application form.

*During the summer a student must be either enrolled in a minimum of 3 credit hours for the summer semester or six hours for the upcoming fall semester.
*Between semesters, a student must be enrolled for the upcoming semester.

**Under certain circumstances, funds may be approved for expenses that are not your own but directly benefit your ability to pursue your higher education. These expenses may include requests for funds that will help you maintain your housing, such as housing provided by a family member or guardian, and other basic necessities such as transportation, groceries for your family/household, etc.

Updated 7/8/2024

Short-Term Loans :: 
    
            Dean of Students (2024)

FAQs

What is a short term student loan? ›

Short-term loans are available to assist students who experience financial difficulty. Short-term loans cannot be used to pay tuition and required fees, but can be used for optional fees and these other expenses.

Who can answer student loan questions? ›

Contact the Student Loan Empowerment Network studentloanhelp.dfpi.ca.gov or (888) 774-2227. Also, California Student Loan Servicing Ombudsperson Celina Damian and our student borrower support team invite you to get in touch. We answer questions, provide resources, and address complaints.

What is a short-term loan? ›

A short term loan is a type of loan that is obtained to support a temporary personal or business capital need. As it is a type of credit, it involves repaying the principle amount with interest by a given due date, which is usually within a year from getting the loan.

What are two reasons why short term loans are great? ›

Short-term financing can be for periods as short as weeks (or even days), or as long as one to two years. Short-term financing is somewhat riskier than long-term, but it also tends to be less expensive and offers greater flexibility to the borrower.

Is it a good idea to get a short term loan? ›

A short-term loan could be the right choice for someone who is temporarily unable to afford a necessary expense, but will be able to comfortably afford the amount (plus interest) spread out over a number of months.

Is short term loan a debt? ›

Short-Term Debt is any financing that will be paid back within the current 12 months. If you've entered a loan in your forecast that will last for 12 months or less, the entire loan is considered short-term debt.

Who is the best person to talk to about student loans? ›

Start with your student loan servicer

The federal government and many private lenders assign each borrower a student loan servicer. Your servicer should be your first point of contact for student loan help. You can find your federal student loan servicer by logging into your My Federal Student Aid account.

Can I refuse a student loan? ›

You can decline a loan. You should only borrow what is needed. If your living expenses aren't going to be as high as the amount estimated by the school, you have the right to decline (turn down) the loan or request a lower loan amount.

Who controls student loans? ›

The office of Federal Student Aid is responsible for directly managing or overseeing an outstanding federal student loan portfolio comprised of billions of dollars in Title IV loans and representing millions of borrowers.

When to get a short-term loan? ›

Sometimes, an unexpected expense can come up before payday. Whether it is a bill that has suddenly come due, or you just need to get a few everyday items before payday, a short term loan can really help when you're in a pinch.

What is an example of a short term debt? ›

Common examples of short-term debt include accounts payable, current taxes due for payment, short-term loans, salaries, and wages due to employees, and lease payments.

What are the problems with short term loans? ›

Potentially hazardous cycle

You have to pay the interest and fees to get the short-term loan, so you have less money next month, making it even more likely to need another loan or refinance the original loan. You'll be charged more fees when refinancing or extending the original loan.

What are the risks of short term financing? ›

Chief among the drawbacks of short-term financing is the potentially higher interest rates attached to these loans. Since lenders are shouldering additional risk with shorter repayment periods, they may charge higher interest rates to offset this risk.

What is the risk of short term debt? ›

The risk of short-term borrowing does include frequent rollover costs (refinancing the debt upon maturity) which can lead to increased borrowing costs. Short-term financing encompasses a range of choices, each serving specific purposes.

Do short term loans hurt credit? ›

These loans may also affect your credit score, both positively and negatively. Some companies make a hard inquiry on your credit, and your credit will take a slight hit. Your credit will also be negatively affected if you miss a payment or don't pay off the loan in time.

When would you use a short term loan? ›

Short-term loans are, by nature, more suitable for smaller amounts over shorter periods. Because of this, they're often used for more temporary financial needs—like getting access to additional funds to cover a purchase, an unexpected expense like car repairs, or to make ends meet.

Is a short term loan the same as a payday loan? ›

The main difference between short-term loans and payday loans is usually the number of repayments you make. In general terms, you usually pay back a payday loan about a month or two after you take out the money – in lump payments. With short-term credit, you could pay your loan back from two to twelve months.

What is short term vs midterm loan? ›

There are three types of rates depending on the term of the loan, and rates are determined based on the term: Short-term: Less than 3 years. Mid-term: 3 to 9 years. Long-term: Greater than 9 years.

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