Crisis loans

How students can apply for a short term loan when an unexpected life event or circumstance takes place that causes financial hardship.


Crisis loans are also known as short term loans and are generally under $500.

HOW TO APPLY

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1. Loan requirements

Persons applying for short term loan funds must be enrolled at the time of application.

If applying between semesters, you must have been enrolled during the previous term and be enrolled for the following term. If a student has an outstanding short term loan, they are not eligible for further loans until the previous loan is paid. In order to obtain a short term loan during the summer, you must be enrolled in summer classes.

Exceptions to this policy can be made on a case-by-case basis, and will be determined during your meeting with a Dean of Students Office staff member.  Funds are available for all students, regardless of FAFSA eligibility.

2. Download, complete, and submit the loan application

  1. Print and complete a copy of the application form.
  2. Submit the completed form to dean@studentlife.wisc.edu

Download the application form (pdf)

3. Contact the Dean Of Sudents Office

  1. After submitting your application, call the Dean of Students Office at 608-263-5700 to make a 30-minutes phone appointment to meet with a staff member.
  2. Meet with a Dean of Students Office staff member via phone to discuss your application.

4. Sign the promissary note

When the loan application is received, a promissory note will be emailed to the student. It must be signed and sent back in.  The promissory note states the student’s intentions to pay the loan back.

The student will be responsible for emailing the signed document back to stuloans@bussvc.wisc.edu.

Receiving your money

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Processing time

It is estimated that loans will be available within 1-3 days for a direct deposit.  Paper checks may take longer and will require setting up an appointment with the Bursar’s office.

Recieving your loan: Direct Deposit (preferred)

Dean of Students Staff will work with student to make sure direct deposit (also known as an ACH refund, or an e-refund) is set up in their student center.

It will take 1-3 business days from the day the refund is processed to receive the funds in the bank account. The overall process (approving application, signing prom note, processing eRefund, receiving eRefund) should take approximately 3 business days, but once we process the refund, the student will usually see it the next day.

Receiving your loan: Paper check

A paper check is still an option if direct deposit can’t be set up.

  • Paper checks will only be processed once per week.
  • Paper checks will require an appointment with the Bursar’s Office to pick up the check.

Due dates and interest

Due Dates


Crisis or short term loans should be paid back in
three months.

Students can apply for an extension if needed,
during the three months.

Interest


Crisis or short term loans are interest free,
if paid back within three months

If a loan becomes past due, then 8% interest
is charged and a $10 per month late fee.

COMMON USES FOR A SHORT TERM LOAN

Dollars for this fund are from generous gifts from private donors and from the proceeds of fundraising efforts by student organizations. They may not be used for paying tuition/fees or any fines. Below are common uses for a short-term loan:

  • Unexpected medical expenses
  • Car repair
  • Travel expenses for family emergency
  • Replacement of items lost to theft/fire damage

Financial aid questions

Please utilize the Office of Student Financial Aid for financial questions during this time. The Office of Student Financial Aid has a team of people ready to help connect you to the financial and other resources you may need.

Students should submit a request through the Student Center  or email finaid@finaid.wisc.edu and indicate “Covid-19” in the subject line

CONTACT INFORMATION

Students will receive responses in 24 hours and can request assistance in four ways: