There are a limited number of university loans available to students. These loans are awarded according to donor criteria. The OSFA will identify eligible recipients and notify them of any additional documentation requirements.
Truth in Lending Act Disclosures (TILA)
Students awarded university loans should be aware that prior to the loan being processed, you will need to provide additional information. You may be prompted to provide this information at the time you complete your promissory note, or you will be notified via an email request. Likewise, please be aware that the University is required per the Federal Reserve Board to provide various disclosures prior to the loan funds being disbursed to your student account. Your university loan will not disburse until both the promissory note and TILA requirements are completed.
Short-term Emergency Loans
Short-term emergency loans are available on a case-by-case basis. These loans are only available if there are pending credits that have yet to be applied to your student account. The pending credits must be enough to pay any outstanding balance on your account, in addition to the short term loan amount being requested. Examples of pending aid may include the following: grants, scholarships, loans, waivers and veteran benefits. The maximum amount for undergraduate students per term is $500 and $1000 for graduate/professional students. Please keep in mind that financial aid funds are disbursed 10 days prior to the start of the term. Thus, the soonest you can request an emergency loan is the first day of classes for the specific semester. After the completion of a loan agreement, funds will be available within 24-48 hours.
Copyright © 2008 The Board of Trustees of the University of Illinois