Emergency Loan
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Emergency Loan


The Emergency Loan Program is intended to assist students enrolled at Northeastern Illinois University who encounter temporary cash flow problems during the course of a semester.  Assistance provided through the program shall not exceed $150.00, and expected to be used for educationally related expenses (i.e. books, supplies, transportation, rent, food, child-care, etc.)


Students may request assistance through the Emergency Loan Program no sooner than the first day of the semester.  Students will be limited to one loan per calendar month.  In addition, one week must elapse between the repayment of one loan and the request for another loan.


If the loan is repaid late during the semester, a student may not request further assistance through the program until the next semester.  Student who repay more than three- (3) loan late will lose their eligibility for future Emergency Loan.


Consistent with handling of debts owed the university, past due loans must be repaid in full before a student may register for a subsequent semester.  Charges associated with this program are as follows:    


                                                                    Changes In Fees


                                                         8-14-91         8-15-91              8-12-96

                                                        and prior      to 8-11-96          to current



Loan Origination Fee                     $0. 50             $1. 00               $1. 50

Late Fee Assessed First Month       $2. 00             $5. 00               $6. 00

Late Fee Per Subsequent Month    $0. 25             $1. 00               $1. 50



To be qualified to apply for Emergency Loan,

you must confirm your classes for the current term,

you must have repay all previous Emergency Loan balances,

you must not have taken out an Emergency Loan within the last 30 days,

you must NOT be a Civil Services employee.


If you apply for Emergency loan today, you will receive it by tomorrow after 3 P.M.


Downloadable Application


Please be advised, for the first 2 weeks of each term, if you turn in your application after 2P.M. you will receive your check in the next 2 days after 3 P.M.


Emergency Loan will not available from 30 days before the last day of classes until the 1st day of classes of the next term.

Every term, a week before the Student Refund Check Distribution and the week of the Student Refund Check Distribution, NO Emergency Loan applications will be accepted. Please check the Schedule Of Classes for the Student Refund Checks Distribution dates.

The repayment period on Northeastern Illinois University - Emergency Loans ranges from 30 days to 90days after the date that you borrowed the loan.

There is no prepayment penalty for Northeastern Illinois University - Emergency Loans.

Like all other student loans, Northeastern Illinois University - Emergency Loans and their repayment history are reported to a National Credit Bureau. Thus if you fail to make your payments on time, that negative record will appear on your credit report. Seriously delinquent loans (90 days or more days past due) will be accelerated, placed on the State of Illinois Comptroller's Offset system, and turned over to an outside collection agency. Acceleration means the entire balance of principal plus accrued interest is due immediately. The Offset system will withhold Illinois wages, tax refunds or lottery winnings until the loan is paid in full. You will also be responsible for all collection agency fees and litigation costs incurred by this action.

Note to borrowers who file for bankruptcy after October 7, 1998: NO educational debt is dischargeable in bankruptcy unless the bankruptcy court explicitly states that repayment thereof would cause an undue hardship to the debtor. Student loans are no longer dischargeable in bankruptcy no matter how long they have been in repayment.

Where Do I Pay My Emergency Loan?  You will pay your Emergency Loan at the University Cashier Office, located in DBL-101A with cash, checks, Visa or Master card after you stop by the Student Loan Department for your Emergency Loan written receipt

Defaulting on a Loan

What is default?
Default occurs when a borrower becomes past due in making a payment on his or her loans.

Maintaining a good credit history is an important responsibility of any borrower and you must develop a habit of meeting your payment schedule.

If facing a large amount of debt, you might be tempted to skip or delay some of your student loan payments. Your loans have been reported to a national credit bureau and are treated like any other form of credit. Remember, a poor credit report will negatively affect your financial reputation for many years; it could keep you from obtaining a car, a mortgage or even a credit card. Moreover, your report could be requested and used as a basis for hiring by your employers, or it could even be used by property, casualty and life insurance companies as a basis for refusing to underwrite your personal property. Therefore, it is most important to do all you can to make your loan payments in a timely manner.

If you fail to make loan payments on time or if you default on your loans, the consequences are serious:

bulletYou will no longer be able to make easy monthly payments.
bulletYour school academic transcripts may be withheld.
bulletYour loan may be turned over to a collection agency.
bulletYour loan will be reported as delinquent to credit bureaus, damaging your credit rating.
bulletThe state government can take your state tax refund.
bulletYour total debt may be increased by late fees, additional interest, court costs, collection fees, attorney's fees and other costs.
bulletYou may not be able to work for a State of Illinois (or other state) Agency.

Don't let this happen to you!

Remember, if you're having trouble making your payments, call Student Loan Department. There is a payment plan which is an arrangement to reduce payments for a specified period during which fee still accrues. In any case, the Student Loans Department will work with you to help you avoid the serious consequences of default.