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:
