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Emergency Loans

400.420 EMERGENCY LOANS POLICY

Wenatchee Valley College recognizes there are times that students have unanticipated needs that require a short-term loan. The college maintains an emergency student loan fund to make cash available to students with such needs. The college shall develop and update appropriate statements, regulations, and procedures for approval by the president’s cabinet. The board delegates to the president or designee the responsibility for defining, describing, developing and administering emergency loans.

Approved by the president’s cabinet: 4/15/03
Adopted by the board of trustees: 6/4/03
Last reviewed: __/__/__
Policy contact: Student Services

Related policies and procedures
1400.420 Emergency Loan Procedure

1400.410 EMERGENCY LOANS PROCEDURE

Wenatchee Valley College maintains an emergency student loan fund to make funds available to students with short term, unanticipated needs. The fund is monitored and dispersed by fiscal service’s personnel, but loans are initiated by the financial aid office on our Wenatchee campus or selected personnel at other WVC educational sites. The loans are secured loans requiring a student to verify a means of repayment. Generally, loans are secured by future financial aid or other funds that will be disbursed in the near future. There are five separate accounts in the loan fund, with different requirements as specified by the donor.

A. EMERGENCY LOAN PROCESS:

  1. A student with an emergency need for funds applies for a loan at the financial aid office. The application form indicates the amount requested, the reason for the request, and the repayment date, as well as student identification information.
  2. Loans are approved or denied based on the specific requirements of the loan account and the professional judgment of the financial aid officer or designated staff at other WVC educational sites. Repayment is on demand when funds arrive or within the academic quarter.
  3. In most cases a service charge will be added to the loan amount, and is due when the loan is repaid.
  4. If approved, the loan card is forwarded to the college cashier’s office for payment (generally by check) and the debt is added to the student’s account.
  5. Emergency student loans are subject to collection procedures, just as any other debt to the college.

The cashier and the financial aid office maintain written procedures for processing loans that maintain efficiency, internal controls, and allow for professional judgment in unusual circumstances.

Originally approved by the president’s cabinet: 10/31/00
Renumber from 1400.400; revised 05/03
Approved by the president’s cabinet: 8/23/05
Presented to the board of trustees: 9/21/05
Last reviewed: __/__/__
Procedure contact: Student Services

Related policies and procedures
400.420 Emergency Loans Policy