Home Mortgage loan UO Emergency Loan Relieves Financial Stress for Students | News

UO Emergency Loan Relieves Financial Stress for Students | News

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The start of a school term often means another cycle of financial stress for students. Textbooks, calculators, and other course materials regularly put a strain on students that their financial aid might not cover.

The University of Oregon helps students through a loan called the UO Emergency Loan. Through the Business Affairs office, current students who are in good standing with their billing accounts can borrow up to $ 300 in cash for 90 days. The loan can only be borrowed once per quarter or semester and comes with a service charge of $ 8.

Such loans are not unique to UO – Oregon State University also offers an emergency loan of up to $ 350, and Portland State University also offers a loan of up to $ 600.

Students looking for the loan can find it at the Student Billing Center at the Thompson University Center on E. 13th Avenue.

Krista Borg, director of student financial services in the business affairs office, says the emergency loans program has been running since 1994 on their current accounting system.

The money comes from donated funds and the money repaid from the funds is recycled to pay off the next student loan. Last year, the Bureau of Commercial Affairs issued 926 loans.

“The OU’s emergency loan program began to help students with short-term financial needs, such as buying books or paying rent at the start of a term before the end of the year. disbursement of financial aid, ”Borg said.

This is not the only short term loan that students can get. Graduate students can use the Jesse M. Bell Graduate Loan and Fund, which can lend a maximum of $ 500 and is due within 30, 60 or 90 days of receipt of the loan. It is also available for graduate employees who expect to be paid late and can be estimated up to $ 1,000.

the UO Faculty of Law also offers a loan of up to $ 2,000 from the Coyle and Carpenter Busselle loan funds.

Alex Bellizzi, a graduate education student, said he used the loan to pay for the equivalent of a quarter of expensive textbooks.

“I still have a hard time paying for school,” Bellizzi said. “I prioritize the rent so that the money for books or food falls aside. “

Bellizzi says the loan is useful, but remember it – it accumulates interest quickly.

The emergency loan carries penalties for non-payment, Borg said. If a student doesn’t pay it back within 90 days, it goes to the billing account and will incur interest, fees, and other penalties.

Junior Takur Conlu had never heard of the loan and said it seems like a very good resource for those who could use it.

“It’s interesting how I never saw any kind of publicity or nothing to raise awareness,” Conlu said. “I’m not sure the needy students really know this.

The request for funds has a deadline for each term. For the spring term, the loan is available from March 25 to June 21.