| Policy Title | Binghamton University Foundation Student Loan Program |
|---|---|
| Responsible Office | Binghamton University Foundation Student Loan Program |
| Policy Type | Binghamton University Foundation |
| Policy Number | 701 |
| Last Revision Date | 8/20/2024 |
Short-Term Uncollateralized Emergency Loans
The Binghamton University Foundation provides financial assistance in the form of interest-free, short-term emergency loans that are available to all eligible students. Funds have been donated for this purpose by a number of individuals and organizations. A processing fee is charged based on the amount of the loan.
At the time of the student's application for and later receipt of the emergency loan, the student must present a current validated ID card and their B-number to verify that they are a registered student, and cannot have any outstanding delinquencies.
Requests for loans of $250 or less by undergraduates, and requests for $500 or less by graduate students, can be made by completing a Student Loan Application at the Foundation Accounting Services window in Old O'Connor G042. A one business day waiting period is required before the loan, if approved, may be picked up. At that time the student must sign a Loan Agreement, indicating the amount of the loan and the date by which it is to be repaid.The student then will receive a check in the amount of the loan.
Loans must be repaid within a period of eight weeks or the last day of classes, whichever comes first. All students will be notified by email 5 days before payment is due. Payments can be made by cash, check or credit card at the Foundation Accounting Services window in Old O'Connor G042. A late fee of $25 will be assessed if the loan is not paid within 10 business days of the due date. Students in a delinquent status will be put on the University Delinquent Debts Report and sent a notice of their past due loan.
Short-Term Collateralized Loans
Financial assistance in the form of an interest-free, collateralized loan is available to all eligible students. Funds have been provided for this purpose by a number of individuals and organizations.
Applications for these loans should be made at the Financial Aid & Student Records Office (Admissions Center, Rm 112). The maximum amount of money that will be authorized for a collateralized loan to an undergraduate student is $500 and to a graduate student is $600. Such loans will not be made unless collateral, usually in the form of student aid checks, can be given. It is the responsibility of the Financial Aid & Student Records Office to approve student aid collateral before approving loan applications.
As in the case of short term emergency loans, the student must, at the time of receiving the loan, sign a Loan Agreement.
Another collateralized loan application cannot be completed until all loans have been repaid.
Collateralized loans are made to students by check and have a payback period of eight weeks or the last day of classes, whichever comes first.
All students will be notified by e-mail a week before a payment is due. A late fee of $25 will be assessed if the loan is not paid within 10 business days of the due date. Students in delinquent status will be put on the University’s Delinquent Debts Report and sent a notice of their past due loan.
A student can only have one uncollateralized emergency loan or collateralized emergency loan (the student cannot have both at the same time). Another loan application cannot be initiated until the first loan has been repaid. To help preserve funds and to ensure fiscal control, loans are not made during the last three weeks of each academic semester.
| Date | Description | Responsible Party |
| 8/07/2024 | Removed last paragrah: Collateralized loans are only available during summer sessions as determined by the academic calendar. | Binghamton University Foundation |
| 8/20/2024 | Approved by Senior Officers Group on 8/20/24 | Binghamton University Foundation |
