RELATED TO POLICY SERIES NO: 7050
TITLE: THE ELDON SCHAFER STUDENT LOAN FUND
The Eldon Schafer Loan program provides students a small, interest-free loan to assist students with demonstrated financial need cover educationally related expenses.
Borrowers of the Eldon Schafer Student Loan Fund must be registered for six (6) or more credits. Students who have defaulted or been delinquent on college debts may be denied. Completed loan applications will be reviewed and approved by the Business offices. Each borrower will be charged a loan fee, and, if appropriate, a late charge.
Eldon Schafer Fund
Loan fees will be placed in an interest-bearing account; revenues from this account will be used to offset bad program loan debts and to increase the principle available for lending. The minimum balance of the loan fund account may not fall below $3,500. When the account reaches this minimum, no loans will be issued.
The minimum balance of $3,500 will be held in a separate Foundation account. These monies will be placed in an interest-bearing account. Revenues from the account may be used to increase the minimum balance or to offset bad debts and to increase the principle available for lending in the financial aid account.
Operational procedures, eligibility criteria, the loan amount, interest charges, loan fees, and late charges will be evaluated by the staff of the Business and Financial Aid offices periodically or as needed.
DATE OF ADOPTION: 06/18/85
DATE(S) OF REVISION(S): 05/16/95; 11/06/14
DATE OF LAST REVIEW: