Emergency Loans

South Plains College has two instances where a student could be eligible for an Emergency Loan to help cover the balance due on their bill.  These instances are:

  • 30-Day Hold - These are students who are a first-year/first-time borrower whose Federal Direct Loan disbursement cannot be made until 30 days after the first day of class.
  • One Semester Loan - These are students who have requested a loan for only one semester and the loan must come in 2 disbursements (one at the beginning of the semester and one in the middle of the semester).

The eligibility requirements for receiving an Emergency Loan are:

  • Complete a FAFSA and list SPC as an institution to receive the results;
  • The student's financial aid file must be completed by the Financial Aid Office;
  • A Federal Direct Loan must be awarded and accepted by the student;
  • The student must be meeting Financial Aid Satisfactory Academic Progress (SAP).
  • The student must be registered for classes;
  • The student must owe a balance on their bill causing the need for an Emergency Loan.

Emergency Loans Awards are based on the following:

  • Commuter Students - $1500 or the amount needed to pay the balance on the bill, whichever is less (provided the requested loan is at least $1500 for one semester).
  • Dorm Students - $2500 or the amount needed to pay the balance on the bill, whichever is less (provided the requested loan is at least $2500 for one semester).

Subject to the availability of funds, the Financial Aid Office may opt to allow the Emergency Loan program to include required textbooks.  Should funds for the program be available, the applicant start date would be no sooner than the South Plains College Bookstore begins allowing charges for the upcoming semester.

Emergency Loans are awarded based on the charges at the time the applications are received.  If a student changes his or her schedule, or housing plans after the Emergency Loan has been awarded resulting in a balance owed, that difference will be the student's sole responsibility to pay.

The amount of the Emergency Loan Award may not cover the full balance owed to South Plains College, any remaining balance is the responsibility of the student and must be paid or have an official payment plan set up.  Failure to do so will result in the classes the student has registered for to be dropped for non-payment, regardless of the Emergency Loan.

Contact the Financial Aid Office at finaid@southplainscollege.edu or 806-894-9611, ext 3800, for application dates and additional information.

 

 

July  2018