Financial Aid - Short-Term Loans
Short-term loans consist of a limited number of loans made by Pensacola State College in which money is loaned for only a short period of time within a single semester.
- Must be repaid by the due date.
- Maximum loan does not exceed $700.
- A service charge applies to all loans.
- Applications are available in the Cashier's Offices.
To be eligible for a short-term loan, a student must:
- Be 18 years of age or older, otherwise, parent or guardian signature is required.
- A photo I.D. is required, i.e. valid driver’s license, military identification, or passport.
- Have at least a 2.0 (“C”) cumulative grade point average on all post-secondary coursework at Pensacola State College.
- Maintain satisfactory academic progress (the maximum time frame is not applicable). If the student is on “academic warning” and is enrolled at Pensacola State College, he/she must wait until grades from the current term are posted before a short-term loan can be obtained for an upcoming enrollment period.
- Have no delinquent financial obligations to the college, i.e. Library fines, parking fines.
- Not have an outstanding defaulted loan or grant overpayment for any federal or state student aid programs.
- Enroll in a minimum of three college credits, vocational credits, developmental education, or vocational preparatory courses.
- Be able to demonstrate ability to repay the short-term loan by the due date.
- Loans are secured by a Promissory Note. Students are responsible for reading and understanding the conditions of the Promissory Note. The Promissory Note includes an authorization permitting Pensacola State College to withhold an amount equal to the short-term loan plus accrued interest and service charges from any funds received by Pensacola State College which are payable to the student.
- The student must register for classes and bring a copy of the fee schedule to the Cashier's Office to apply for the short-term loan. After the short-term loan has been authorized, a new registration fee schedule will be printed and the cash due amount will reflect the remaining balance to be paid by the student due before the close of business on fee pay day and nightly thereafter. If payment of the balance due is not done, the student's schedule will cancel.
- Short-term loans are processed on a "first-come, first-served" basis. Funds are limited; therefore, monies may be exhausted before the last day of registration.
- Maximum loan amounts for registration fees will be based on 75% of the fees for a minimum of three credits or more, not to exceed $700. The student is responsible for paying the remaining balance of the fees.
- The minimum loan is $35.00.
- A $5.00 service charge is added to the loan and is due at the time of payment.
- Loans not paid in full by the specified due date will accrue interest at the rate of 5% per annum. Students with delinquent debts will not be permitted to register or to have grades/transcripts released.