There is a $30 fee for borrowing the loan. If the student chooses to utilize the one-time due date extension, an additional $30 fee will be assessed. There may be additional fees if the loan is not paid on time.
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STL due dates are always the fourth Friday of the quarter following the quarter in which you borrowed the funds. For example, an STL borrowed in Autumn quarter will be due the fourth Friday of Winter quarter. STLs are always due in full by the due date.
No. The loan must be paid in full by the due date.
If your STL is not paid in full by the due date, SFS will place holds on your
ability to borrow future short term loans and these holds will not be removed
until the account is paid in full.
Additionally, the loan will be removed from the UW system and will be
transferred to our billing servicer, ECSI. Once
this happens, you will begin accruing late fees and the loan will be reported
as past due to your credit, which may affect your ability to obtain credit or
purchase a car or home in the future.
If the loan remains unpaid, it becomes subject to additional action such as
referral to a collection agency. If this occurs, you will be assessed
additional collection costs up to 40% of the total balance of your loan. This
means that an $1800 balance may increase to as much as $2300!
Students may apply for a short-term loan online through MyUW. Applicants will be informed of their eligibility immediately and will be able to electronically sign a promissory note online. They can have the funds applied to their tuition account balance immediately. If they are signed up for direct deposit, the excess funds will be deposited into their bank account within three business days; otherwise a check will be mailed. Be aware that these are short term loans and that payment will be due the following quarter.