The loan may be repaid in three installments, with one exception: if any financial assistance arrives before the repayment date(s), the short-term loan (STL) will be repaid with the financial aid if the financial aid is disbursed for the same semester as the short-term loan (fall financial aid can be used repay a fall STL but spring financial aid cannot be used to repay the previous fall’s STL.)
If something happens and the aid is not retained to pay your STL, you are still responsible for making timely payments. In that situation, the first payment is due the 25th of the following month. The second and third payments are due the 25th of each of the next two months.
The amount to be repaid is determined as follows:
• The first installment due is the first 1/3 of the approved amount, plus $25.
• The second installment due is 1/3 of the approved amount.
• The third installment due is the last 1/3 of the approved amount.
• Student completes STL application on June 10 (and the loan is approved) for $250.
• The student will owe $275 ($250 plus the $25 service charge).
• The first payment of $108.34 (one-third of $250 + $25) is due by July 25.
• The second payment of $83.33 is due by August 25.
• The third payment of $83.33 is due by September 25.
The entire amount of the loan may be repaid, without penalty, before the due dates.
Students should check their account in Student Center to determine the amount due and the due date. Failure to check the account does not cancel the responsibility of the student to repay the amount due on the date due.
This is a loan and must be repaid. Nonpayment of this loan may result in:
• loss of registration privileges (a hold will be placed on registration);
• default will make the student ineligible for future Boise State short-term loans.