BYU Short-term Loan
What is it?
The BYU Short-term Loan is a loan designed to help you pay your tuition by the tuition deadline if federal aid or other financing options have not yet been finalized. The application becomes available well before the tuition deadline, and remains available through the last day to add classes for the semester. This is truly a short-term loan. It must be paid back in full by the deadlines shown in the chart below.
|Enrollment||Payment Due Date|
|Fall Semester||November 1|
|Winter Semester||March 1|
|Spring Term||June 1|
|Summer Term||August 1|
A $20 processing fee will be assessed to your student account. This fee is due on the same date as the loan.
Who is Eligible?
Short-term Loans are available to students who are enrolled in at least 0.5 credit hours at BYU, excluding Independent Study.
How Do I Apply?
You can apply for a Short-term Loan beginning a few weeks before the tuition deadline for the semester/term, but not after the add deadline for that semester/term. To apply, complete the application found on My Financial Center.
When are the deadlines, and when will I know if I am a recipient?
You can apply for a Short-term Loan beginning a few weeks before the tuition deadline for the semester/term, but not after the add deadline for that semester/term. If you are eligible, the loan is processed immediately upon submission and your computer screen updates with confirmation information.
How much money can I get?
You can borrow up to the amount of your tuition. You will pay back this amount plus the $20 processing fee.
How and when will I get the money?
Your Short-term Loan will disburse immediately to your Student Account where it will credit toward your tuition and other tuition related charges. If money from the Short-term Loan and other aid exceeds charges owed, Student Financial Services will refund excess monies.
Generally, the refund process begins approximately three days after the first day of classes. If registered part-time, excess funds will remain in the Student Account until after the add deadline, or until you verify with Student Services (801) 422-4104 that no further registration changes will be made.
Excess funds will be sent to your bank account if you authorize direct deposit. If you do not authorize direct deposit, any excess funds will be mailed to the mailing address you have listed on myBYU. This may delay your receipt of funds.
Other Important Short-term Loan Information
As soon as you submit the application, and receive confirmation of the Short-term Loan, a hold is placed on your account which suspends class registration for subsequent semesters until the Short-term Loan has been repaid. The loan is interest free if it is paid by the due date. If it is not paid by the due date, interest begins to accrue at the rate of 12 percent per annum. After a short period, if this loan remains unpaid, it is referred to a collection agency which will add collection fees and report negative credit information to national credit bureaus.
You should pay back the Short-term Loan online through My Financial Center. Payment by e-check is free, payment with a credit card carries a 2.75 percent fee, and payment with a Visa credit or debit card is not accepted.