Short-term loan program

The Office of Student Financial Aid has funds available for short-term loans to assist students with temporary cash flow problems. Short-term loans are available only to students who are currently attending the university (loans cannot be processed between quarters). Students who are auditing courses or those enrolled but not earning credits are not eligible for short-term loans. Funds are generally available within one to four working days depending on if the loan is paying charges on your account or you are having the funds sent to your bank via direct deposit.

Repayment is due by the next quarter, or whenever additional funds such as financial aid arrive on account, whichever comes first. There is no interest on the short-term loans, but there is a $30 service charge added to the repayment amount. Students may apply on-line through MyUW’s Personal Services (paper application forms are also available if you come to 105 Schmitz Hall but the processing time is longer). Please read all of the information below – borrowing a loan is an important responsibility. If you have any questions, feel free to talk to a counselor in the Office of Student Financial Aid, 105 Schmitz Hall, or call 206-543-6101.

Eligibility requirements

University of Washington students may be able to borrow a short-term loan for tuition, books, or other expenses if they:

  • Are registered in regular credit-earning classes in the UW Student Database
  • Do not have an outstanding short-term loan
  • Have a good repayment record on any prior short-term loan(s) (no more than two late payments)
  • Have a means of repayment by the next quarter

Any prior short-term loans must be paid in full before another loan can be taken out. Please review your budget and needs for the entire quarter when deciding on the requested amount.

Maximum amounts and cost of borrowing

  • $2,500 for Undergraduates
  • $3,200 for Graduate/Professional students

There is no interest, but a service charge of $30 will be added to the repayment amount for each loan. Late penalties and collection costs will be assessed if not paid by the due date.

Loan proceeds may be applied directly to your tuition account, disbursed directly to you, or a combination of both.


Short-term loans are billed through the Student Accounts system (like the tuition bills). All loans are due “on demand,” which means that any aid coming in after a short-term loan has been disbursed will be used to repay any outstanding current year short-term loan. Aid will not repay loans borrowed in the previous aid year (the aid year is from Summer – Spring quarters). If you borrow a short-term loan during Spring quarter, or get an extension on a Winter quarter loan, you will be responsible for making sure that the loan is repaid on time. If aid does not pay the loan in full, repayment is due by the fourth Friday of the next quarter.

Additional repayment information is available from Student Fiscal Services, 129 Schmitz, 206-543-4694.

Extension of the due date

For students unable to pay in full by the next quarter, there is a one-time extension until the following quarter available. To request an extension, you may apply online or go to Student Fiscal Services, 129 Schmitz. An additional $30 service charge will be added to the total repayment amount. Requests for extensions made after the original due date will have additional late charges added if a loan is not paid on time.

NOTE: Students who have financial aid should be aware that requesting an extension will not prevent the next aid disbursement from repaying the short-term loan if it was taken out during the same school year, no matter when the new due date is. If you have unusual circumstances, please see a counselor in the Office of Student Financial Aid, 105 Schmitz Hall, or call 206/543-6101.

Consequences of not repaying on time

Every quarter, many students benefit from the short-term loan program. However, these funds need to be paid back in a timely manner so that other students can continue to benefit in future quarters. Before you take out a loan, consider:

  • How much do you really need?
  • What is the due date? Will you be able to pay the loan back by then?
  • How will you repay the loan, and what is your back-up plan?

If you do not pay the loan back by the due date late fees will begin to accrue. Your account may be referred to an outside collection agency, and it will be reflected on your credit record. You will receive letters and phone calls about the overdue account. No deferment or forbearance options are available for short-term loans. Short-term loans may not be available to you in future quarters.

Plan ahead. If your loan becomes past due, or if the due date is near and you don’t have the funds to repay, contact Student Fiscal Services right away, at 206/543-4694 or e-mail Talk to a loan specialist and find out your options. If your loan goes past due, financial aid may no longer automatically pay it back since your account will be transferred from Student Accounts to an outside billing system.

How to apply and receive your loan proceeds

To apply, go to MyUW and select “Short-Term Loan Application” from the list of Personal Services to complete the application and electronically sign the promissory note. You will be informed of your eligibility as soon as you submit the application. If your application is approved, your funds will be applied to your student account immediately, as follows:

  • If you checked “Tuition & Fees” on the loan application, the loan will be applied to the outstanding tuition and fee balance on your student tuition account
  • If you checked “Cash” OR if you have loan funds left over after your tuition balance is paid, your remaining funds will either:
    • Be direct deposited to your bank account, if you are signed up for direct deposit, and will be available in about three working days or
    • Be mailed to your LOCAL address the following business day if you are not signed up for direct deposit. Be sure to confirm your address information is correct on MyUW.

You will be sent a confirming e-mail with a copy of the promissory note as an attachment, for your records. The amount of loan repayment that you now owe will also be added to your student tuition account, along with the date the repayment is due.

If you have read the information above and think that you are eligible to apply, go to MyUW for the application. If you have any questions, please contact a counselor in the Office of Student Financial Aid, 105 Schmitz Hall, or call 206-543-6101.