The Sycamore Emergency Loan Program is intended to assist students who have a need for short-term financial assistance,
and who agree to use these funds exclusively to pay educational expenses related to their attendance at Indiana State University.
Available to all full-time students in good academic standing, loans can be made to a maximum of $400 (in $50 increments)
and must be repaid within 30 days. Loans must be repaid within the semester for which the funds are intended. There is no
interest charge associated with this emergency loan program. A student may have no more than one loan outstanding at a time.
Note: Students should never borrow more from this source than is absolutely necessary to meet an emergency need.
Instructions and Eligibility
Sycamore Emergency Loans are available only through the Office of Student Financial Aid. An appointment with a counselor is necessary to secure a loan, and all loans require borrowers to sign a promissory note that stipulates the amount of the loan and the terms of repayment.
This program has limited funding and when all funds are expended, no further loans will be available for that semester or term.
Students who have previously requested a Sycamore Emergency Loan will be prohibited from receiving additional Sycamore Emergency Loans until their prior Sycamore Emergency Loan has been paid off
Borrowers must be enrolled full time (for example, an undergraduate would need to be enrolled in a minimum 12 credit hours and graduates 9 credit hours).
Borrowers must have exhausted all federal and state financial aid options, and have a complete financial aid file (no missing items).
Borrowers must have never received a financial aid refund for the semester in which they are applying for the emergency
loan. If the borrower received a financial aid refund of less than $400, he or she may be eligible for a partial emergency
loan depending on the availability of funds.
There is a $400 borrowing limit in increments of $50.
No interest will be assessed on a loan.
Loan approval is dependent on the borrower not having existing ISU charges on account for which this loan would be intended to apply.
Loans are made only for educationally related expenses that occur during the loan period.
Loans may be made up to three calendar days prior to the beginning of a semester and no later than 30 days prior to the end of a semester.
Borrowers have 30 days from the date of issuance in which to repay loans.
Borrowers must sign a promissory note, a copy of which will be provided to the borrower.
Loans may be made for any term (or combination of terms ) within the summer.