Short Term Loans
Hallway Loan Program
The University of Iowa has a limited amount of money available for short-term loans to students, administered through the Financial Aid Office. International students who wish to apply for $500 or less should instead apply for the Hallway Loan Program. Students who need between $500-$1500 can apply for this Short Term Loan detailed below instead.
The main differences between the two programs are these: The maximum amount available through the “hallway program” is $500, interest-free, repayable in the last month of the semester during which the loan is taken. Under the short-term loan program for international students, the maximum amount available is $1500. The interest rate is 4%, and the loan must be repayed in full within one year (or before graduation, if that comes sooner).
Short-Term Loan Program for International Students
- The maximum amount available is $1500.
- Loan requests must be justified on the basis of an educational or educationally-related expense or living expense.
- Short-term loans are not available while classes are not in session.
- Students have some choice in determining how and when the loan is repaid. Points to remember in determining a payment schedule include:
- ---annual interest rate is 4%
- ---all loans must be paid within one year or before graduation, whichever comes first
- ---final repayment must be scheduled before graduation
- Students will receive a bill in the mail from a private collection company when the loan payment is due.
- Students must be registered for the current semester.
- Only students in F-1 or J-1 student status who are participating in degree programs will be considered by ISSS for the loans. Nondegree students, J-1 scholars, J-2 and F-2 dependents, and students in other immigration categories are not eligible.
- Students are eligible for only one short-term loan each semester.
- Students new to the UI are not eligible for loans during their first year, unless they hold a UI graduate assistantship or scholarship from some other agency.
- Late registrants are not eligible for loans to cover the first 1/3 of tuition.
- Students must show evidence of ability to repay the loan by the specified due date.
- Students reapplying for a short-term loan must have fully repaid any previous loans.
- Complete the top portion of the Short Term Loan application form
- Meet with an ISSS adviser during walk-in hours.
- If the adviser approves your request, the necessary papers will be prepared and sent to the Financial Aid Office. The Financial Aid Office has the final authority to approve or deny a short-term loan request. It takes two business days to process the request.
- The Financial Aid Office prepares the final loan agreement, which you must go (with your university ID card) to the Financial Aid Office to sign.
- You can receive the amount deposited directly to your bank account, or have the amount applied to your University of Iowa account.
Consequences of Failure To Repay by Due Date
- Registration is restricted until all indebtedness, including a reinstatement fee, is paid.
- Students cannot use their ID cards to add charges to their UI account.
- Transcripts will not be released.
- Students will not be permitted to register for any subsequent semester.
- Annual interest of 10% will be charged.