To provide a means of immediate financial assistance in the form of a short term “emergency” loan for university permanent employees who meet the policy criteria. For the purpose of this policy, “emergency” is defined as an unforeseen or unavoidable event.

Scope

Emergency loans are available to permanent and time-limited employees of the university. Emergency loans are not available to probationary, temporary or student employees.

Policy

General Statement

1. The university provides an emergency loan of not more than $250 to eligible employees for financial assistance during an emergency.

2. An emergency loan may be granted to an employee for a reason that has placed the employee in an immediate financial hardship as defined above.

3. Loan requests are approved/disapproved by the University Comptroller.

Amount of Loan

1. An emergency loan may be granted to an eligible employee only once per twelve months .

2. The loan amount may be requested in increments of $50, up to a maximum of $250.

   
   

Repayment of Emergency Loan
Loan amounts will be repaid by automatic payroll deduction beginning with the next regular pay and must be repaid in no more than two installments.