Student Short-Term Loans
(previously called Hallway Loans)
Student Short-Term Loans are zero-interest loans available to students during the fall, winter, spring, and summer sessions. Loans are due at the end of the session in which they are received. Students must be enrolled for the session in which they are applying for the loan. If a student is applying for a loan during the summer sessions, they may be enrolled in any one of the summer sessions (three-week, six-week, or eight-week sessions).
Available loan amounts are $200, $350, or $500. The maximum loan amount is $500 per session. The loan funds will be credited to the student's University account and will be applied to any unpaid charges. If this creates a credit on the student's account (the current charges are less than the loan amount requested), the student may request a refund for the excess funds. To request a refund, mark the appropriate box on the application.
Applications are available on the second floor of Calvin Hall when the building is open (7:00 a.m. until 5:00 p.m., Monday through Friday).
Terms of the Loan
- No co-signer is required
- No interest will accrue if the loan is repaid on time
- The loan funds will be applied directly to the student's University account as a payment and will be applied to any unpaid charges
- A loan in default will draw ten percent annual interest on the unpaid principal and interest until the loan is paid in full
Repayment and Due Dates
Students will be billed for the loan repayment by Educational Computer Systems, Inc. (ECSI) through the University of Iowa Billing Office. ECSI bills are issued the first day of the month and are usually due on the 22nd of the month; however, check your bill to verify the due date.
- A loan taken out during the 2013 Fall semester will be billed on a November 2013 ECSI bill. If the loan is taken out after October 15, the loan will be billed on a December 2013 ESCI bill. If the loan is taken out after December 1, the loan will be billed on a January 2014 ECSI bill.
- A loan taken out during the 2013 Winter session will be billed on a February 2014 ECSI bill. If the loan is taken out after January 15, the loan will be billed on a March 2014 ECSI bill.
- A loan taken out during the 2014 Spring semester will be billed on an April 2014 ECSI bill. If the loan is taken out after March 15, the loan will be billed on a May 2014 ECSI bill. If the loan is taken out after April 15, the loan will be billed on a June 2014 ECSI bill.
- A loan taken out during the 2014 Summer sessions will be billed on an August 2014 ECSI bill. If the loan is taken out after July 15, the loan will be billed on a September 2014 ECSI bill.
Possible Reasons for Loan Disapproval
- Application is incomplete or illegible
- Borrower is not registered for the current term
- Borrower has a previous unpaid Student Short-Term Loan
- Borrower is in loan default or owes a refund to the University
- Borrower recently paid a past-due University bill with a personal check (borrower must wait five working days for the check to clear before applying for a Student Short-Term Loan)