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Policies and Procedures

AENR 107

Number:

AENR 107

Section:

Enrollment Services

Subject:

Special Loan Funds

Date:

August 15, 2000

Issued by:

Director of Financial Aid

Authorized by:

Director of Financial Aid

   

 I. Policy

a. The Town and Country Loan

The Town and Country Loan fund is available to Aiken County residents who attend USC Aiken. The loan is not transferable to any other institution. Students accepted for admission or currently enrolled at USC Aiken may apply for up to $4000 per academic year July 1- June 30). The total aggregate loan may not exceed $14,000.

No interest will be charged on the loan as long as the student maintains at least half time enrollment at USC Aiken. The aggregate loan amount shall bear interest at the rate of 5% per annum for a period of two years commencing six months after graduation, or termination of enrollment, or dropping below half time enrollment at USC Aiken. After expiration of the said two years, the said sum shall bear interest at the rate of 10% per annum until fully paid; the said sum shall be repaid in up to sixty equal successive monthly installments with a minimum payment of $50 each month together with interest. The privilege of payment, in whole or in part, before maturity with interest then to cease on any sum so paid, is permitted.

b. The Rich Loan

The Rich Loan is a short term, (one year) emergency loan for students attending USC Aiken. The amount of the loan cannot exceed $500 for any student at any one time. 

II.  Procedure

a. To apply for the Town and Country Club Loan, students must complete an application, available from the USC Aiken Financial Aid Office. The Financial Aid Office will act on the application, giving priority to students who do not qualify for federal aid programs. The number of loans awarded annually will vary and will be based on collections from the previous year and the number of outstanding notes. USC Aiken may obtain a credit bureau report on both the borrower and the guarantor.

b. Students can apply for the loan through the Financial Aid Office and must demonstrate the ability to repay the loan within the year. The Financial Aid Office will determine the student's eligibility based upon federal aid guidelines and upon the memorandum of agreement on file in the Development Office.

III.  Related Policies

IV.  Reason for Revision


Annual Review