Short Term Loan Information/ Carry forwards
As of July 1, 2008 there are new limitations on how universities can use federal financial aid to “Carry
Forward” balances from prior terms. Texas Tech University will no longer be able to “Carry Forward” balances
larger than $200.00 from prior financial aid reward years; however, all outstanding balances, regardless of the
amount, from the current reward year are still eligible for a “Carry Forward” up to the amount of the refund
after the current term’s fees have been paid. Also, students who have alternative loans are eligible to “Carry
Forward” any balance up to the refund amount after the current term’s fees are paid.
Should the student have an outstanding balance that cannot be “Carried Forward,” the Texas Tech University
Short Term Institutional Loan department may be able to help the student by issuing a short-term loan to pay
the outstanding balance. There are multiple short-term loans available for the student to use should the student
meet the criteria, and should there be funds available within the specific loan.
Short-term loans are available to Texas Tech students who are currently enrolled or have attended a prior term
at Texas Tech University and wish to attend the university in a future term that may require funds to pay for
college-related expenses. The majority of short-term loans must be paid back in full within the semester the
funds are borrowed.
Maximum loan amounts are determined by the donor’s specifications, and the following loan regulations apply:
Applications for Short Term Loans are available through the Short-Term Institutional Loans office
located at room 333-I of West Hall. You are required to provide a copy of your Driver’s License and
complete a loan application. Then, an appointment for an interview with our loan officer will be
scheduled.
If you have had a short-term in the past, it must have never been sent to an outside collection agency nor
have been more than 60 days past due at any time. Short-term loan payments are due according to the
terms of the promissory note, are subject to acceleration after 31 days, and subject to referral to outside
collections should the account reach 61 days past due.
Students are not eligible for multiple short-term loans, and any outstanding short-term loan balance
must be satisfied before the student will be considered for a new short-term loan.
The Internal Collections Office, Room 333 West Hall, is where ALL short-term loan payments must be made.
Any payment questions or problems should be directed to the Student Loan Payments Office at (806)742-3214
or (806)742-3215.
If you pay off a loan with a check, there is a 10-business day waiting period for check clearance before a new
loan may be processed. Your check must indicate your date of birth, driver’s license number, telephone
number, student ID number and loan account number.
Forms of Payment
Short-Term loan payments can be made in the Internal Collections Office by check, cash, cashier’s check,
money order, or debit/credit card.
Automatic debit/credit card draft forms may also be requested and completed at the time of your interview.
These payments will be charged to your debit/credit card on the 10
th
day of each month. If the 10
th
day is a day
the University is closed, the charge will be made on the next business day. It is the student’s responsibility to
notify the Internal Collections Office of any and all changes to the debit/credit card.