Loans. Short-Term

No Fee Short Term Loans- Short

The Office of Student Financial Aid has funds available for short-term loans to assist students with temporary cash flow problems. Short-term loans are available only to students who are currently attending the university (loans cannot be processed between quarters). Students who are auditing courses or those enrolled but not earning credits are not eligible for short-term loans. Funds are generally available within one to four working days depending on if the loan is paying charges on your account or you are having the funds sent to your bank via direct deposit.

Repayment is due by the next quarter, or whenever additional funds such as financial aid arrive on account, whichever comes first. There is no interest on the short-term loans, but there is a $30 service charge added to the repayment amount. Students may apply on-line through MyUW’s Personal Services (paper application forms are also available if you come to 105 Schmitz Hall but the processing time is longer). Please read all of the information below – borrowing a loan is an important responsibility. If you have any questions, feel free to talk to a counselor in the Office of Student Financial Aid, 105 Schmitz Hall, or call 206/543-6101.

Eligibility requirements

University of Washington students may be able to borrow a short-term loan for tuition, books, or other expenses if they:

  • Are registered in regular credit-earning classes in the UW Student Database
  • Do not have an outstanding short-term loan
  • Have a good repayment record on any prior short-term loan(s) (no more than two late payments)
  • Have a means of repayment by the next quarter

Any prior short-term loans must be paid in full before another loan can be taken out. Please review your budget and needs for the entire quarter when deciding on the requested amount.

Maximum amounts and cost of borrowing

  • $2, 500 for Undergraduates
  • $3, 200 for Graduate/Professional students

There is no interest, but a service charge of $30 will be added to the repayment amount for each loan. Late penalties and collection costs will be assessed if not paid by the due date.

Loan proceeds may be applied directly to your tuition account, disbursed directly to you, or a combination of both.


Short-term loans are billed through the Student Accounts system (like the tuition bills). All loans are due “on demand, ” which means that any aid coming in after a short-term loan has been disbursed will be used to repay any outstanding current year short-term loan. Aid will not repay loans borrowed in the previous aid year (the aid year is from Summer – Spring quarters). If you borrow a short-term loan during Spring quarter, or get an extension on a Winter quarter loan, you will be responsible for making sure that the loan is repaid on time. If aid does not pay the loan in full, repayment is due by the fourth Friday of the next quarter.

Additional repayment information is available from Student Fiscal Services, 129 Schmitz, 206/543-4694.

Extension of the due date

For students unable to pay in full by the next quarter, there is a one-time extension until the following quarter available. To request an extension, you may apply online or go to Student Fiscal Services, 129 Schmitz. An additional $30 service charge will be added to the total repayment amount. Requests for extensions made after the original due date will have additional late charges added, and holds will be placed on student registration and transcript records if a loan is not paid on time.

NOTE: Students who have financial aid should be aware that requesting an extension will not prevent the next aid disbursement from repaying the short-term loan if it was taken out during the same school year, no matter when the new due date is. If you have unusual circumstances, please see a counselor in the Office of Student Financial Aid, 105 Schmitz Hall, or call 206/543-6101.

Consequences of not repaying on time

Every quarter, many students benefit from the short-term loan program. However, these funds need to be paid back in a timely manner so that other students can continue to benefit in future quarters. Before you take out a loan, consider:

  • How much do you really need?
  • What is the due date? Will you be able to pay the loan back by then?
  • How will you repay the loan, and what is your back-up plan?

Interesting facts

  • The TED spread is the difference between the interest rates on interbank loans and on short-term U.S. government debt ("T-bills"). TED is an acronym formed from T-Bill and ED, the ticker symbol for the Eurodollar futures contract.
    Initially, the TED spread was the difference between the interest rates for three-month U.S. Treasuries contracts...
  • A business that cashes checks and often provides short-term loans, usually against the customer's future wages.

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