The Robert R. Martin Student Emergency Loan Fund (S.E.L.F.) shall be considered as a source of emergency loans to students registered in the College of Health Sciences at Eastern Kentucky University. It is the intent of the board to use the available funds to meet as many temporary emergency needs of eligible students as possible.
These Rules Apply:
1. The applicant will be registered in the College of Health Sciences and shall be in courses concerning his/her major, (that is, a nursing major MUST be enrolled in a nursing course).
2. Student must give the name of their advisor on the Loan Application.
3. Student sees S.E.L.F. Chair (Director of Health Sciences Learning Resource Center) for approval signature on application. Applications will not be approved until applicant identifies emergency need and describes plan for repayment.
4. The maximum loan amount is $250, for a maximum period of 90 days at a minimum interest and/or service charge of $1.00.
5. Upon approval of the application, the student fills and signs:
a. Loan Agreement (original and 2 copies)
b. Financial Disclosure (original and 2 copies)
6. S.E.L.F. Chair or Approver approves the Loan Application, fills out and sins Request for Withdrawal form (with a copy of the S.E.L.F. Loan Application remaining on file with the S.E.L.F. Chair).
7. S.E.L.F. Chair contacts the Accounting Office with student name, EKU Identification Number and amount of loan.
8. Immediately, the student can take the completed forms to the Student Accounting office, Whitlock 210, to receive his/her CASH for the amount specified.
9. Student’s name will be entered into the University Computer system. Student will receive a monthly bill until the bill is paid.
10. If the loan is not repaid promptly, the student’s transcript will be sealed, preventing the student from receiving his/her transcript.
11. When ready to repay the loan, the student brings the copy of the Loan Agreement and the amount to be repaid to Student Accounting in Whitlock 210.
12. A service charge of $1.00 or an interest rate of 3% is added to the amount to be repaid.
13. Accounting Office signs the payment as “received” on both copies of the Loan Agreement and returns the original to the S.E.L.F. Chair and the copy back to the student.
14. The S.E.L.F. Chair shall be responsible for maintaining the necessary financial records and for reporting to the S.E.L.F. Loan Advisory Board.
15. No loan will be granted to a student while he/she has an outstanding loan to this fund except in very unusual circumstances. All requests for second loan, while having an outstanding loan, must go before the S.E.L.F. Committee for approval.