If the 20th of the month falls on a weekend or holiday, the due date is the next work day. For those of you who have credit cards, the terms will be familiar to you, since this is the way all credit cards operate their billing cycles. The Promissory Note for your Short-Term Loan will always indicate the due date for your loan. Look for the due date in the upper right corner of the Promissory Note.
All loans have a specific payment due date and it is found on the promissory note.
If any difficulty is encountered by the borrower in repaying the loan by the due date, it is always the responsibility of the student to discuss the situation with a Loan Services Associate before the loan is delinquent. Late Payment fees are assessed in all instances, regardless of loan type. Realistically, students should understand that payment extensions for Emergency and Living Expense loans are NOT negotiated or granted. Sometimes, it may be appropriate to discuss extensions for Financial Aid Advances.