Applicants are eligible as of effective date of appointment. Examples of appropriate uses of the Fund are medical and other emergencies, relocation expenses, purchase of an automobile, and home and household expenditures.
Deductions commence the last day of the month following the month the note is dated.
The term of repayment must fall within the period of the borrower's University appointment. The Benefits office will return to the applicant any application received within 6 months of a predecessor loan. New loans cannot be refinanced. The interest rate shall not vary during the period of repayment, except in the instance of refinancing on termination of University employment. Should the borrower be unable to satisfy the loan at that time, such a balance may be refinanced at prevailing market rates.