A loan fund is available to students to meet emergency financial needs that cannot be met in any other way. These funds are not available to faculty and staff.
Administration
This fund is administered by the Accounting Office.
- Loan funds are available only to registered students during the regular academic year.
- Individual loans will not exceed $200.00.
- A borrower may not have more than one loan outstanding.
- Loans must be of an emergency nature and the emergency must be such that there are no other sources of funds available. The following needs are not considered emergency needs and are ineligible for funding from this emergency loan fund:
- Tuition and housing payments
- Fines and fees
- Funds to pay back prior loans
- Auto, appliance and furniture purchases
- Cash requirements that normally would be anticipated
- The loan must be repaid when the student graduates or withdraws from CalArts. If the loan is not repaid when due, the diploma, if applicable, and/or transcript will be withheld until the loan is paid-in-full.
- Loans will be on a no-interest basis.
- Loan requests must be made in person to the Accounting Office.
- If funds are available, and the need is of an emergency nature, a loan application will be completed.
Disbursements and collections
The Accounting Office is responsible for disbursement of loan funds and receipt of loan payments.
- Prior to approval of the loan, verification will be made that there is no loan outstanding. If no loan is outstanding, a check will be issued to the borrower.
- The borrower will sign the promissory note and receive the check. (See attached sample)
- The promissory note will be filed in the promissory note file.
- Each payment will be deposited to the loan fund.
Reporting
- The Accounting Office will maintain a record of current balances of the loan funds available.
- Monthly, an aged list of outstanding loans will be prepared by the Accounting Office.