FAC 555. Faculty Loan Fund

Faculty Review Committee administers the Faculty Loan Fund, made available through donors’ gifts. Current policies relating to loans (subject to review and change by the committee) are as follows:

1. The application should be in writing to the committee; a statement of purpose may be required if funds are not adequate to cover all applications.
2. Not more than $400 will be loaned to any one faculty family.
3. There is no interest for the first six months. After six months, interest shall be four percent per annum (on funds actually owed, one third of one percent per month).
4. Initially, no loans will be made for a period longer than 12 months. Any borrower may make application for extension of loan at the above scheduled rate.
5. Any new application within a three month period following settlement of a prior loan will be considered an extension, except in cases of evident emergency.
6. A time of repayment or prospective repayment plan should be submitted with each loan application. (An installment payment plan following the initial interest free, six month period is encouraged but is optional).
7. If the Loan Committee approves the loan, further handling of the loan will be through the Business Office.