List of Differences
Between the old Short-term Loan and the new Deferred Payment Plan

1. A larger amount may be borrowed/deferred and for a longer period of time

a. Short-term loan limit was $1,800 for approximately four to six weeks.

b. Deferred Payment plan allows 90% of tuition, fees, & insurance deferred for 60 days (8.5 weeks).

 

2. Co-signer Requirements

a. The Deferred Payment plan requires a co-signer if the amount deferred is over $1,000,

whereas the Short-term Loan required a co-signer if the amount of the loan exceeded $450.

b. The new Deferred Payment Plan requires the co-signer to provide a photocopy of a passport,

driver’s license, or other legal I.D.

 

3. Processing Fees

a. The new Deferred Payment Plan has a $50 processing fee, whereas the Short-term Loan did not.

 

4. Collection of Information

a. The new Deferred Payment Plan requires students to collect, print and submit information from

the computer system regarding charges, payments, and financial aid.

b. The new Deferred Payment Plan also requires students to collect and submit information

regarding anticipated charges, payments, and financial aid that is not yet on their student account.

 

5. Amount of Time to Complete Application

a. The application for the new Deferred Payment Plan requires much more time to complete

than the old Short-term Loan application.

 

6. Eligibility

a. The Short-term Loan only required the student to be enrolled for 9 credits (4 for a term)

and have no unpaid loan balance from a prior period.

b. The Deferred Payment Plan still has these same requirements, but also has the following.

i. Instead of just an unpaid loan balance, the student cannot have any unpaid balance of any kind on his account.

ii. The student must pay at least 10% of the total charges for the enrollment period.

iii. Financial Aid is not considered a payment.

iv. The student must substantiate that he has or will have the capacity to pay the

deferred amount within the 60 payment period.  If the student cannot prove the ability

to pay, the deferment will not be approved.

 

7. University Right to Deny or Reduce the Deferred Amount

a. With the Short-term Loan, as long as students met the two qualifications listed in 6a above, and

the co-signer signature was legitimate, the short-term loan was automatically processed.

b. With the Deferred Payment Plan, the University retains the right to deny the contract or reduce

the deferred amount for any reason.

 

8. Consequences of Default

a. If a student did not pay the Short-term Loan by the due date, a restriction was placed on his

account that prohibited him from enrolling for classes for the next term.

b. With the Deferred Payment Plan, if a student does not pay the deferred charges by the due date:

i. A $50 late fee is accessed.

ii. A negative service indicator is placed on his account, which prevents future enrollment,

release of transcripts & diploma, and other certifications.

iii. Not eligible for Deferred Payment Plans and Book Loans in the future.

iv. Subject to interest charges, collection, and attorney’s fees.

Back to the Deferred Payment Plan Information Page