Student Matters: Student Small Loan Funds
A student small loan fund is available to help students meet un-anticipated financial needs.
Administration of funds
These funds are administered by the Accounting Office.
- Loan funds are available to full-time and part-time students registered for the regular academic year. Loans are not available during winter or summer break.
- The maximum loan is $40.00.
- Loans will be on a no-interest basis.
- Students on the tuition deferment plan are not eligible for a loan.
- Loan requests must be made in person to the Accounting Office.
- If funds are available, a promissory note will be signed by the student. (See attached sample)
Disbursements & collections
The Accounting Office will be responsible for the disbursement of the loan funds and the receipt of the loan payments.
- Upon receipt of the approved promissory note, the cashier will disburse the loan proceeds out of petty cash.
- The promissory note will be filed in the promissory note file.
- Each payment will be credited to the appropriate loan fund.
- 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.
Reporting
At the end of each month, an aged list of outstanding loans will be prepared.