Short-term Loans

BYU offers short-term loans to assist students with short-duration financing needs. Basic loan provisions are as follows:

• Short-Term loans are due approximately three quarters of the way through the semester or term, providing adequate time for the student to make long-term financial arrangements.
• Short-Term loans are subject to a $20 processing fee. The loans are interest free if paid by the due date. Loans not paid by the due date will bear interest based on prevailing rates (currently 12% per annum).
• Recipients of Short-Term loans will have a hold placed on their account restricting the ability to register for future semesters/terms. The hold will not be released until the loan is paid in full. This could delay the student’s ability to take advantage of priority registration.

 

Students apply for the short-term loan on-line as follows:

1. Log into Route Y > School > My Financial Center > Account Summary
2. Click the “apply for short term loan” button
3. Enter requested loan amount and press Tab on your keyboard
4. Click “calculate loan & fees” button
5. A summary of the loan amount and processing fee will appear.
6. Read the Disclosure of Terms and click the “Agree to Terms” box.
7. Click “submit loan”

 

Once submitted, the loan will be applied to your tuition within 15 minutes and the $20.00 non-refundable processing fee will be charged to your financial account.