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Emergency loans are short term loans of up to $350.00. One emergency loan of any amount is allowed each term, and prior emergency loans have to be repaid before a new one will be issued.
Eligibility: To be eligible to receive an emergency loan students must be enrolled at least half-time, be degree-seeking, and not have any active financial holds. Emergency loans are intended to assist students, therefore if your primary affiliation with OSU is as an employee, you are not eligible for emergency loans.
To request an Emergency Loan:
You should receive the loan funds in 3-5 business days. If you are enrolled in direct deposit, the funds will go to your bank; otherwise a check will be mailed to your current mailing address on file. Make sure you have updated your current mailing address prior to submitting this application.
Repayment: Emergency loans are posted to the student’s OSU account and are assessed interest charges accordingly. The interest rate for all outstanding student account balances is 12% APR (1% per month). Please note that emergency loans are not automatically paid by federal financial aid funds, although a student can choose that option. Non-federal scholarships and grants pay off any kind of account charges including emergency loans. You can check your student account balance anytime in the MyOSU portal.