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1705 Employee Loans

Document purpose

By general policy, the University does not provide loans to employees. However, loans may be extended on an exception basis to employees under conditions of extreme personal need, or for the purpose of recruitment and retention of key faculty and staff.

effective

June 2008

revised

May 2021

Reviewed

May 2023

Responsible Office

Treasurer

Approval

Treasurer

The Policy

  1. The availability of this program is at the sole discretion of the President, Provost, Executive Vice President, or Vice President for Finance and Treasurer.

  2. Loans under this program are conditional upon the borrower’s continued employment by the University. Upon termination, all amounts become due and payable in accordance with the terms of the associated note.

  3. All loan terms and conditions will be determined by the Office of the VP for Finance and Treasurer.

  4. Only requests made by the President, Provost, Executive Vice President, a Vice President or a Dean will be considered. Requests for terms falling outside of the standard loan program must be submitted to the Office of the VP for Finance and Treasurer for approval. In certain circumstances, the Treasurer may require the additional concurrence of the Provost or Executive Vice President.

  5. The requesting Dean or Vice President will assume all budgetary responsibility in the event of default.

  6. The following is required by all borrowers:

    • An executed loan note; additional security, such as a mortgage, may be required when, in the opinion of the VP for Finance and Treasurer, circumstances warrant.
    • Authorization for payroll deduction of principal and interest in the event of default by the borrower.

  7. The Office of the VP for Finance and Treasurer, in consultation with the Office of General Counsel, has responsibility for ensuring compliance with applicable federal, state and local regulations.