ADMINISTRATIVE RULE NO: C206

RELATED TO POLICY SERIES NO: 7090

TITLE: THE ELDON SCHAFER STUDENT LOAN FUND

Generally, borrowers of the Eldon Schafer Student Loan Fund must be full-time students. Loans may be denied students who have defaulted or been delinquent on college debts. Completed loan applications will be thoroughly reviewed and approved by the staff of the Financial Aid and Business offices.

Each borrower will be charged interest, a loan fee, and, if appropriate, a late charge. These monies will be placed in an interest-bearing account; revenues from this account will be used to offset bad debts and to increase the principle available for lending. The minimum balance of the Student Loan Account may not fall below $3,500. When the account reaches this minimum, no loans will be issued. (The minimum balance of $3,500 will be held in a separate foundation account. These monies will be placed in an interest-bearing account. Revenues from the account may be used to increase the minimum balance or to offset bad debts and to increase the principle available for lending in the Financial Aid account.)

Operational procedures, eligibility criteria, the loan amount, interest charges, loan fees, and late charges will be evaluated by the staff of the Business and Financial Aid offices periodically or as needed.

DATE OF APPROVAL: 6/18/85

DATE OF REVISION: 5/16/95