Short-Term Loans

Short-Term Loans:

What are WSAS Short-Term Loans?
As a current Wellesley College student, you may be eligible to receive a short-term loan from the Wellesley Students’ Aid Society. Our short-term loans generally range from $20 to $500 depending upon your ability to fully repay the loan within an agreed-upon timeframe (usually 1-4 months). Our short-term loans carry no fees or interest, and if a student has established good credit with the Society, she may borrow as often as the need arises, but may have only one loan out at a time.
What is the procedure for obtaining a Short-term Loan?
For Loans of $500 or Less - Visit the WSAS office to request your loan.  Have a plan for repayment in mind.  If your Short-Term Loan requested is approved, you will need to fill out a short application and sign a Short-Term Loan Agreement. The funds are typically available directly upon signature of this Agreement.
For Loans Greater Than $500 - Visit the WSAS office to request your loan.  Have a plan for repayment in mind.  You will need to fill out a short application and meet with one of our staff members to discuss your request.  Our staff members are usually available for walk-in meeting requests during our Office Hours, but sometimes a meeting date/time may need to be arranged.  If your Short-Term Loan request is approved, you will need to fill out a Short-Term Loan Agreement.  The funds are typically available directly upon signature of this Agreement.
How to I pay back a Short-term Loan?
Visit our Pay Your WSAS Loan page for information on both in-person and online payment options.  In-person payments are accepted in our office – Schneider Center Suite 117 – Monday through Friday* between 10:00 AM and 2:00 PM. Loans may be repaid all at once by the due date, or installment payments may be made. Installment payments may be required for larger short-term loan balances.  (*During the summer, we follow the College's summer schedule and accept payments Monday through Thursday.  Also, our office may frequently be closed due to staff vacations - please call 781-283-2992 to check if we are open.)
How do I establish a good credit rating with the Society?
To maintain a good credit rating, you must repay all of your loans on time or request a brief extension if, for some unforeseen reason, you cannot repay by the established due date. Anyone who defaults on a short-term loan will lose her borrowing privileges for the rest of her college career.
Are there any reasons for which short-term loans aren’t allowed?
Short-term loan requests are evaluated on a case by case basis. Prior to coming to WSAS, students should explore other channels of funding available on campus which include, but are not limited to, Student Financial Services (Financial Aid), Class Deans, Career Education, Academic Departments, and Student Activity funding.
How can I get more information about a Short-Term Loan?
Visit us! Schneider Center, 1st Floor, Suite 117
Email us! Kat Longee at klongee@wellesley.edu or wsas@wellesley.edu
Call us! 781-283-2992 and speak with Kat.