The Student Government Association updated its book and emergency loans this week to compensate for the increased price of textbooks since the loans’ creation.The book and emergency loans allow students to borrow money from the SGA to purchase textbooks or cover sudden costs. Before the revisions, the loan was a single loan, but the finance committee proposed the two be separated to service students more easily.
John Lombardo, chair of the SGA’s finance committee, worked with several student government senators to update the organization’s emergency loans. Lombardo said Peter Jenkins, senator at large, noticed the loan, which originally allowed students to borrow no more than $150, was not enough to cover many of today’s textbooks, noting a single set of nursing books can cost $520.
The maximum amount for the book loan has increased to $600 and now requires students to provide a list and receipt of their required books to prove their need.
The emergency loan’s limit has increased to $300. According to its official documentation, the loan exists to help students in “resolving any issues that may inhibit their academic success” and provides funds to students for “whatever financial emergencies may arise.”
Applicants for both loans must activate their schedules and pay all fees before they can borrow money from the SGA. They must also be in good academic standing and have never missed a payment for another loan. Students will be assessed a service charge of three dollars per loan and an interest rate of 18 percent per year for delinquent loans. Students with two or more financial aid suspensions will not be allowed to take out a loan.
The SGA voted in favor of the proposed changes at this week’s meeting. The updated details for the book and emergency loans will take effect immediately after all the necessary paperwork regarding the proposition is processed.
Lombardo said the majority of students attending Nicholls are taking advantage of some type of financial aid and may be getting money back from the University. Other students have parents who are putting them through college financially. Lombardo said the loan would play a key role to a smaller group of students.
Students can apply for both loans in Financial Aid. “If you have any general changes, questions or concerns that you would like to see regarding issues on campus, contact the local senator of your college.” Lombardo said. “There are programs, like the Town Hall meetings, that give Nicholls students the opportunity to voice their concerns because we don’t know all the problems.
