| Effective Date: 1/1/92 (revised 2/1/97) |
| Office of Origin: Human Resources--Faculty, Staff, and Student Assistance Program |
A. This loan program is not intended to compete with local credit unions or other lending institutions, but rather to fulfill the needs of University employees that cannot be met by those sources.
B. Normally, loans will not be made to consolidate bills or finance situations that are predictable (e.g., annual automobile or other insurance premiums, state, federal, or real estate taxes).
C. The loan program will operate within the following guidelines:
1. Employee eligibility
a. UCSF employees appointed to full-time staff, academic, or management career positions for one year or longer are eligible for loans.
b. Contract employees are not eligible for loans.
c. Student employees are not eligible for loans.
2. Loan limitation, interest rate, and repayment period
a. The maximum loan granted will be $1,000 in any 12 month period; the employee's outstanding obligation to the loan fund may not exceed $1,000 at any time.
b. The interest rate charged on current loans will be the same as the interest rate charged for unsecured personal loans by the local employee's credit union on the date the loan is granted.
c. The maximum loan repayment period will be one year.
d. Under no circumstances may the loan period exceed the period of appointment. All loans shall be fully due and payable upon termination of employment for any reason.
e. Employees receiving loans must: 1) provide appropriate documentation to support the loan request; and 2) sign a promissory note for repayment of the loan.
f. Repayment of loans will normally be made by payroll deduction, unless other arrangements are approved by the emergency loan representative.