Davidson College provides student loans to students to assist with the costs associated with attendance.
This policy seeks to inform students of the roles played by the Office of Financial Aid and the Office of Business Services with regard to Davidson College Loans.
A Davidson College Loan may be offered to a student by the Controller/Director of Business Services or Assistant Director of Financial Aid, or Senior Accounts Receivable Assistant.
The Controller/Director of Business Services shall oversee this policy and review it at least once every two years. Changes to this policy shall be made in accordance with the college's Policy on Policies.
The Office of Financial Aid prepares batch tickets to send to ECSI to report all new loans and advances. The Office of Financial Aid sends these over to the Senior Accounts Receivable Assistant (SARA) with the promissory notes. The SARA mails the batch tickets to ECSI and files the promissory notes in the beige file cabinet. A new envelope is made, listing student's name, social security number, and annual loan amount, for all new loans. For advances, the current year's loan amount is written on the outside of the current envelope and filed.
To receive a Davidson College Loan the student must sign a promissory note (which is obtained from the SARA). The SARA sends a copy of the note to the Office of Financial Aid who will then disburse the loan to the student's account. The SARA then sends a change adjustment form to ECSI to report the loan.
For borrower's who have paid their loan in full, pull their folder out of the grey filing cabinet and their promissory note out of the beige filing cabinet. File the folder in "PIF" box and mail the prom notes, stamped "Paid", to the borrower.
Last Reviewed: Summer 2010