The FSAP Emergency Loan Fund (ELF) is available to assist faculty and staff who are experiencing a personal financial emergency and have exhausted all other avenues of support. When funds are available, a loan of up to $1,000 can be provided to a legitimate creditor to pay for rent, funeral or car expenses, etc. Employees have up to six months to repay the loan, in addition to a 5% administrative fee.

Who Is Eligible to Receive a Loan?

All active full-time and part-time faculty and staff are eligible provided that they:

• are in good standing;
• have a minimum of six months or more successful employment
• have a personal emergency as defined by the FSAP-ELF policy guidelines;
• can provide evidence that all other avenues of assistance have been pursued;
• show an ability to pay back the loan;
• are willing to consider the recommendations of an FSAP Counselor to utilize other financial resources and/or financial counseling services; and
• have paid back all previous ELF loans for one year, and any other departmental loans.

What types of financial Crises are Appropriate for an Emergency Loan?

The fund is designed to address unexpected financial emergencies. Examples are:

• a death in the family where an employee must travel some distance to attend the funeral;
• emergency health care that cannot be initiated without pre-payment;
• emergency automobile repair when the employee has no other means to get to work; or
• an impending eviction due to rent not being paid.

How are Loans Repaid?

Loans must be repaid directly to the Bursar every pay period. The employee is responsible for paying them through check, cash, or money order. Any delinquent payments are eventually turned over to the State Central Collections Unit and assessed an additional 17% fee. The university is allowed to garnish a paycheck to satisfy the debt, so it is important to be certain that the loan can be repaid.

How Does One Apply for a Loan?

There are several ways to do this. You can come by the Health Center to pick up an application. Or you can see the APPLICATION. Just print the form and fill in the appropriate sections. Then call either Joan Bellsey (314-8099) or Tom Ruggieri (314-8170) to set up an appointment to review the form. When money is available and all criteria are met, loans can usually be provided within 48 hours.

How Confidential is the Loan Application Process?

An emergency loan fund committee reviews each application but names are not provided to them, only situations. Because the check is issued by the University and repayments are collected by the Bursar's Office, it is impossible to make the entire process totally confidential, however, every effort is made to preserve an individual's confidentiality.

How Can I Contribute to the ELF?

The FSAP Emergency Loan Fund is entirely dependent on contributions from the University of Maryland campus community. Contributions are both welcome and needed and can be made through the University of Maryland Foundation.

Contributions can be made by sending a check made out to the UMCP Foundation (please write ELF in the memo section) to:

Director of Gift Acceptance
UMCP Foundation
4511 Knox Road Suite 205
College Park, MD 20740

Any questions about donations can be addressed to Carolyn Bayle at (301) 405-7760. Another way to make a significant contribution is to support the fund by word of mouth, talking about it amongst your colleagues, co-workers, family and friends.

Gifts in support of the University of Maryland are accepted and managed by the University of Maryland College Park Foundation, Inc., an affiliated 501(c)(30) organization authorized by the Board of Regents. Contributions to the University of Maryland are tax deductible as allowed by law. Please see your tax advisor for details.

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