Elon's Student Government Association offers loans of up to $300 and any current Elon student may apply for the loan. However, no students have applied this year.
"The loan is meant to be for textbooks or other student expenses. SGA decided to do this program to help students who might be in a financial bind," said senior Nick Livengood, executive treasurer of SGA. It gives students another resource to help them pay for college expenses."
There is no interest on the loan, but if students do not pay back the loan by the due date there is a 10 percent late charge, according to Livengood.
"Three hundred dollars would definitely pay for my textbooks," said senior Kristin Genszler. "I had no idea SGA had this program."
The money for the loan comes out of the SGA account, which is made up of the $215 activity fee that every Elon student pays in his or her tuition. SGA receives 51 percent of this money and allocates it among various student organizations. The other 49 percent of the money is split between student life and the media board, according to Livengood.
SGA has budget meetings with student organizations every year where they decide how to allocate money.
"All the activity fee money goes back to students," Livengood said.
Although she said the loan would be enough to pay for textbooks, Genszler said she would rather have the money go toward the organization she is involved with, Cinelon.
"Cinelon is low on money right now, so I think I would rather have the money go towards that," Genszler said.
To apply for a loan, students must fill out a promissory note, an application form and a pre-loan checklist. All the forms are available in the SGA office.