The colleges have limited funds available for short-term loans to meet emergency needs of students. Loans are usually limited in amount, bear no interest, and must be repaid within 60 days of the date of the loan or the end of the term, whichever comes first. A late charge of $10 and collection costs is added for payments made after the due date. To qualify, applicants must be making satisfactory academic progress (as defined by the college) and not have any debts or blocks on their college record.