An Emergency Student Loan (ESL) is an interest-free loan for Mount Royal part-time and full-time credit students. The loan is designed to help students during emergency situations. A student is able to receive up to $300 in a 90-day interest-free loan. Our services are confidential and free of charge. If you would like to request an emergency student loan, the process is first to drop by the Peer Support Centre (Wyckham House, Z210) during our core hours to fill out an application form with one of our volunteers.
Emergency Student Loan FAQs
How does the Emergency Student Loan process work?
Once the application is filled out with a Volunteer at the Peer Support Centre, it is submitted to the Peer Support Coordinator, who will decide whether or not to approve it. If approved, the Peer Support Coordinator then applies for the ESL cheque to be printed, which can take up to three business days. Once the cheque is printed, the Peer Support Coordinator will contact the applicant, who will then come in and pick up their cheque.
After receiving their loan, the student must repay their ESLs within 90 days (three months). This loan is interest-free and does not entail a soft or hard inquiry on the applicant’s credit report. During the application process, the student will schedule up to three repayments, which will be paid through direct withdrawal. The student can also bring in cash at any point to repay their loan.
Why can’t I get an Emergency Student Loan for food?
The Peer Support Centre offers an in-Centre food and hygiene cupboard, as well as referrals to the Calgary Food Bank, so we will not consider requests for an Emergency Student Loan based on food. Emergency loans will only be considered for food requests that cannot be met by a food bank hamper (eg. infant formula, religious or medical dietary restrictions).
How does repayment work?
The repayment for an Emergency Student Loan is done by setting up a withdrawal date for a direct withdrawal from the student’s bank account. We also accept cash payments of any amount throughout the student’s repayment period as long as the student gives more than four business days’ notice prior to their withdrawal date to the Coordinator. A receipt will be written by the Peer Support Coordinator for any cash payments provided in person.
If the student has not paid their agreed-upon amount with cash four business days before their scheduled withdrawal date, the payment with go through electronically and we will attempt to withdraw money from their account.
What happens if I can’t repay my loan on time?
The Peer Support Coordinator is available to renegotiate the terms of a student’s repayment plan within a reasonable period of time. Students should contact the Coordinator directly if they need additional time to repay their loan.
Fall/Winter: 10am – 4pm* Monday – Friday
Spring/Summer: 9:30am – 3:30pm Monday – Friday
*Free Breakfast: 8:45am until supplies run out
If you need an appointment outside of these times, please e-mail the coordinator.
Peer Support Centre Coordinator
Office: Wyckham House, Z210
Email: Peer Support