Half a century ago, a strapping, young Ouachita gentleman was getting dressed up for a hot date that night with the girl he had had his eye on since freshman year. He had knotted his tie and was ready to go when he checked his wallet and realized that he did not have enough cash to pay for both of their dinners at her favorite restaurant in town. Panic ensued.
Nowadays, students do not have to fret about situations like these thanks to the Dipert Emergency Loan Fund, funded by donations from alumnus Dan Dipert, Class of 1963.
Established in 2001, the fund is available to all current students who have completed at least 12 semester hours at Ouachita, have a minimum 2.0 GPA and have no outstanding holds. Students can borrow up to $100 at any one time, for a $0.25 fee, and must repay their loan within 30 days.
Dipert was inspired to establish the Emergency Loan Fund by a good friend of his, Dr. Allan Saxe, who started a similar fund at the University of Texas at Arlington where he works as a political science professor.
“He started one and it was such a great success because students are always in need of a quick few bucks and don’t have money, so I asked him if it was alright if I copied his idea,” Dipert said of Saxe. “You know they’re not going to run off with it but mom didn’t send it soon enough or they’ve got a check coming that for some reason or other is a little late, and they’ve got a deadline, they need it. They want to go on a date. If they don’t have the money they might lose the girl.”
Dipert, majored in theater and is a graduate of Southwestern Seminary, who now owns a bus charter company in the Dallas-Forth Worth area and a tree farm in Arkansas. He spoke of his college experience as another motivating factor in establishing the fund.
“I well remember people going up and down the hallway at the last minute when they needed a few extra bucks for a date, but usually I didn’t have any money to help,” said Dipert. “I just think it’s a great, great service to the kids, and a great way for me to give back to the university.”
Last minute date money is not all that the Emergency Loan Fund can be used for. During the last school year, 72 Emergency Fund loans were made to students for a variety of reasons.
“Most students end up using it if they have club fees or if they need travel money to get home quickly or something like that,” Susan Hurst, director of student financial services said. “Some students may be needing money right then but they may not be paid for a couple of weeks.”
To request an Emergency Fund Loan, a student must go to the Student Financial Services Office in Cone-Bottoms, and after filling out a short promissory note, students can receive the cash right then. However, if the loan is not repaid within the 30 days allotted, that student will not be allowed to use the Emergency Loan Fund again.
“It doesn’t really fund an education but that’s not what it was really intended for,” Hurst said. “It’s good for students who just need quick cash. We want students to stay aware of the fund and that it is here for them to use.”
For more information about the Dipert Emergency Loan Fund, contact Susan Hurst through email at hursts@obu.edu or visit Student Financial Services.
