The Emergency Loan Fund ensures financial stability for students at times when money becomes tight.
Established and funded by Dan Dipert, the fund is operated out of the Student Financial Services office and is available to all enrolled students of Ouachita who meet the eligibility criteria.
Students must have a minimum of a 2.0 GPA to qualify. In addition, students must have completed and earned a minimum of 12 semester hours at OBU and can not have any outstanding holds.
Once the requirements have been met, students may borrow up to $100 at any one time, depending on the availability of the funds. A 25 cent fee is charged with each borrowing transaction. Students then are given 30 days to repay the loan.
Loans that fail to be repaid within the given 30 days will result in the application of general interest rates and students will not be able to access the Emergency Loan Fund in the future.
Development Officer Keisha Pittman explains the purpose behind the fund.
“Dan Dipert set up the ‘Two-Bit’ Loan Fund in 2003 as an emergency fund for students,” she said. “He wanted them to be able to use the money if an emergency came up or they needed last minute cash for something over the weekend.”
Students can find uses for the loan fund through unanticipated events.
“I do remember getting a temporary loan from Ouachita because I had an unexpected and urgent car repair and I didn’t have time for Student Financial Services to cut me a check,” said senior Stan McCoy. “I got a $100 loan and was able to get my car repaired.”
Senior Molly Johnson used the loan fund for a needed getaway.
“I actually used the fund to get gas in my car so I could go home for spring break,” Johnson said. “My parents had forgotten to put more money in my account and I was completely broke. Thanks to this fund I got a break from OBU for a week.”
Students like sophomore Sara Hakkak have found a variety of uses for the loan fund.
“Well my parents travel a lot and are busy all the time,” Hakkak said. ”They sometimes forget to send me money and I don’t like asking for money. I use the money for multiple things like going out to eat with my friends, and to buy things for myself like shampoo, etc. But I try to go home at least every other weekend so I use it a lot for gas. I am very thankful that OBU has such a fund that helps me. Please tell [Mr. Dipert] thank you for making such a fund.”
Pittman describes Dipert’s personal experience as a means for creating the Emergency Loan Fund.
“His desire was that students shouldn’t miss out on something just because they don’t have the money right then,” she said. “As an alum, he knows the importance of weekend activities with friends and that sometime needs arise (gas, car repairs, a new outfit, a date, and outing) and students need to get their hands on money immediately.”
