Emergency Loan Program
The Emergency Loan program, which was created in 2000, provides limited financial assistance to Rice staff and faculty who are experiencing an emergency situation of health and welfare.
What types of health and welfare emergencies qualify for financial assistance?
- Unforeseen health emergency of the employee or immediate family member (spouse, domestic partner, dependent children)
- Limited funeral costs for immediate family members
- Loss of housing (including eviction), due to extraordinary circumstances
- Past due utility bills resulting in water or electricity being shut off
- Extreme household expenses (water heater or A/C breakdowns, bursting pipes, etc.)
Who is eligible for the Emergency Loan program?
- Benefits-eligible faculty and staff who have completed their new employee six-month probationary period and who are in good standing with the university.
- Employees are limited to one loan per twelve-month period.
- Employees with an existing loan are not eligible for new loans until the existing loan is paid in full.
How does the Emergency Loan program work?
- Requests for loans must be made in-person or over the phone with a member of the Human Resources office or with your HR Business Partner. Once a request is made, documentation supporting the loan request and loan amount must be submitted to an Human Resources.
- All eligible requests must be approved by Human Resources and by the employee’s supervisor. Though reasons for loan requests will not be shared with an employee’s supervisor unless requested by the employee.
- Employees must sign a promissory note in order to receive the loan.
- Loans are repaid via payroll deductions until the loan is repaid in full (including interest, which is set at the Applicable Federal Rate). Should the employee leave the university before the loan is repaid, the balance of the loan will be deducted from their final paycheck
- Average loan amount has been $500.
- Average repayment amount has been $45 per paycheck.
For additional information or questions, please contact the Employee Relations office at firstname.lastname@example.org.