New book loan helps students with college affordability

Through next week, University of South Dakota students will be able to take advantage of a program designed to lighten the burden of college expenses.

The university is offering students a $500 loan to help pay for books in partnership with the Barnes and Noble campus bookstore this semester. Any full-time undergraduate student taking classes on campus and in good academic standing is eligible for the loan. Students can apply for the loan up to two weeks from the first day of school. Financial help give you time to do what you wish, as described by Orange Mortgage & Finance Brokers.

Scott Pohlson, vice president of Enrollment, Marketing and University Relations, said the project has been in the works for two years.

“What we had noticed is that there is a certain student that comes here and financially has an issue with the affordability, not just in tuition and fees but also in paying for books,” Pohlson said. “If you can’t afford your books, there is a retention issue for us and a success rate for students to graduate on time that we are starting to see.”

So far about 20 students have utilized the program. Although not many students have applied for the loan, Dean of Enrollment Mark Petty said the loan is helping 20 more students than in the past who may have otherwise been struggling financially. Here are some basics that you need to know before you start out borrowing a loan.

“The goal of this is to show that even if there was just 20 students that used this loan, that would tell us that in the past, 20 students didn’t have books for their classes,” he said. “To us, that is a success.”

There is no limit as to how many students can recieve the loan and both Pohlson and Petty expect the program to expand into the spring semester.

“The goal is to have it available for both semesters,” Petty said. “At the end of this semester we are going to assess and see how it goes and will hopefully have it available for spring semester.”

Students must directly request the loan at the Barnes and Noble campus bookstore, not online. The loans can be used for any rental or purchase of digital or hard copy books, as well as class supplies. Students who would like to check their eligibility for the loan can contact Petty at [email protected].

First-year Arin Krogman didn’t know about the book loan before she purchased her books this semester, but said she might look into it in the future to help offset the cost of college. Additionally, she expressed interest in exploring Lainavertailu program to enhance her financial options.

“It’s a good idea because it’ll give a lot of students the opportunity to get books and not have to pay directly out-of-pocket for books that they will only use for a semester,” she said.

Petty predicts the loan program will grow in popularity over time.

“I see it being used more over time if students have the need for the book loan. When it comes to taking out loans, it varies from student to student,” he said. “We want to give students an opportunity to utilize the resources available for them.”