Tuition loans may be made to a full-time faculty member for the pursuit of an advanced degree at another educational institution. Such loans are interest-free. Loans are for tuition only, and are made payable directly to the educational institution.
Outstanding loans on behalf of any faculty member may not exceed the cost of three doctoral credits at Marywood University at any one time. Repayment of the loan begins immediately and may not extend beyond eighteen months. Repayment is made through payroll deduction. Once repayment is completed the faculty member may apply for another tuition loan.
In the event of termination of contract, the University reserves the right to deduct the balance due on the tuition loan from the final payroll check.
The faculty member obtains a statement from the Provost that the tuition loan is approved. The statement is then presented to the Vice President for Business Affairs to be processed.