As the University of Wisconsin Oshkosh develops solutions to close another large biennial budget shortfall, the UW Oshkosh Foundation is stepping up to support university employees individually facing their own, unprecedented financial challenges.
The UW Oshkosh Foundation has unveiled a new, one-time Employee Loan Program designed to help UW Oshkosh employees whose compensation is currently impacted by furloughs and could be further affected by increased contributions toward health insurance premiums and the Wisconsin Retirement System as proposed by the Governor.
The one-time, interest-free loan program is offered to help UW Oshkosh employees who have half-time or greater contracts (.50 FTE) manage and cope with compensation decreases resulting from approval of the state Budget Repair Bill.
“This is a program the independent UW Oshkosh Foundation is offering in support of the University during extraordinary times,” Chancellor Richard Wells said. “The loan program will give our world-class university employees, essential in making this campus a place of academic excellence, a financial option that can help offset their falling compensation and let them focus on their work in the classroom and within the campus community, enhancing the student experience.”
The program would allow employees with contracts at .50 FTE and greater to secure a no-interest loan (0.0%) not exceeding $1,200 beginning April 15. The loans would need to be repaid over 12 months via payroll deduction. The payback period begins October 1, 2011 and ends on September 30, 2012.
The Foundation is a separate and distinct legal entity from the University of Wisconsin Oshkosh and qualifies as a tax-exempt 501(c)(3) organization under the United States Internal Revenue Code.
UW Oshkosh Foundation President Arthur H. Rathjen said the loan program is in keeping with the nonprofit Foundation’s core mission and values in support of the advancement of higher education at UW Oshkosh.
“The Foundation exists to help sustain and propel the University,” Rathjen said. “The loan program is just one thing we can do in difficult times to accomplish the very same for faculty and staff members. They are daily going above and beyond throughout the campus to ensure UW Oshkosh students thrive in their educational experience and prosper in their futures. That is where we need employees’ energies focused in these challenging times.”
The UW Credit Union and the UW Oshkosh Credit Union have also agreed to provide loan programs and free credit consultations for employees who are interested. Employees who wish to work with either of these two institutions are invited to contact them directly and discuss lending options.
To learn more about the UW Oshkosh Foundation Employee Loan Program and to directly ask questions, contact Art Rathjen, Foundation Operations Coordinator Rebecca Payne, and/or call (920) 424.2178.
Loan forms may be picked up directly from the UW Oshkosh Foundation, located at 842 Algoma Boulevard, Oshkosh, WI 54901.
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