UW–Madison is offering short-term, interest-free loans to employees to help with the change from a monthly payroll schedule to biweekly pay.
The loan program is designed to provide some financial relief to those employees who may be most impacted by the transition to biweekly pay that will take place in July and August.
The loan application period is open through August 15; employees who wish to receive their loan funds on July 30 should apply by July 15. No loan funds will be distributed prior to July 30. Loan repayment will be via paycheck deduction for a one-year period starting in October 2021.
Details about eligibility, loan amounts, and loan terms are available at hr.wisc.edu/single-payroll/employee-loan-program.