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Sunday, November 22, 2009

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SHORT TERM LOAN: FACT SHEET

You may also download the form in Acrobat Reader by clicking on the logo.

How Do I apply for a short-term loan?

• Emergency short-term loans are available throughout each semester, subject to availability of funds.

Students can print copies of the Short Term Loan Application and Letter of Understanding from this website (SHORT-TERM: APPLICATION) and submit these documents to The Scholarship Center in Central Classroom 120. Applicants may also fax the documents to 303.556.8049 (and call to make sure they were received).

• Students completing applications on-line must print a copy of the on-line documents and submit them to Scholarship Center staff in Central Classroom 120. Applicants may also fax them to 303.556.8049 (and call to make sure they were received).

• Students must show their Metro State ID with current semester sticker or class schedule and other photo ID in order to receive a short-term loan application package or to submit on-line documents. Students must use their Metro State Assigned ID (beginning with “900”) rather than your Social Security # when applying for the short-term loan.

• Scholarship Center Office Hours are Monday-Friday, 8 a.m. to 5 p.m.

What is the Maximum Loan Amount?

•Beginning with the Spring 2007 Semester, students many apply for two loans per semester for a maximum loan of $210.00 each, provided the first is repaid and the student meets all eligibility requirements.

• NOTE: There is a $10.00 processing fee on all approved loans, which is automatically deducted from your approved loan. You are responsible for repayment of the full $210.00 approved loan amount.

How Do I Qualify For A Short-Term Loan?

•Must be enrolled in a minimum of 6 credit hours at the Metro Main Campus prior to applying. This does not include: Online, Hybrid and Correspondance classes as well as extended campus courses on the North or South Campuses - NO EXCEPTIONS.

• Must have completed 12 credits of coursework at Metro State

• Must have a cumulative GPA of 2.0 or greater - NO EXCEPTIONS.

• Must have complete Financial Aid file with an approved financial aid package pending disbursement or qualified on/off campus employment

• In order to use off-campus employment as a source of collateral, students must not owe for current (or past) semester tuition and fees and must meet all other eligibility criteria.

• CANNOT be on academic probation or financial aid suspension, and must be in good standing with the College.

• Must not have been delinquent on previous short-term loans, or have been involved in any collections activity with the College. - NO EXCEPTIONS.

How Long Does It Take To Get My Loan?

• Normal processing time for short-term loans is 3 business days. Additional time may be required for holidays / staff vacations.

If I am Approved For a Short-Term Loan, Where Do I Get My Check?

• Pick up your approved loan paperwork from the Scholarship Center Staff in Central Classroom 120, and take it to the Cashier’s Office in Central Classroom 107. They will issue a check for the amount of the approved loan, minus the $10 application fee.

When Is My Loan Due?

Loans are posted as a charge to your account the day you receive your check and are due 30 days from that date. Any incoming funds to your student account, including financial aid or payroll deductions, will be diverted to pay off your loan regardless of what type of collateral is used or your loan due date. Loans not repaid in full by the due date are assessed late fees and registration and transcript holds will be placed on your account. Other fees may be assessed by the Scholarship Center in conjunction with the Student Accounts Office and the State Auditor’s Collection Policy. Additional terms as outlined on the Short-Term Loan Application and Short-Term Loan Letter of Understanding also apply. Be careful about harming your credit!