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Friday, March 19, 2010

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SHORT TERM LOAN: FREQUENTLY ASKED QUESTIONS

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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 a 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, andmust 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.

When can I apply for a Short-Term Loan?

•• We process short-term loans year round in accordance with the academic calendar. Students are eligible to apply for two short-term loans per semester, provided the first is repaid and the student meets all eligibility requirements.

What is the maximum loan amount?

• Students may apply for two loans per semester at a maximum of $210.00 per loan (minus a $10.00 processing fee = $200.00 net loan).

Where do I go to complete my application?

• Applications are available in the Scholarship Center located in Central Classroom 120.
OR
• The 2-page application can be printed from this website for submission to the Scholarship Center or you may fax the 2-page application to 303.556.8049.

How long does it take to process my loan?

• Please allow three (3) business days processing time on all short-term loan applications. We will not hold STL applications longer than three (3) days. Additional time may be required for holidays / staff vacations.

If I'm approved for a short-term loan, where do I get my check?

• Pick up your approved loan paperwork in Central Classroom 120, and take it to the Cashier's Office in Central Classroom 107. They will issue you a check for the approved loan amount, minus the $10.00 application fee.

When is my loan due?

• Loans are due 30 days from the date the loan check is received. Students with financial aid pending will have their short-term loan automatically deducted from their financial aid award check, along with any tuition and fees due.

Other loan terms:

• Loans are due 30 days from the day they are issued. Students who do not pay their loans in full within 30 days are subject to disqualification for any further loans from this office. Furthermore, loans not repaid in full by the due date are assessed a 5% late fee on the loan balance. Additional late fees equal to 5% of the original loan balance are assessed after 60 days and 90 days. Loans not repaid after 90 days will be subject to additional collection fees or interest as applied by the Scholarship Center in conjunction with the Student Accounts Office and the State Auditor's Collection Policy. Be careful about harming your credit!