Loans

College of the Ozarks discourages student borrowing, and therefore, does not participate in the federal loan program. Other alternatives should be considered before discussing student loans—for example, scholarships and Summer Work Program. A student loan should be your last resort.

However, College of the Ozarks realizes that some students have no other option to assist with the expenses for room and board, books, and other required costs. Therefore, we do offer to certify on private, credit-based educational loans. Please note, College of the Ozarks will be discontinuing private education loans starting Fall 2013.

In an effort to minimize student debt, College of the Ozarks has established amounts as the maximum allowable per year. Please take a look at the information detailed in the paragraphs below before applying for a loan.

This information will help you manage your loan debt through careful planning. Keep in mind that you have to repay your loan(s) even if you don’t finish school, aren’t satisfied with your education or are unable to find a job. Plan ahead for repaying your loan, and budget wisely.

REMEMBER:

THE AMOUNT OF MONEY YOU BORROW NOW CAN AFFECT YOUR LIFESTYLE AFTER SCHOOL,
YOUR ABILITY OR INABILITY TO REPAY THIS LOAN CAN AFFECT YOUR CREDIT-WORTHINESS FOR OTHER PURCHASES, SUCH AS A CAR OR HOME,
FAILURE TO REPAY MAY INCREASE YOUR TOTAL DEBT, BECAUSE COLLECTION COSTS CAN BE ADDED TO YOUR LOAN,
COLLEGE OF THE OZARKS DOES NOT PARTICIAPTE IN THE FEDERAL LOAN PROGRAM.

*The alternative loans that the College offers to certify on start accruing interest the day the loan is disbursed. Please be advised that you will be paying interest while you are enrolled at any institution.

Create a Budget Checklist

Budgeting puts you in control and will help you make better decisions about financing your education. Remember:

Be realistic! Do not slash basic necessities,
Be flexible! It will not work if you are too tight or too loose,
Keep it simple! Don’t get so detailed that your budget becomes a chore,
Keep it updated.

1st:
List all of your resources such as savings, family contribution, income, scholarships, and miscellaneous.

2nd:
List all of your expenses such as books, supplies, fees, room & board, transportation, insurance, and personal.

3rd:
Subtract your expenses from your resources to calculate your remaining funds. Before you decide how much to borrow, take a look at this budget to determine how much you really need for the academic year.

***DO NOT BORROW MORE THAN YOU NEED!!!! YOU HAVE TO PAY IT ALL BACK PLUS INTEREST!!!!

Have You Considered Other Alternatives to Borrowing?

By increasing your income, decreasing your expenses or doing both, you may be able to borrow less.

By attending College of the Ozarks you may be able to graduate debt-free.

_____	Summer Work Program---Twelve 40-hour weeks guarantees your room and board will be paid for during the next academic year.
_____	C of O Scholarships---Applying for the C of O Book, Hyer and General Scholarships could pay some portions of your room & board, books and supplies would be paid during the next academic year.
_____	Outside Scholarships---Consult Civic groups, parents’ employer, and Internet scholarship opportunities. You may also find additional resources on our list of scholarships.
_____	Work---Internships, part-time jobs, summer and holiday work all provide extra money as well as valuable work experiences and references. The Cafeteria or Keeter Center occasionally needs student workers for catering.
_____	ROTC Program---Check with our Military Science Department about educational financing options.
_____	Decrease Spending---You may need to eliminate spending money for items that are not necessary.

Maximum Loan Limits

These amounts assume that the student is attending full-time for both the Fall and Spring semesters. In most cases, students attending only one semester must use ½ of the appropriate amount below. Amounts requested in excess of the limits will be reduced. Please note that SCHOLARSHIPS MAY DECREASE THE AMOUNT YOU CAN BORROW.

Dorm student not on summer work program:	$7,000
Dorm student on summer work program:
Working one six-week session:	$1,500 (fall) $3,500 (spring)
Working both six-week sessions:	$3,000
Full time student living with parents:	$3,500
Full time commuting students:	$8,000

* One six-week session will pay for room and board for the Fall semester. The Spring room and board will be outstanding.

Part-time Students: Tuition is $310 per credit hour. Be sure to include all enrollment periods when calculating the total hours enrolled. Part-time students should estimate $300-500 per year for books. The Financial Aid Coordinator will determine amount that may be borrowed.

Receiving Your Loans

The loan amount requested, less fees (if applicable), is divided into two disbursements. The proceeds are issued to College of the Ozarks through EFT or check prior to the start of each semester. With EFT, your funds are electronically transmitted from the lender to the college and then deposited into your school account. The funds will be applied to your charges. With a check, you must go to Cash Accounts Office and sign the check. This releases your funds to be applied to your charges. After your account is paid in full, the remaining funds will be available to you on the 10th day of class. Consult with the Cash Accounts Office.

Know When Your First Payment is Due

Your loan holder will send you a repayment schedule before your first payment is due. This schedule contains detailed information about your loan payments, including when your first and subsequent monthly payments are due. Depending on the loan you receive, repayment usually begins within six months after you graduate, leave school, or drop to less than half-time. Notify our office as well as your loan holder any time your enrollment status changes.

***REMEMBER YOUR LOANS ARE DUE WHEN THE GRACE PERIOD ENDS WHETHER OR NOT YOU RECEIVE REPAYMENT INFORMATION. IF YOU DO NOT RECEIVE THIS INFORMATION CONTACT YOUR LENDER.

***IF YOU PAY MORE THAN THE MINIMUM MONTLY PAYMENT, YOU WILL PAY LESS INTEREST IN THE LONG RUN, THEREBY REDUCING YOUR TOTAL DEBT.

Default

Some of the consequences of defaulting on a student loan include:

Your default will be reported to national credit bureaus and remain on your credit report for seven years AFTER your loan is paid in full. You will be assigned the worst credit rating,
The loan, including interest, becomes immediately due and payable in full,
Your loan can be turned over to a collection agency, and you can be charged collection costs,
Up to 10 percent of your net wages can be garnished and applied toward your loan.

Questions to ask before Applying for an Alternative Loan

Can I apply online?
Is there a minimum amount I am required to borrow? Is there a maximum?
Are there fees associated with this loan?
What is the interest rate?
Are there a minimum number of hours for which I have to be enrolled?
Will I be required to have a co-signer?
What is the average processing time for an alternative loan?
Are there any discounts offered during repayment?
Can I pay the interest while I'm in school?
Can I defer payments if I choose to attend graduate school?
Can I prepay my loan without penalty?

How to Apply for an Alternative Loan

Please download the Loan Information Form fill it out and bring it to the Financial Aid Office. This form must be on file to ensure the disbursal of your loan. If you are a first-time borrower at College of the Ozarks, please make an appointment for loan counseling with Tammy Montavy, Financial Aid Coordinator. If you have taken out a loan previously at College of the Ozarks with one of the alternative loan programs, download the Loan Verification Form, submit it to the Financial Aid Office. We have provided the link below to help you in your research for a private alternative loan. The link below lists private, state, and federal loans, please remember that we only accept private loans.

If you wish to use another lender that is not on the list, you have the right to do so. http://studentlendinganalytics.com/ratings.html

Please note: we do not participate in any federal or state loans. Therefore, the terms and conditions for federal or state loans are different than those of alternative loans. The requirements or benefits for federal or state loans do not apply.

George A. Armstrong and Dorthy E. Armstrong Trust Loan Fund

Make an appointment with the Financial Aid Director for an application

The George A. and Dorothy E. Armstrong Memorial Medical Trust Loan Fund has been established for graduates who have completed a program in Pre-Medicine, Pre-Nursing, Medical Technology, or Pre-Engineering from College of the Ozarks.

Interest Rate: The loan will bear interest at a rate of two percent over the prime rate, adjusted annually.

Payments: Monthly payments will begin one year after graduation from medical school over a ten year period.

The loan will be due immediately if the graduate fails to become licensed as a physician or fails to fulfill the practice requirements listed in the requirements.

Requirements:

Must have one or more co-borrowers who are found to be creditworthy. The financial condition of the guarantors will be reviewed annually,
Complete a Pre-Medicine, Pre-Nursing, Medical Technology, or Pre-Engineering program from College of the Ozarks,
Must be accepted by an accredited AMA medical school located in the Midwest,

Must have resided in one of the following Missouri counties for at least five years prior to applying for a loan:

McDonald	Newton	Jasper	Cedar
Dade	Lawrence	Barry	Stone
Polk	Hickory	Dallas	Taney
Webster	Christian	Laclede	Wright
Douglas	Ozark	Howell	Texas
Pulaski	Dent	Shannon	Oregon
Ripley	Carter	Reynolds

Must agree to practice medicine (Pre-Medicine, Pre-Nursing, Medical, Technology program) or work (Pre-Engineering) in one of the counties listed above, in a community of not more than 15,000 residents and not within 25 miles of Springfield, Carthage, Joplin, or Webb City, Missouri. If the practice requirement is not met, the loan will become due immediately and there will be imposed a penalty equal to 10 percent of the outstanding principal of the loan,
Be a U.S. Citizen,
Must have financial need,
Satisfactory GPA, school record, and general character,
Not be a full time employee of the College or a member of the family of a full time employee of the College.