College of the Ozarks discourages student borrowing, and therefore, does not participate in the federal, state or private loan programs. Other alternatives such as scholarships and the Summer Work Program should be considered to pay for educational expenses. Off-campus work can also be found in the local area as well.  However, freshmen are not encouraged to work when classes are in session. 

This information will help you manage your debt through careful planning.


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.

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

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

Subtract your expenses from your resources to calculate your remaining funds.

By increasing your income, decreasing your expenses or doing both, you may be able to pay for your educational expense.  Some educational expenses such as books and room and board are charged to your account without interest.  Making monthly payments is extremely important.  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 Career Center posts part-time jobs from off-campus.  Some employment opportunities are for temporary work while others are for seasonal employment.  Current students can find additional information by visiting the Career Center site though Campusweb.
_____ 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.


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.


  • Must have one or more co-borrowers who are found to be credit worthy. 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.

International and Study Abroad Loans

For more information on International and Study Abroad Loans

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