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.
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 $295 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 student accounts 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 Student 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 Verification 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://www.finaid.org/loans/educationlenders.phtml
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.
International
and Study Abroad Loans
For more information on International
and Study Abroad Loans http://www.edupass.org
Back
| 
