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Short Term Loan: Fact Sheet

How Do I apply for a short-term loan?

• 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 Office of Financial Aid and Scholarships, located in the Student Success Building-Area 6, Suite 130. Applicants may also fax the documents to (303)556-8049. Please be aware that it can take up to 48 hours for faxed documents to be received by our office.

• Students completing applications on-line must print a copy of the on-line documents and submit them to Scholarship staff in the Student Success Building-Area 6, Suite 130. Applicants may also fax them to (303)556-8049.

• 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.

• The Office of Financial Aid and Scholarships hours of operation are Monday-Friday, 8 a.m. to 5 p.m.

What is the Maximum Loan Amount?

•Students may 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 approved loan amount.

How Do I Qualify For A Short-Term Loan?

• Must be enrolled in a minimum of 6 credit hours at Metro State prior to applying - NO EXCEPTIONS.

• Must have completed 12 credits of coursework at Metro State. Students who have completed less than 12 credit hours of coursework may receive a one-time exception to this requirement.

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

• Must have complete Financial Aid file with approved financial aid award 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 accept benefit packages, self employment, or unemployment as means of collateral.

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 past or present 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. This does not include the check generation timeline. Please read the next question.


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

• Beginning April 5, 2010, Short Term Loan paper checks will be available after 2:00pm Tuesdays and Thursdays from The Bursars Office, SSB-Area 5, suite 140. Any loans approved before 2:00pm on Mondays and Wednesdays will be available for pickup the following day.  All paper checks are kept at The Bursar's Office, SSB-Area 6, Suite 140. No checks will be printed on Mondays or Wednesdays. No checks will be printed before 2:00pm on Tuesdays and Thursdays.

EXAMPLE: If you were contacted before 2:00pm on a Monday and notified your loan has been approved, it will be available for pickup after 2:00pm Tuesday, or anytime after.  If you are contacted on a Tuesday that you have an approved loan, your check would be available for pickup after 2:00pm that Thursday.

Short Term Loan student records are available from The Scholarship Center (SSB-Area 6, suite 130) upon request

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!



 

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