Loans

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Loans can help bridge the gap of your total cost to attend after you financial aid  funding has been applied. Loans are sums of borrowed money that accumulate interest and must be repaid. There are two types of loans available: federal loans and private-educational loans.

Federal Loans (Repayment Required)

The federal government offers three low-interest loan programs to students and parents to assist them in paying the educational and living expenses incurred to attend UCM. After being fully admitted to the University of Central Missouri, the first step in applying for any federal educational loan aid is to complete and submit the Free Application for Federal Student Aid (FAFSA).The UCM Office of Student Financial Services uses your FAFSA data to determine the types and exact loan amounts you and your parent may qualify to receive. These award offers are then posted at your MyCentral Portal.

International Students: Federal Aid is dependent on your citizenship or immigration status. Please refer to the instructions on the Free Application for Federal Student Aid.

Private Educational (Alternative) Loan Programs

Many private (non-federal) lending organizations offer loan funds to assist students with their educational and living expenses. Sometimes referred to as ‘alternative’ loans, these non-need-based programs can help bridge the gap between the total cost a student incurs to attend UCM and the funding being received from federal, state and other financial aid programs. For certain private loan programs, principal and/or interest payments can sometimes be deferred until after the student graduates or otherwise drops to less than half-time enrollment status. You’re encouraged to avoid borrowing private educational loan aid unless absolutely necessary and to exhaust all federal and state financial aid funding sources before borrowing private education loans.

Emergency Short-Term Loan Information

 The UCM Emergency Short-Term Loan program assists students who need immediate financial help for non-UCM expenses such as rent, food, car repairs, etc. An otherwise eligible student is normally permitted to borrow up to $1000 in Short-Term Loan funds for a specific semester.

To qualify to receive a UCM Emergency Short-Term Loan, you must be:

• Enrolled at least half-time for the semester during which you'll receive the loan funds,
• Have a minimum overall cumulative grade point average of 2.0,
• Not be on academic probation,
• Not have any outstanding unpaid or past due UCM charges, and
• Not have any record of check(s) returned to UCM due to insufficient funds.

In addition, you must have forthcoming financial aid with which the loan can be repaid. A loan cannot be approved against employment or other outside sources of assistance.

If you are approved to receive an Emergency Short-Term Loan, you will be charged a $10 processing fee and required to participate in on-line Financial Awareness Counseling through the U.S. Department of Education's Student Loans website (studentloans.gov) before your loan check can be released to you. (This counseling is separate from the Stafford Loan Entrance Counseling you may have completed.)

To apply for a Short-Term Loan, complete and submit to the Office of Student Financial Services the Emergency Short-Term Loan Application and documentation for the reason you need the Emergency Short-Term Loan (i.e. copies of past due bills, written estimate for car repair, etc.). Be sure to carefully read the information and policies. It can take several days from the date you apply for an Emergency Short-Term Loan for you to actually receive your loan check.

Watch your active messages on MyCentral to see if you have been approved or not and when your check will be available for you to pick up from the Office of Student Financial Services, Ward Edwards 1100. Remember to bring your photo ID and a copy of the completed Financial Awareness Counseling page with you.