Aid Programs Specific to Truman State University

Four types of loans are available through the Truman Development Fund Foundation: short-term loans, long-term loans, computer loans, and cultural loans.

General Eligibility: Loans will be available to students who are currently enrolled at Truman State University on a full-time basis, have completed at least twelve credit hours of course work at the University, have a good credit rating at the University, demonstrate the necessary ability to repay the loan on a timely basis, and agree to treat such loans as debts to the University and to accept the same sanctions and penalties as imposed for delinquent student accounts.  Applications, along with terms and conditions, are available on this website or in the Financial Aid Office, McClain 103.

Short-term Loans
Short-term loans in amounts of up to $1,000 are available to students who meet the general eligibility requirements and have cumulative grade point averages of at least 2.20 in courses taken at the University.  Short-term loans are not granted for debts owed to the University.

Terms and Conditions:

Interest:  5% simple interest.

Service Charge:  None.

Repayment:  Within the current term.

Deferment of Repayment:  Not available.

Third Party Guarantees:  May be required in specific cases.  Note:  Loans are not available to pay fees owed Truman for enrollment, returned checks, campus housing, or phone charges.

Long-term Loans
A limited number of long-term loans in amounts up to $3,000 per year ($9,000 total) are available to sophomores, juniors, and seniors. Students must have cumulative grade point averages of 3.0 or higher for credit hours earned at the University and have fully explored and utilized all federal student aid programs and other available sources of funds.

Terms and Conditions:

Interest:  Variable prime rate as of July 1, plus 1% annum on the unpaid principal balance, with interest to accrue from the date of the loan.

Service Charge:  None.

Repayment:  Interest shall be payable quarterly each year until amortization payments of principal and interest are required.  Amortized payments of at least sixty dollars ($60) per month shall begin three months after a debtor student leaves the University through graduation, withdrawal, transfer, or any other reason.  The monthly payments shall be calculated to repay the loan in full, including both principal and interest, within five years after the payments commence.

Deferment of Repayment: May be authorized by the Financial Aid Committee.

Third Party Guarantees:  Loans must be co-signed by two guarantors (normally the student's parents) acceptable to the Financial Aid Committee.  If the student is married, then the student's spouse must also guarantee the loan.

Computer Loans
Student Computer Purchase loans are available for a maximum of $2,000 toward the purchase of computer, printer, and related software. Priority will be given to students who plan to attend Truman for two years after receiving the loan. Students must submit receipts for the full amount borrowed documenting the purchase of approved equipment within 21 days of disbursement of the loan. If receipts are less than the loan amount, the excess must be repaid immediately.

Terms and Conditions:

Interest:   5%, simple interest.

Service Charge:  None

Repayment:  Monthly payments to be paid over a two-year period beginning 30 days after disbursement of funds - minimum payments of at least sixty dollars ($60)

Deferment of Repayment:  Not available.

Third Party Guarantees:  Loans must be co-signed by two guarantors (normally the student's parents) acceptable to the Financial Aid Committee.  If the student is married, then the student's spouse must also co-sign.

Cultural Loans
A limited number of cultural loans may be authorized to encourage participation in "study abroad" programs. The maximum loan is the cost of the trip, minus other financial aid, but not more than $5,000. Cultural loans are available to students who meet the general eligibility requirements and, in addition, who meet at least one of the following standards: earned at least a 2.5 cumulative grade point average in courses taken at the University; or earned at least a 2.5 grade point average in foreign language courses taken at the University; or enrolled in a foreign language class at the University for which a "study abroad" experience is either required or strongly recommended.  The Study Abroad Funding Sheet must be completed in addition to the Cultural Loan Application.

Terms and Conditions:

Interest:   Five percent (5%) per annum on the unpaid principal balance, with interest to accrue from the date of the loan.

Service Charge:  None

Repayment:  Interest shall be payable quarterly each year until amortization payments of principal and interest are required.  Amortized payments of at least sixty dollars ($60) per month shall begin three months after a debtor student leaves the University through graduation, withdrawal, transfer, or any other reason.  The monthly payments shall be calculated to repay the loan in full, including both principal and interest, within three years after the payments commence.

Deferment of Repayment:  May be authorized by the Financial Aid Committee.

Third Party Guarantees:  Loans must be co-signed by two guarantors (normally the student's parents) acceptable to the Financial Aid Committee.  If the student is married, then the student's spouse must also guarantee the loan.