Institutional Loans

In addition to the federal loan programs, UM has institutional funding available for both short-term and long term loans.

Short-term loans are for temporary hardships as they must be repaid within 90 days. Funds, in the form of a check, are usually available to be picked up at Business Services in 24-48 hours (excluding weekends).

Conditions on the long-term loans vary by program. Funding for long-term loans cannot exceed a student's Cost of Attendance (COA) minus other aid.

The Truth in Lending Act requires a delay in disbursement of at least three business days on any long-term loan to allow a student time to rethink their decision. Funds for long-term loans are disbursed directly to a student's account. Any resulting credit balance is then refunded to the student.

Institutional Loan Details

Short Term Loans

Generally, short term loans are available to students who are experiencing a delay in receipt of their financial aid.

To be eligible for a short term loan from the financial aid office a student must:

Have submitted all required financial aid documents
Currently be enrolled in at least 6 credits
Have a minimum cumulative GPA of 2.00
Complete the bill payment process
Be in good financial standing with Business Services
Not already owe on a short term loan
Be able to repay the loan within 90 days

Application for a short term loan is made electronically through CyberBear in the Student Loans section.

Other departments on campus also offer short term loans. Though their eligibility criteria may vary, all departments share the same application in CyberBear. Other departments offering short term loans include:

The School of Law
The Associated Students of the University of Montana (ASUM)
American Indian Student Services
Foreign Student Services
The College of Health Professions and Biomedical Sciences
The College of Forestry and Conservation

Most short term loans have one interest rate during the 90 days in which the loan is to be repaid (it may be 0%) and a higher rate if the student is delinquent in repaying the loan. The specific rate is disclosed when the student completes the online promissory note.

Henry Strong Loans

The Henry Strong Educational Foundation was created in 1919 to provide financial assistance for the education of deserving students. This foundation provides funding for loans which in turn are managed by UM. Funding is very limited.

Henry Strong Loans have a 5% interest rate that begins accruing after a student ceases to be enrolled in at least six credits. There are no origination fees associated with the loan. They have five years to pay the loan in full.

To be eligible for this loan a student must:

Be in a "practical, literary, scientific, mechanical or business" major
Be pursuing a first bachelor's degree or a graduate/professional degree
Be enrolled in 6 or more credits
Have exhausted federal loan eligibility for the year
Have unmet need

Henry Strong Loans are awarded by the financial aid office on a case by case basis.

A student who borrows $5,000 at an interest rate of 5% will have monthly payments of $94. When the loan is paid in full after five years they will have paid a total of $5,661.

To receive a customized loan repayment schedule a student can access the loan calculators at finaid.org.

Departmental Loans

Funding for long-term departmental loans is very limited. Information on the loan terms and application process are available at the respective department.

Loans may be available in the following areas:

The School of Law
The School of Music
The School of Journalism
The College of Health Professions and Biomedical Sciences

A student who borrows $5,000 at an interest rate of 5% and repays the loan in two years will have 24 monthly payments of $219. When the loan is paid in full they will have paid a total of $5,2661.