5.30 –Emergency Financial Assistance
A. Purpose
To describe emergency financial assistance options for currently enrolled students who qualify for rapid source(s) of temporary funding or resources.
B. Policy
The college will maintain emergency financial assistance resources.
C. Procedures
The OTC Cares online reporting system provides a mechanism for currently enrolled students to request emergency financial assistance. Those requests are received by OTC’s case management staff, who are responsible for assessing emergency needs and determining eligibility using established internal processes.
Students who have demonstrated eligibility will be assisted by their case manager to complete the required steps to apply for emergency assistance. There are four sources of emergency financial assistance that case managers may recommend once eligibility has been determined:
Emergency Student Loans
The college may make available an emergency loan up to $250 per semester to currently enrolled students who demonstrate an urgent financial need, An outstanding emergency loan balance may accrue financial penalties in accordance with OTC policy 6.18 Tuition and Fees.
Bookstore Credit
A limited college bookstore credit is available to students who qualify. A bookstore credit is generally offered to students who have lost their books or school supplies due to damage (e.g. tornado, flood, fire) or theft. This emergency financial assistance is not required to be repaid.
Director’s Choice Grant
Awards up to $1,500 from the Missouri Scholarship and Loan Foundation’s (MSLF) Director’s Choice Grant may be available to qualifying students as long as MSLF maintains the program. This award is not required to be repaid.
OTC Foundation
The OTC Foundation serves as a resource for students and aids in the form of both scholarships and emergency aid.
D. Definitions
N/A
E. Authority
This policy is maintained under the authority of the executive vice chancellor for institutional and student success.
F. Related Policies
G. Implementation
1. Policy approved and adopted by the Board of Trustees on 02/06/12, 10/18/2023.
2. Purpose, Procedures, Responsibilities, Definitions, Authority and Related Policies approved and adopted by the Cabinet on 02/11/2019, 09/05/2023.
3. Set for review: 2026-2027