Bailey Legacy Loan FAQ
What is the Bailey Legacy Loan Program?
The Bailey Legacy Loan Program was established to honor the spirit of philanthropy of the J Lynn Camp Bailey estate, which stipulated the bequest would establish a loan program for UNT students. The program was not designed to serve as an alternative loan program between disbursements of financial aid refunds. The Bailey Legacy Loan Program is designed to issue one loan per student per academic year, but occasionally the Student Money Management Center director can consider approving an additional loan for a student during the same academic year under exceptional circumstances. Any loan request that does not follow the general guidelines of the Bailey Legacy Loan Program will not be considered.
How do I apply for a Bailey Legacy Loan?
At the beginning of the fall and spring semesters you can apply for a Bailey Legacy Loan online at http://moneymanagement.unt.edu or by using one of the computers inside the Student Money Management Center, Chestnut Hall, Suite 313.
If you need to apply for a loan when the online application portal is closed you must schedule an appointment with the Student Money Management Center's Loan Office.
What is a promissory note?
A promissory note is a legal, binding contract detailing the terms and the responsibilities of the borrower (the student) to the lender (University of North Texas). The terms of a promissory note normally include the amount borrowed, the interest rate/processing fee, and the loan repayment date. The promissory note will also detail the terms, conditions, and any applicable penalties should the borrower not repay the loan within the stated terms of the promissory note.
NOTE: If a student has been approved for a Bailey Legacy Loan, a signed promissory note must be on file for the disbursement process to begin. A Bailey Legacy Loan will not be disbursed without the signed promissory note.
What is the maximum or minimum that I can request?
Apply for what you need, but keep in mind you must repay the loan and an one-time $45 processing fee by the repayment date. Loan awards can be reduced at the discretion of the loan officers. In addition, the maximum level of support a student may apply for is $1000.
Who is eligible to apply for a Bailey Legacy Loan?
Only UNT students at the Denton campus who meet the eligibility requirements.
Can I apply for Bailey Legacy Loan if I am a Dallas-campus student?
No. The Bailey Legacy Loan Program is available to only UNT-Denton students.
Is there a time when the Bailey Legacy Loan Program is closed?
Yes, there are times throughout a semester that the Bailey Legacy Loan Program is closed due to administrative processing. In addition, the Bailey Legacy Loan Program application system is closed during the summer.
What can I use a Bailey Legacy Loan for?
A Bailey Legacy Loan can be used to pay certain unanticipated expenses that are threatening your enrollment at UNT. Some examples would be: current tuition and fees, on campus housing, on campus medical and prescription charges, and study abroad program support.
Is interest charged to a Bailey Legacy Loan?
A flat $45 processing fee will be assessed to your loan. For example, if your loan is approved for $1,000 dollars, the processing fee is $45. You are responsible for repaying $1,045 by the due date as stated on your promissory note. If your loan is approved for $750, the processing fee is $45. You are responsible for repaying $795 by the due date as stated on your promissory note.
What happens after I apply for a Bailey Legacy Loan?
Processing of loan applications require 5–7 business days from receipt of a signed promissory note. Each application undergoes thorough and comprehensive verification process to ensure an applicant meets all eligibility requirements and repayment ability is validated. The loan will either be approved or denied. Approved loans require applicant to submit a signed promissory note before the loan is released for final disbursement.
When do I have to repay a Bailey Legacy Loan?
The repayment due date for a Bailey Legacy Loan is stated on the promissory note.
When would I have to repay my Bailey Legacy Loan if I graduate before the repayment date stated on the promissory note?
If a student graduates from or leaves the university prior to the repayment date, the principal amount plus applicable processing fee will become due and payable immediately.
What is the difference between "late" and "default"?
An account reaches late status when the loan is one (1) day past the repayment due date stated in the promissory note. An account reaches default status when the loan is thirty-one (31) days past the repayment due date stated in the promissory note. Penalty fees will be assessed to loans in late and default status.
What is the penalty for late payment for a Bailey Legacy Loan?
Loans in late status will be assessed an additional $25 late penalty fee. In addition, should a loan become late (student failed to meet the repayment deadline as identified in the promissory note) the applicant is ineligible to apply for a Bailey Legacy Loan, Memorial Loan, or Green Loan for twelve months after the loan and penalty charges are repaid in full.
What happens if I default on a Bailey Legacy Loan?
An account will be considered in default on the 31st day past the due date as stated in the promissory note. Upon reaching default status a $25 default penalty is applied to the account and a $10 late fee is assessed with each subsequent billing cycle. The account will be forwarded to a collection agency by the university.
A student who defaults on a Bailey Legacy Loan is ineligible to apply for a Bailey Legacy Loan, Memorial Loan, or Green Loan for the next twelve months after the loan and penalty charges are repaid in full.
In addition, if a student reaches default status an academic block will appear on his/her student account. At this time the account is considered "frozen" and the student can be withdrawn from classes or have pre-registered classes dropped. The student will be responsible for repaying the account in full and to the satisfaction of the Student Accounting Office. Repayment of a default account will need to be arranged through the Student Accounting office, located in the Eagle Student Services Center, Room 105 or the assigned collection agency. After repayment of a default account is completed the university may require the student to be on a cash-only basis for the remainder of his/her college career.
How can I check on the status of my Bailey Legacy Loan application?
Applicant will receive a series of automatic email notification messages throughout the application process. Status updates on loans will not be provided over the phone.
In addition to receiving email notifications by the loan program, you can also login to MyUNT to check on the status of your application.
Approved applicants will see the approved loan amount with "Bailey Legacy Loan Credit" below the summary posted to the account. In addition, students utilizing financial aid refund to repay a loan will see the repayment posted to the account.
Why haven't I received any email notifications regarding my application?
The most common reason for an applicant not to receive any of our system-generated notification email messages is due to either a typo in the email address was listed on the application. If the email address is correct, then there is a possibility that the email our system sent to an applicant got filtered into their bulk/spam folder. Applicants are advised to always confirm the correct spelling of their email address on an application and to check their email system's bulk/spam/junk folder if they have not received notification on their loan application within 2–3 days after submitting an application.
If approved, how do I receive a Bailey Legacy Loan?
After signing a promissory note, the Bailey Legacy Loan will be disbursed through your refund preference set up through Higher One. You may change your preference by logging into your account at http://www.untdebitcard.com.
If I do not have a Higher One refund preference set up, can I still receive a Bailey Legacy Loan?
Yes, if Student Accounting confirms that you have not received your UNT debit card to set up your refund preference the loan will be disbursed as a university-issued check.
What if my Bailey Legacy Loan application is denied?
You can contact the Bailey Legacy Loan Program Office (940-369-7761).
How do I repay a Bailey Legacy Loan?
If you are repaying your Bailey Legacy Loan with financial aid, repayment will automatically be deducted from any financial aid refund you may be receiving if the loan is posted to your account before your financial aid award is posted. If the loan is posted to your account after you have received your refund it is your responsibility to ensure loan repayment occurs by the repayment deadline stated in your signed promissory note.
If you are repaying your Bailey Legacy Loan with another source of income you must repay the loan by visiting Student Accounting, Eagle Student Services Center, Room 105 or online through your myUNT account.
How many Bailey Legacy Loans can I receive?
A student may receive one (1) Bailey Legacy Loan per academic year; however, under exceptional circumstances a student may be granted the opportunity to apply for one (1) additional loan at the discretion and approval of the Center's director.
Can I still apply for a Bailey Legacy Loan if I'm receiving Financial Aid?
Yes. You should check on the status of your financial aid prior to applying for a Bailey Legacy Loan as you may not have a need for a Bailey Legacy Loan. Disbursement of your financial aid may occur before the processing of your Bailey Legacy Loan application is complete.
You can check on the status of your financial aid by logging into myUNT.
What do I do if I have a block on my account?
You can determine the source of your block by logging into myUNT and viewing the details of your block under the Student Center. To clear a block you can go to the Student Accounting Office in Room 105 of the Eagle Student Services Center for assistance.
Where can I get other financial assistance if I don't qualify for a Bailey Legacy Loan?
UNT's Student Financial Aid and Scholarship lists alternative financial resources you may find of interest including scholarships, grants, and alternative loans.
What other services does the Student Money Management Center offer?
In addition to the Bailey Legacy, Memorial, and Green Loan Programs, the Student Money Management Center provides personal consultations, workshops, seminars, clinics, and online resources. A portion of your student services fee allows us to provide these services at no additional charge to you.
What is the Student Code of Conduct?
The university attempts to provide for all students a campus environment that is conducive to academic endeavor and social and individual growth. To that end, rules, regulations and guidelines governing student behavior and the student's relationship with the university have been formulated into a student code of conduct and discipline. Enrollment at the University of North Texas is considered implicit acceptance of these and other policies applicable to students, all of which are educational in nature and designed to help students understand expectations and accept responsibility for their own actions.
Where do I get a copy of the Student Code of Conduct?
The university's Student Code of Conduct can be downloaded from the Center for Student Rights and Responsibilities' (CSRR) website: http://conduct.unt.edu/student_conduct.
How is the Bailey Loan Program associated with the Student Code of Conduct?
Failure to fulfill financial obligation(s) to the University is considered an act of dishonesty and a category of misconduct in the Code. As such, any student whose Bailey Loan goes into default status (failure to fulfill the financial obligation of repayment) will be sent to the Center for Student Rights and Responsibilities for disciplinary review.
If I'm late just a few days repaying my loan back will I be sent to CSSR for a disciplinary review?
No. Students will only be sent to the Center for Student Rights and Responsibilities for disciplinary review if they default on their loan repayment obligation. Repayment during the loan's late period does not result in a CSRR referral; however, due to repaying the loan late the student will be penalized with a 12-month application restriction to all SMMC loan programs per the program's terms and conditions.
What are the possible outcomes for the disciplinary review?
Any student found to have engaged in conduct in violation of the Student Code of Conduct may be subject to one or more sanctions including but not limited to: Warning, Educational Sanction, Loss of Privileges, Conduct Probation, Suspension, Expulsion, and University Withdrawal. Repeated misconduct may result in assignment of more serious sanctions, including but not limited to suspension or expulsion.