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Types of Financial Aid

We want to help make the financial aid process as easy possible so you can focus on your classes. This is why we are available to discuss your federal financial aid options with you. We know that while our tuition rates are affordable, financial aid is still an important factor to our students. There are many forms of federal financial aid options available, such as subsidized loans, unsubsidized loans, military benefits and grants. We want to make sure you understand every option.

Federal Pell Grant

Pell grants are only available to undergraduate students working towards their first degree. This grant is considered a "gift aid" meaning that is no repayment or service required. Eligibility is based on need. If you would like to be considered for a Pell Grant, you must complete a Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. These grants are given out annually.
The amount received through the Federal Pell Grant is determined by the Expected Family Contribution (EFC) listed on the Student Aid Report and the student’s enrollment status.

Colorado Student Grant (CSG)

Generally the CSG is for full-time undergraduate students and is awarded to Colorado residents on the basis of financial need as determined by the Colorado Commission on Higher Education. Funds are provided by the Colorado General Assembly.

Federal Stafford Loans

This type of loan is administered by the U.S. Department of Education and is a low-interested option for students who need to borrow money to help cover the costs of their education. To qualify for a direct loan, you must complete the FAFSA and meet the basic eligibility requirements for Title IV Financial Aid.
Plus you must be enrolled at minimum half-time, complete Direct Loan entrance counseling and sign a Master Promissory Note.
The loan is intended to aid students pursuing a degree in higher education only. It is in your best interest to only borrow what you need to help cover your education so repayment is easier.

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    Subsidized and Unsubsidized Stafford Loans

    What’s the difference between a Subsidized and Unsubsidized Stafford Loan?

    A subsidized loan is given awarded based on financial need. The federal government will pay the interest while a student is in school and during grace and deferment periods.

    An unsubsidized loan is not awarded based on need. For this loan, you will be charged interest from the time it is disbursed until it is paid in full. If you allow the interest to accrue while you’re in school or during nonpayment periods the interest will be added to the principle amount and additional interest will be based on that higher amount.

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    Interest Rate and Fees

    The Direct Stafford Loan interest rate and origination fees vary depending on when they were disbursed. To learn about current interest rates visit http://studentaid.ed.gov/types/loans/interest-rates.
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    Annual Loan Limits to Stafford Loans

    There is an annual limit and lifetime limit for what a student may borrow through the Federal Stafford Loans. Limits are based on an undergraduate’s classification (freshman, sophomore, junior or senior). Limits are also based on whether the student is considered dependent or independent. Graduate students do not have the dependent/independent distinctions and their limits are different than undergraduate students. The lifetime amount you are allowed to borrow includes any other outstanding Federal Stafford Loans at other institutions. 

Federal PLUS Loans

The U.S. Department of Education administers this loan as well. It is for dependent students and can be borrowed by the student’s parents. It is subject to credit approval. Completion of the FAFSA is required for the loan. Yearly loan limits are calculated when the loan is awarded and are dependent on the Estimated Cost of Attendance for the student. Interest rates and origination fees vary depending on the date of disbursement. Federal Graduate PLUS Loans

Graduate students can also qualify for a PLUS Loan, and it is subject to credit approval. Yearly loan limits are based on the student’s Estimated Cost of Attendance, and completion of the FAFSA is required. Students may not be eligible if they receive a graduate Stafford loan.

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Juliette Mogenson

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