Sources of Financial Aid
Federal Financial Aid
The U.S. Department of Education, through Title IV of the Higher Education Act,
provides students with excellent resources to fund their education. Colorado Tech
Online participates in a wide variety of these programs and ensures all eligible
students have equal access to federal financial aid. You may access the Department of Education’s Funding page and gain a more detailed
understanding of student financial aid programs. Below is a brief summary of the
Title IV programs in which Colorado Tech Online participates:
Federal Pell Grant
The Federal Pell Grant is available to undergraduate students who have not earned
a bachelor's or professional degree. Unlike a loan, the Pell Grant does not have
to be repaid. To determine if a student is eligible financially, the U.S. Department
of Education uses a standard formula, established by Congress, to evaluate information
reported on the FAFSA.
Academic Competitiveness
Grant An Academic Competitiveness Grant will provide up to $750 for the first year
of undergraduate study and up to $1,300 for the second year of undergraduate study
to full-time students who are eligible for a Federal Pell Grant and who had successfully
completed a rigorous high school program, as determined by the state or local education
agency and recognized by the Secretary of Education. Second-year students must maintain
a cumulative grade point average (GPA) of at least 3.0.
View eligibility requirements.
The National Science and Mathematics Access to Retain Talent Grant (National Smart
Grant)
The National Science and Mathematics Access to Retain Talent Grant, also known as
the National Smart Grant, is available during the third and fourth years of undergraduate
study to full-time students who are eligible for the Federal Pell Grant and who
are majoring in physical, life, or computer sciences, mathematics, technology, or
engineering or in a foreign language determined critical to national security. The
student must also have maintained a cumulative grade point average (GPA) of at least
3.0 in coursework required for the major. The National Smart Grant award is in addition
to the student's Pell Grant award.
View eligibility requirements
Federal Supplemental Educational Opportunity Grant (FSEOG)
The Federal Supplemental Educational Opportunity Grant (FSEOG) is available to undergraduates
who have not earned a bachelor's or professional degree. Unlike a loan, the FSEOG
does not have to be repaid. In determining the priority order in which students
will be awarded FSEOG funds, Colorado Tech Online will award this grant to those
students with exceptional financial need who will also be receiving the Federal
Pell Grant.
Federal Parent
Loan for Undergraduate Students (PLUS) The Federal PLUS loan, another FFELP loan
program, is available to parents of dependent undergraduate students. These loans
are not based on need but, when combined with other resources, cannot exceed the
student's cost of attendance. A credit check is required, and either or both parents
may borrow through this program. Repayment begins within 60 days of final disbursement
of the loan within a loan period.
Federal Graduate PLUS loan
The Graduate PLUS Loan is an affordable, low-interest loan for graduate and professional
students. The Graduate PLUS Loan can be used to cover up to 100 percent of your
total cost of education, minus other financial aid you’ve been awarded. The total
amount can pay for tuition, books, food, housing, transportation, and more. While
you will be required to pass a credit check when you apply, your resulting credit
score will not affect your eligibility for the Graduate PLUS Loan. Many students
with limited or no credit history can still qualify for this loan.
Federal Stafford Loans
Federal Stafford loans, available through the Federal Family Education Loan Program
(FFELP), are low-interest loans that are made to the student by a lender, such as
a bank, credit union, or savings and loan association. The loan must be used to
pay for direct and/or indirect educational expenses. Subsidized loans are need-based
while unsubsidized loans are not. Repayment begins six months after the student
graduates, withdraws from school, or falls below half-time enrollment status. There
are two types of Stafford loans:
- Subsidized loans are for students with financial need. Students will not be charged
any interest before the repayment period begins or during authorized periods of
deferments.
- Unsubsidized loans are not awarded on the basis of need. Students will be charged
interest from the time the loan is disbursed until it is paid in full. While in
school, students will have the option of paying the interest or allowing it to accrue.
|
Stafford Loan Limits |
|
|
Freshman: 0-35 Credits |
Subsidized/Unsubsidized |
$3,500 |
|
|
Additional Unsubsidized |
$4,000 |
|
Sophomore: 36-71 Credits |
Subsidized/Unsubsidized |
$4,500 |
|
|
Additional Unsubsidized |
$4,000 |
|
Junior/Senior: 72 + |
Subsidized/Unsubsidized |
$5,500 |
|
|
Additional Unsubsidized |
$5,000 |
|
Graduate |
Subsidized/Unsubsidized |
$8,500 |
|
|
Additional Unsubsidized |
$12,000 |
|
|