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Types of Financial Aid

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Grants Work-Study
Federal Loans Scholarships

Grants

Grants are considered gift assistance and are provided from federal, state, and institutional sources. In general, students must be enrolled in a minimum of six credit hours per semester in order to receive funds from most of the following programs. Any exception to this six-credit-hour rule is noted in the actual program description.

  • Federal Pell Grant (PELL) Program
    This program is the foundation for other forms of aid. It is federally funded and designed for undergraduate students. Eligibility is determined by the Free Application for Federal Student Aid (FAFSA). The amount of the grant is determined by a federal funding formula, the cost of attendance, and the enrollment status of students. Rules regulating eligibility are set at the national level and apply to students no matter where they attend school.
  • Federal Supplemental Educational Opportunity Grant (FSEOG) Program
    This program is for undergraduate students with exceptional financial need and priority is given to students who receive Federal Pell Grants. Eligibility is determined by the FAFSA and funds are awarded on a first-come, first-served basis.
  • Colorado Student Grant (CSG) Program
    This program is funded by the State of Colorado General Assembly. The primary purpose of this grant is to provide financial resources to undergraduate Colorado residents who would otherwise be unable to pursue a post-secondary education. Eligibility is determined by the formula for Pell eligibility, determined by completion of the FAFSA and funds are awarded on a first-come, first-served basis. 

Information for DACA and Asset Students

  • Undocu-Fox webpage: http://bit.ly/CCAUndocuFox
    • We have a brand new webpage specifically for students with undocumented status.  If you are an undocumented student, we encourage you to go  to the  Undocu-Fox webpage, as it has a comprehensive list of resources for you (financial, community, legal, etc.) as well as contact info for the Undocu-Serving team that would be happy to talk to you about resources, workshops and events that may be relevant to your specific needs.                                      
  • In-state financial aid and tuition
  • Scholarships available for students with undocumented status
    • The CCA Foundation has about 25 scholarships for which students with undocumented status are eligible, so we highly recommend that students with undocumented status apply for CCA Foundation scholarships!  See the link for application deadlines.

                                                                     

As a DACA/Asset student, am I eligible to receive federal and/or state financial aid?

You may qualify for state financial aid 

Students may qualify to apply for Colorado Application for State Financial Aid. Apply online at: https://cdhesnapprod.regenteducation.net/. DACA/Asset students cannot apply for FAFSA. However, you might qualify for CCA’s in-state tuition rate and the College Opportunity Fund (COF) which provides a tuition discount for every credit hour that you register for. Please review the   ASSET and DACA page for more information. For more information, please visit https://highered.colorado.gov/students/preparing-for-college/colorado-application-for-state-financial-aid

Can I apply for private scholarships?

YesYou can visit the following links to find scholarships that you can apply for. PLEASE NOTE: You should never have to pay a fee or provide personal information (i.e. identification, credit card or checking account numbers) to apply for or receive a private scholarship. These scholarships are not awarded directly through CCA. Unfortunately, we cannot verify or control whether these lists remain updated by the parties offering the scholarships.

Scholarships A-Z Scholarship List

https://www.hacu.net/hacu/Scholarships.asp

https://denverscholarship.org/students/scholarships/

https://www.laef.org/scholarship

 

Federal Loans

The Community College of Aurora participates in the Federal Direct Loan Program and Direct Loans services all loans for the Colorado Community College System.

Student Loan Introduction

Student loans provided by the U.S. Department of Education enable students to pay for a college education. Eligible students borrow directly from the U.S. Department of Education to attend participating schools.

Loans you may borrow at the Community College of Aurora include the following types Federal Direct Student Loans:

  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Direct Parent PLUS Loans

You must repay your Direct Loan(s) to the U.S. Department of Education when you graduate, drop below 6 credit hours, or leave school.

Before Borrowing Loans

  1. Use Free Money first. There are various types of grants and scholarships available at CCA. Learn more information by visiting our Scholarships and Grants web page. 
  2. Earn money while studying! You may earn extra money to fund your education while working as a part-time employee at school as a work-study. To be considered for work-study awards, you must indicate on your FAFSA that you want student employment. See more details about CCA's Work-Study program by visiting the web page.
  3. Borrow Smart. You must repay your loans even if:
  • You do not complete your education.
  • You cannot find a job related to your program of study.
  • You are unhappy with the education you paid for with your loan.

The Community College of Aurora strongly recommends that you borrow only what you need. If you must borrow money to pay for school, use up all of your federal student loan options before considering private loans, which can have higher interest rates and fewer flexible repayment options.

Loan Eligibility Basic Criteria

In general, for students to be eligible for federal student loans, they must:

  • Submit and complete a FAFSA application every year.
  • Enroll in and attend at least 6 credit hours.
  • Maintain a minimum 2.0 GPA.
  • Successfully complete 67% or more of all attempted courses.
  • Graduate within 150% of their degree or certificate program's published length.
  • Not be in default on any Federal Student Loans.
  • Not owe an overpayment on a Federal Student Aid grant or loan.
  • Not have reached or exceeded their yearly or lifetime limit for federal student loans.

Types of Loans

Subsidized Loans

Direct Subsidized Loans are available to undergraduate students with financial need.

Students are not responsible for paying the interest while attending school at least half-time, during their grace period, and during any period of loan deferment. The Department of Education has also established new Direct Loan Program regulations for first-time borrowers on or after July 1, 2013;

  • These borrowers are eligible to receive Direct Subsidized Loans for 150% of their current academic program length, and after they exceed 150%, borrowers will lose their eligibility for Direct Subsidized Loans.

  • For more information about Subsidized Usage Limitation, please visit the SULA web page, which discusses the Time Limitation on Direct Subsidized Loan Eligibility for first-time borrowers on or after July 1, 2013.

Unsubsidized Loans

Direct Unsubsidized Loans are not based on financial need. Borrowers are fully responsible for paying the interest regardless of the loans status.

If you choose not to pay the interest, your interest will accrue (accumulate) and be capitalized. That is, your interest will be added to the principal amount of your loan during these times:

  • While you enrolled in school or during your grace period.
  • While your loans are in deferment or forbearance periods.

Parent PLUS Loan

Parents of dependent undergraduate students can borrow federal loans to help pay education expenses. The maximum amount that a parent may borrow is determined by the total estimated Cost of Attendance minus all other sources of financial aid that the dependent student receives.

A credit check will be performed during the application process. If a parent has poor or unfavorable credit, they may still receive a Direct PLUS Loan one of the following ways:

  • Obtaining an endorser who does not have an adverse credit history (The endorser cannot be the student/child.)
  • Documenting extenuating circumstances relating to the adverse credit history to the U.S. Department of Education's satisfaction.

If a parent borrower is unable to secure a PLUS loan, the student may be eligible for additional unsubsidized loans to help pay for their education. The dependent student should contact the CCA Financial Aid Office for more information.

Loan Limits

Annual Federal Loan Limits

Student Type

Subsidized

Unsubsidized

Total Yearly

Dependent Freshman

$3,500

$2,000

$5,500**

Dependent Sophomore*

$4,500

$2,000

$6,500**

Independent Freshman

$3,500

$6,000

$9,500**

Independent Sophomore*

$4,500

$6,000

$10,500**

 *Students are not considered sophomores until after they have earned a minimum of 30 credit hours.

**Loans will be credited to your CCA balance in 2 disbursements. If you are a first-time borrower of Direct Loans, your first disbursement will be released after a mandatory 30-day waiting period. The 30-day waiting period begins on the first day of the enrollment period.

Undergraduate Lifetime Aggregate Loan Limits

The total amount that an undergraduate student may borrow for their academic career (150% of the program length) is called the aggregate limit.

Once the aggregate limit has been reached, students are no longer eligible to borrow Federal Stafford Loans. Per federal regulations, a student who exceeds the aggregate loan limit is ineligible to receive federal financial aid until the overage is resolved.

Dependent Student

Independent Student

$31,000 total; Up to $23,000 may be subsidized.

$57,500 total; up to $23,000 may be subsidized.

Interest Rates & Fees

Interest Rates

Loan Type

Loans First Disbursed

On or after July 1, 2020

and Before July 1, 2021

Loans First Disbursed

On or after July 1, 2020

and Before July 1, 2021

Subsidized Loans

2.75%

2.75%

Unsubsidized Loans

2.75%

2.75%

Plus Loans

5.30%

5.30%

Loan Fees

Loan Type

First Disbursement Date

Loan Fee

Direct Subsidized Loans

and Unsubsidized Loans

On or after 10/1/19 and before 10/1/20

On or after 10/1/18 and before 10/1/19

1.059%

1.062%

Direct PLUS Loans

On or after 10/1/19 and before 10/1/20

On or after 10/1/18 and before 10/1/19

4.236%

4.248%

Repayment

When you graduate, leave school or drop below half-time enrollment, you will enter a Grace Period for six months. The Grace Period will give you time to get financially settled and to select your repayment plan.

Not all federal student loans have a grace period and for most loans, interest will accrue during your grace period.

  • Direct Subsidized Loans: 6-month grace period with no interest
  • Direct Unsubsidized Loans: 6-month grace period with interest
  • Direct PLUS loans: no grace period. Eligible for a deferment

Who is my loan servicer?

  1. Go to the National Student Loan Data System (NSLDS) website.
  2. Select the "Financial Aid Review" button.
  3. After reading the privacy statement on the next screen, click the "Accept" button.
  4. Log in using your FSA ID and password. Visit the FSA ID website if you need to create or recover your username or password.
  5. On the next screen, the "Aid Summary" page, look for the chart titled "Loans." You will see your aggregate history in this chart.
  6. Also in the "Loans" chart, you can click on the number in the far left column that corresponds to the loan information you want to view.
  7. On the next screen ("Detail Loan Information" page), look for the chart titled "Servicer/Lender/Guaranty Agency/ED Servicer Information." You will see your loan servicer's name and contact information.

Where can I go to learn about loan repayment plans?

  1. A Direct Consolidation Loan allows you to combine multiple loans into one loan, which will result in a single monthly payment.
  2. To learn more about consolidation, please visit the Federal Student Aid page regarding student loan consolidation.

What do I do if I cannot make payments?

If you are having trouble making payments, there are several options that you can choose to keep your loans in good standing:

  1. Contact your loan servicer to change your payment due date.
  2. Change your repayment plan.
  3. Consolidate your loans.
  4. Other options: Deferment (postpone payments) or Forbearance (reduce or delay payments).

Requesting a Student Loan

Students wishing to borrow a Federal Stafford Loan must have a completed FAFSA on file with CCA before submitting the following documentation: 

STEP 1:  Complete Entrance Counseling and Master Promissory Note.

  1. Go to www.studentloans.gov.
  2. Log in using your Federal Student Aid ID and password.
  3. Select the "Complete Counseling" link.
  4. Select the "Entrance Counseling" link from the "Choose Loan Counseling Type" menu.
  5. Answer the questions on each page of counseling - click the "Submit" button at the bottom of the last page.  After submitting the counseling, you should see an "Entrance Counseling Summary" page confirming that "you have successfully completed Entrance Counseling."
  6. In the gray menu on the left side of the screen, look under the "Master Promissory Note" section and select "Complete MPN."
  7. On the next page, select "Complete Subsidized/Unsubsidized MPN."
  8. Answer the questions on each page of the promissory note - click the "Submit" button at the bottom of the last page.  You should see a confirmation that "You have successfully submitted your MPN."
  9. Studentloans.gov will send an electronic confirmation of both documents to CCA within a week.

STEP 2:  Accept Loan Offer (Available once you receive your Financial Aid Award Letter.)

  1. Log in to your MyCCA account.
  2. Click on the "Student Finance" tab.
  3. In the "My Financial Aid Information" box, select the "Accept Your Awards" link.
  4. Select the appropriate aid year.
  5. Click on "Accept Award Offer."
  6. You can accept, reduce, or decline the award offer on the next screen.

Loan Adjustment

If you would like to increase or adjust the accepted loan amount, you may complete Loan Adjustment Form to request the change.

If you want to apply for an one-term loan, you must be:

  • Graduating at the end of the semester; or
  • Enrolled as full-time police academy student.

Loan Application Priority Deadlines

  • Fall semester: October 31st
  • Spring semester: March 31st
  • Summer semester: June 30th

Subsidized Loan Limitations

As of July 1, 2013, federal limitations were implemented on borrowing Direct Subsidized Stafford Loans. More information regarding this regulation can be found in the Federal Student Aid document: Time Limitation on Direct Subsidized Stafford Loans.

Parents of dependent students may also take out loans through the Direct Loan PLUS Program by submitting a PLUS Direct Loan Master Promissory Note and a PLUS loan Application.

Alternative Loans

Alternative Loans are non-federal educational loans, which students obtain through a private lending institution such as a bank or credit union. Alternative loans typically have higher interest rates, more feeds, and less flexible repayment options than federal loans. The CCA Financial Aid Office strongly recommends that students borrow the federal loans for which they are eligible before borrowing any private alternative loans.

Direct Loan Exit Counseling

Students who have received student loans at CCA are required to complete Direct Loan Exit Counseling if any of the following apply:

  • Currently enrolled in less than 6 credits
  • Withdrawn from school
  • Graduated

National Student Loan Data System (NSLDS)

The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central database for student financial aid records. Federal loans disbursed to students or parents will be submitted to NSLDS and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. Student and parent borrowers can track and manage their federal student loans and grants online at https://nslds.ed.gov/npas/index.htm. The secured site displays information on loans and grants, including amounts, outstanding balances and status. Student and parent borrowers can also find contact information for their loan servicer.

Work-Study

CCA participates in two work study programs with award amounts based on the applicant’s documented need. These programs provide part time employment for eligible students to earn money to fund their education. To be considered for work study awards, students must indicate an interest in work-study employment on the FAFSA. Work-study positions are located on both the CCA CentreTech and Lowry campuses. 

Positions are also available to tutor math and reading to elementary, middle and high school students at various community schools and non-profit community agencies.

To the extent practical, CCA will attempt to provide employment that complements and reinforces the educational and vocational career goals of each student. Students earnings are restricted to the amount of their award.

The State of Colorado provides limited funds for employment of students who do not necessarily have a financial need; these students may qualify for Colorado No-Need work study. Applicants must be Colorado residents for tuition purposes.

 

 

 

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