Financial Aid

Federal School code: 007582

What's New

HOURS

Nov 30 - Dec 20, 2014
DayTime
Sun: Closed
Mon: 8:00 a.m. - 7:00 p.m.
Tue: 8:00 a.m. - 7:00 p.m.
Wed: 8:00 a.m. - 5:00 p.m.
Thu: 8:00 a.m. - 5:00 p.m.
Fri: 8:00 a.m. - 3:00 p.m.
Sat: Closed
Upcoming Hours

CONTACT

Greeley Campus
College Center, 1st Floor
5401 W 20th Street
Greeley, CO 80634

financial.aid@aims.edu
Phone: (970) 339-6548
Fax: (970) 506-6962

FAQs

Frequently Asked Questions for: Financial Aid - Federal Loans

  1. What Federal Loan programs does Aims participate in?
  2. Do I have to choose a lender when borrowing from the Federal Direct Loan programs?
  3. What is a Subsidized Stafford Loan?
  4. What is an Unsubsidized Stafford Loan?
  5. What is a Parent Loan for Undergraduate Students (PLUS)?
  6. May I borrow additional Financial Aid in the form of loans?
  7. What is the current interest rate on these loans?
  8. Other than interest, are there any fees or charges required to get these loans?
  9. I am interested in borrowing a Federal loan to help pay for the costs of my education at Aims but there is not a Federal loan on my award letter.
  10. According to my award letter I have been awarded a Subsidized and/or Unsubsidized loan. Now what do I do?
  11. According to my award letter I have been awarded a PLUS. Now what do I do?
  12. When will the funds from the loan I have borrowed pay to my student tuition account?
  13. What if the amount I am receiving from financial aid is greater than the amount of my tuition and fees?

What Federal Loan programs does Aims participate in?

Aims participates in the Federal Direct Loan Program. This program includes the Subsidized Stafford Loan, the Unsubsidized Stafford Loan the Parent Loan for Undergraduate Students (PLUS).

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Do I have to choose a lender when borrowing from the Federal Direct Loan programs?

No. The U.S. Department of Education is the lender for all loans through the Federal Direct Loan Program.

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What is a Subsidized Stafford Loan?

Subsidized Stafford Loans are for students who have financial need. The Financial Aid Office determines this based upon the results of your FAFSA and other required information. The U.S. Department of Education pays the interest on the loan so long as you are enrolled at least half-time (6 or more credits per semester) and during your 6-month grace period.

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What is an Unsubsidized Stafford Loan?

Unsubsidized Stafford Loans are for students who do not demonstrate financial need. The Financial Aid Office determines this based upon the results of your FAFSA and other required information. You, the borrower, are responsible for the payment of the interest that accrues from the time the loan is paid to the school, on your behalf, until the loan is paid in full.

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What is a Parent Loan for Undergraduate Students (PLUS)?

A PLUS loan is a credit-based program where a parent can borrow funds to help pay for the educational costs of their dependent undergraduate children. In addition, graduate and professional degree (these programs are not applicable at Aims) students may obtain PLUS Loans to help pay for their own education.

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May I borrow additional Financial Aid in the form of loans?

Please request an Additional Loan Request form from Financial Aid. A Financial Aid staff member will counsel you on the loan funds available to you. Students may inquire at any campus.

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What is the current interest rate on these loans?

The interest rate for student loans depends on when the loan was borrowed. Please visit the Direct Loan website for current loan rates.

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Other than interest, are there any fees or charges required to get these loans?

Yes.
  • Subsidized and Unsubsidized Stafford loans have an origination fee of up to 2.5% of the loan amount borrowed
  • PLUS loans have an origination fee of up to 4% of the loan amount borrowed
The fee will be deducted proportionally from each payment of the loan to the school. This means the amount paid to school will be slightly less than the amount you have borrowed and must repay.

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I am interested in borrowing a Federal loan to help pay for the costs of my education at Aims but there is not a Federal loan on my award letter.

Please request an Additional Loan Request form from Financial Aid. A Financial Aid staff member will counsel you on the loan funds available to you. Students may inquire at any campus.

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According to my award letter I have been awarded a Subsidized and/or Unsubsidized loan. Now what do I do?

If you are a first-time borrower from the Direct Subsidized and/or Unsubsidized Loan programs, you must:
  • Complete entrance counseling at www.studentloans.gov. Aims Financial Aid office will receive confirmation of your completed entrance counseling electronically.
  • Complete a Master Promissory Note (MPN) at www.studentloans.gov. Aims Financial Aid office will receive confirmation of your completed entrance counseling electronically.


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According to my award letter I have been awarded a PLUS. Now what do I do?

Your parent must complete a Plus loan application at www.studentloans.gov. Once the Aims Financial Aid office has received the approved loan application we will begin to process this form of student loan. Please keep in mind that this is a loan based on the parentís credit.

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When will the funds from the loan I have borrowed pay to my student tuition account?

For Subsidized/Unsubsidized borrowers who have completed entrance counseling and signed their MPN:
  • If you are a first-time borrower, due to Federal regulations the payment of your loan funds to your student tuition account cannot happen until 30-calendar days after the start of the semester.
  • If you are a continuing student payment of your loan funds to your student tuition account will occur on the disbursement date indicated on your Direct Loan Disclosure statement (Item 14). This statement is mailed to you directly from the Direct Loan Servicing Center.


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What if the amount I am receiving from financial aid is greater than the amount of my tuition and fees?

Students who qualify for financial aid in excess of their tuition and fees will receive a refund on your Aims Campus Card. An Aims Campus Card will be mailed to you by the first day of classes of the FIRST semester you attend Aims. Do not throw away or discard. Card is valid for your entire time at Aims.

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