Financial Aid

Federal School code: 007582

What's New

HOURS

Sep 7 - Nov 22, 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. How much can I borrow from the federal loan programs?
  7. What is the 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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How much can I borrow from the federal loan programs?

School YearDependent UndergraduateIndependent UndergraduateGraduate/Professional Degree Students
1st year (0-29.5 credits)$3,500$7,500*$20,500
2nd year (30+ credits)$4,500$8,500
3rd + (NA at Aims)$5,500$10,500
Maximum$23,000$46,000$138,500
* Initially, our office will award only the base loan amount of $3,500 for a 1st year student and $4,500 for a second year student. Should you need additional loan funds and if you are an independent student or a dependent student whose parent has been denied a PLUS, you must complete an “Additional Loan Request Form” for additional loan funds.

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What is the interest rate on these loans?

The interest rate for these loans depends on when the loan was borrowed. Loans borrowed as of July 1, 2006 have the following rates:
  • Subsidized & Unsubsidized Stafford Loans: fixed rate of 6.8%
  • PLUS Loans: fixed rate of 8.5%
Current interest rate information for loans borrowed prior to July 1, 2006 can be found on the Direct Loan website at http://www.dl.ed.gov

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

Yes. Loans borrowed after July 1, 2007;
  • 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.

Federal loans are awarded to students who indicate on their Free Application for Federal Student Aid (FAFSA) an interest in loans. If you did not indicate you have an interest in loans, you must complete an “Additional Loan Request Form”. These forms are available from the Financial Aid Office at the Greeley campus and from the Service Centers at the Loveland and Fort Lupton Campuses. PLUS loans are initially awarded to dependent students who are non-residents. If your parent is interested in borrowing from this program, please contact our office.

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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.dl.ed.gov and submit a signed copy of the “Borrower’s Right & Responsibilities form to our office
  • Sign a Master Promissory Note (MPN)
    • MPN’s are available from the Financial Aid Office within 10 days of receiving your award letter showing you have been awarded a loan
    • You must bring your driver’s license, social security card and the names, addresses and phone numbers of a parent and one other person who does NOT live with you or that parent
If while at Aims you have previously borrowed from the Direct Subsidized and/or Unsubsidized Loan program, there are no additional steps for you at this time unless you choose to decline all or a portion of the loan award indicated on your award letter. If while at another school you have previously borrowed from the Direct Subsidized and/or Unsubsidized Loan program, please contact our office to determine if you must sign a new MPN.

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

You and your parent must complete an “Aims PLUS Request” form. This form is available from the Financial Aid Office. Once the form is received by our office the actual processing of the loan will begin. If approved, your parent will be sent an originated and printed promissory note to be reviewed, signed and returned to our office.

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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 check. Refund checks are available from the Cashier’s Office beginning the first day of each semester for those students whose funds were eligible for payment at that time. Refund checks will continue to be generated each week for funds that are paid after the first day. Refund checks not picked up by 2 pm each Thursday will be mailed to your current address on file with Admissions & Records. Information regarding the repayment of Federal loans can be found in “The Guide to Federal Student Aid 2007-2008”. This guide can be found online at http://www.FederalStudentAid.ed.gov or picked up in the Financial Aid Office at the Greeley campus and Service Centers at the Loveland and Fort Lupton campuses.

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