The Colorado College Education Department has limited financial assistance in the form of a Tuition Fee Waiver or Salaried Internship. If you want to be given priority for this assistance, file the FAFSA and SEND THE DOCUMENTS BELOW BY THE PRIORITY DATE of 2/15/ 2008.
If you do not submit this information by the priority date, you will still be considered for Federal Loans if you complete the financial aid application process. Information about applying for Federal Loans will be sent to you when you have completed this financial aid application process.
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2008-2009Free Application for Federal Student Aid (FAFSA)
Complete the FAFSA online at www.fafsa.ed.gov . The Colorado College Federal school code for the FAFSA is 001347. The FAFSA web site will provide worksheets and helpful instructions, including a process for you to request a PIN number to sign your FAFSA online. If you file the FAFSA after 2/15/2008, you will not be given priority for financial assistance in the form of a Tuition Fee Waiver or a Salaried Internship from the CC Education Department . However, if you file the FAFSA after that date, you will still be considered for Federal Loans. |
February 15, 2008
School code 001347 |
RETURN THE FOLLOWING DOCUMENTS TO:
The Colorado College
Financial Aid Office
14 E. Cache La Poudre
Colorado Springs, CO 80903
Fax: 719.389.6173
To reach us by
phone: 800.260.6458 or 719.389.6651 |
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- The "Financial Aid Application for M.A.T. Students"
To be given prioirty for financial assistance from the CC Education Department in the form of a Tuition Fee Waiver or a Salaried Internship, you MUST return this application form to the Financial Aid Office by 2/15/2008. This application is available here, on our Forms page, and in the financial aid office.
If you submit this form after the priority date of 2/15/2008, you will still be considered for Federal Loans. |
February 15, 2008 |
- Signed Copies of Federal 2007 Income Tax and W-2 Forms
Submit signed copies of all pages and schedules of your own and, if married, your spouse's 2007 Income Tax and W-2 forms. To be given priority for financial assistance from the CC Education Department, you MUST send a signed copy by 2/15/2008. If the 2007 return(s) have not been completed, send them to the Financial Aid Office as soon as possible and you will still be considered for Federal Loans. |
February 15, 2008 |
“What types of financial aid are available?” |
- Federal Stafford Loans are a guaranteed source of funding and are available through the Financial Aid Office. Based on the cost of the program, other aid received, the results of the FAFSA, and increased loan limits after 7/1/2007, you may be able to borrow up to $8,500 in a Subsidized Stafford Loan and $12,000 for an Unsubsidized Stafford Loan for a total of $20,500 for the academic year. (For loans disbursed after 7/1/2007, the Federal Unsubsidized Stafford Loan eligibility will increase from $10,000 to $12,000.) At this time, Federal Perkins Loans are not available for students since CC does not have funding for the loan program. Recent federal legislation will allow graduate students to borrow the Federal GRAD PLUS Loan. Eligibility for this loan is based on creditworthiness and you can apply for a loan up to the cost of attendance. More information is available in the Financial Aid Office.
- The CC Education Department may award a Tuition Fee Waiver or Salaried Internship (more information below).
- Although there are no graduate scholarships available from Colorado College, there are many outside scholarship resources listed under "online resources."
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“How do I qualify for a Tuition Fee Waiver or a Salaried Internship?” |
- Candidates for the Tuition Fee Waiver or the Salaried Internship are chosen by the Colorado College Education Department based on financial need or academic merit. To be given priority for these, you must complete the financial aid application process by February 15th . The application process is described in the “Financial Aid Application for M.A.T. Students” timeline.
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“What does the Tuition Fee Waiver do?” |
- The Tuition Fee Waiver, upon successful completion of the spring internship, will be credited to your account and will cancel the fall tuition charges. The Waiver is issued in the form of a loan. Once you have completed the spring internship successfully, the loan's principal balance will be canceled. However, if you fail to earn or complete an internship placement, it will result in you owing the College the entire principal balance of the loan. Tuition charges are billed in the fall semester.
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“I will receive an Internship Salary. Approximately how much will I earn and when will I receive my checks?” |
- Starting the end of February, you will receive monthly paychecks from your employing school district according to their pay schedule.
- For approximate information only, the following information is provided. The actual amounts will vary according to your withholding allowances. If your gross salary is $16,000, you may expect, at a minimum, the following deductions (all are approximate): Federal Taxes (10%)=$1,600; State Taxes (4.5%)=$720; FICA-Medicare (1.45%)=$232; PERA-State Retirement (8%) =$1,280. The deductions from your gross salary will total approximately $3,832.
- You must claim your Internship Salary wages on your Federal Income Tax forms.
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“Can I defer payment of my fall semester tuition charge and health insurance charge?” |
- Yes, you may sign a promissory note before the fall semester to defer payment until you receive your Fee Waiver disbursements or until you receive your internship salary checks during the spring semester.
- Your student account will be assessed a 5% deferred payment charge on the unpaid balance if payment is NOT made in full on or before June 1, 2008 (the Promissory Due Date). Your account will be assessed a 1% fee per month for each month with an outstanding balance after June 1, 2008.
- Even though you have the tuition fee waiver or salaried internship, you will still receive bills every month to show any new miscellaneous charges that have been added. Your tuition fee waiver will not be credited until the Spring Semester.
- Contact the Student Accounts Office at 719.389.6456 for further information.
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“How do I apply for a Federal Stafford Loan?” |
- Contact the Financial Aid Office for the “Federal Stafford Loan Application Request Form” and you can indicate the amount you want to borrow. Return this to the Financial Aid Office for processing. Your eligibility for these loans will be reviewed based on the results of the FAFSA. The Financial Aid Office will send you a letter confirming the loan amounts.
- As a first time borrower at Colorado College, you will have to complete an Entrance Counseling Session on-line at www.ColoradoCollege.edu/financialaid/ Go to “Loan Counseling Sessions” and complete the ENTRANCE Counseling Session for Federal Stafford Loans. When you complete the session, we will receive confirmation.
- This is a federal regulation for the loan and you must complete this session before you can receive your Federal Stafford Loan funds. Also, when your Federal Stafford Loan funds arrive you may have to endorse a check if it is not transmitted electronically.
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“When can I apply for a Federal Stafford Loan?” |
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You can apply for a Federal Stafford Loan any time after you have filed the FAFSA and turned in your signed Federal Income Tax forms and W-2 forms to the Financial Aid Office. If any other information is required, you will be notified. Remember, filing the FAFSA and providing information requested by the federal government will establish your eligibility for federal loans.
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“How much loan can I apply for?” |
- Based on the cost of the program, other aid received, the results of the FAFSA, and increased loan limits after 7/1/2007, you may be able to borrow up to $8,500 in a Subsidized Stafford Loan and a $12,000 Unsubsidized Stafford Loan for a total of $20,500 for the academic year. (For loans disbursed after 7/1/2007, the Federal Unsubsidized Stafford Loan eligibility will increase from $10,000 to $12,000.) Your interest subsidy and loan amounts are based on your financial aid eligibility, the cost of the program and any other aid or scholarships you receive.
- To complete your program next summer, you must apply again to establish your eligibility for a Federal Stafford Loan. If you are planning on requesting Stafford Loans for the following summer, you must file the FAFSA at www.fafsa.ed.gov again and reapply for the loan(s) because the second summer is part of the following academic year.
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“How long does it take for the Financial Aid Office and the lender to process the loan?” |
- When the financial aid application process is complete and all applicable forms are received in a timely manner, allow up to three weeks to process your Federal Stafford Loan. You can contact the Financial Aid Office for a list of preferred lenders.
- You should use your previous Federal Stafford Loan lender if you already signed a Master Promissory Note (MPN) with them and you haven't completed repayment of your loan. If you choose your previous lender, you must provide the lender name, lender code and the mailing address.
- Loans with our preferred lenders are processed electronically and often take much less time to process.
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“I missed the date for turning in the FAFSA. Can I still get loan funds?” |
- Yes . The date suggested will allow time for the FAFSA and your Federal Stafford Loan to be processed in time for your registration. If you file the FAFSA after the suggested date, you may have to wait until after registration to receive your funds. The length of time you have to wait is dependent upon the date that you filed the FAFSA and the date you submitted your loan application request form.
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“Will any amount of money in fees be taken out of my Stafford Loan funds?” |
- Depending on the lender you choose, up to approximately 2.5% could be taken out of your funds as loan fees (1.5% origination fee from the Federal government, 1% default protection fee from the lending institution).
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“When can I request the Stafford Loan funds?” |
- After you have completed your registration each semester and if your Federal Stafford Loan funds result in a credit to your student account, you can request those funds at any time after you have registered for the current semester and have completed your Entrance Counseling Session.
- You will need to make the request directly to the Student Accounts Office at registration. If you do not receive your funds electronically, you will have to endorse the Stafford Loan check before receiving these funds.
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“Do I have to reapply with the full financial aid process if I'm just finishing the M.A.T. program in the summer?” |
- You will have to fill out a new FAFSA and turn in your Federal Income Tax and W-2 forms only if you are intending to apply for Federal Stafford Loan funds during your last summer in the M.A.T. program. You may be asked to provide additional information if selected for verification by the government.
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“Where should I go if I have questions about my financial aid or student account?” |
- Your financial aid application process and federal loan applications will be handled by the Financial Aid Office (Second Floor, Cutler Hall), phone number 719.389.6651 or 800.260.6458.
- Your student account status, including any incoming Stafford Loan checks, tuition payments and promissory notes signed for repayment of the tuition amount, will be handled in the Student Accounts Office (Second Floor, Armstrong Hall), phone 719.389.6456.
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