Types of Aid: Financial Aid

1. Federal and state grants
2. Scholarships
3. Loans
4. Work study positions
5. Veterans' benefits

Just because you are ineligible for one of these, does not rule you out for applying and qualifying for the others.

2 types of need-based aid:

• Gift assistance: includes grants from state, federal and institutional sources.
• Self-help: comprised of work-study and/or loans. Indicate that the student has a responsibility to provide his/her fair share of the cost of going to school.

Must be enrolled in a minimum of six (6) credit hours per semester in order to receive funds from most of the following programs. (Exceptions noted in actual program description.)

Grants (money that does not have to be repaid)

Colorado State Grant
State funds are available to Colorado residents with financial need. Awards vary in amounts up to $5,000 per year, depending upon students' needs and the funding available from the State of Colorado.

Leverage Education Assistance Program
These funds are awarded to Colorado residents with exceptional financial need. Awards vary per year, depending upon students' needs and the amount of funding allocated by the State and Federal Government.

Federal Pell Grant
This federally funded assistance is available to students needing help with college expenses. Awards vary, depending on the amount of support your family can provide. A Federal formula derived from the FAFSA determines the size of your award.

Federal Pell Grants are intended to build a base of financial support that can be supplemented with other kinds of assistance if necessary.

Federal Supplemental Education Opportunity Grant (SEOG)
If you have great financial need, as determined by the Financial Aid office, you may be eligible for these federal funds. They are awarded to a limited number of students based on specific criteria.

Scholarships

Visit the ACC Scholarship Search Center in the Financial Aid Office. A variety of scholarship applications may be obtained from the center. New ones arrive weekly! We also have a scholarship brochure that lists the majority of the scholarships we offer in a concise format that can be picked up in our office. Students are also welcome to access the scholarship database as well as explore many of the free scholarship websites at the center. View scholarship lists.

Various Other Scholarships

Local clubs, organizations and businesses in the Littleton area often make other scholarships available. To find out more about them, contact the Financial Aid Office. Free scholarship searches are available online at www.fastweb.com.

FastWEB (Financial Aid Search Through the WEB) is the largest and most complete scholarship search on the Internet. It provides access to a searchable database of more than 600,000 private sector scholarships, fellowships, grants, and student loans with over 1 billion dollars available. Used by colleges across the United States, FastWEB is now available to you FREE through the World Wide Web, courtesy of Arapahoe Community College and FastWEB.com, L.L.C.

To use FastWEB, a student fills out a detailed profile through a series of online forms. After the forms are complete, FastWEB responds within a few minutes with a list of matching awards. Each entry in this list includes information about deadlines, eligibility requirements, award amounts, and contact information for the award provider.

Access FastWeb Now!

Other Scholarship Resources Check for scholarship information at the following places:

• College Financial Aid Offices
• High school counseling offices
• Public Libraries
• Your local church
• Businesses
• Professional Organizations
• Specially marked products at supermarkets and stores
• Magazines and Periodicals
• Chambers of Commerce
• Clubs (VFW, Elks, etc)
• Friends and Family
• Student and parents' employers

Loans - Federal Family Educational Loan Program

This loan is offered as either subsidized or unsubsidized. The amount of the loans that a student is eligible for is dependent upon year in college, program length, need, dependency status, etc. Students who can demonstrate financial need through a need analysis processor (completing the FAFSA) are eligible to borrow either a subsidized or unsubsidized Federal Stafford Loan. Loans that are subsidized do not accrue interest as long as you are enrolled as at least a half-time student. Repayment and a variable interest rate begin six months after the student is no longer enrolled half time. Students who cannot demonstrate financial need for any or all of the maximum loan each year may be eligible to receive an unsubsidized Federal Stafford Loan. The student is required to pay the interest on this loan from the time the loan is disbursed by the lender.

Other than the interest having to be paid, both loans are identical. This is the only type of loan in the world that is not based upon collateral, credit checks, or background investigations. By completing the FAFSA and loan paperwork with our office, we can help you to determine the amount of the loan that best suits your needs. You will have 10 years to repay these loans with no penalty for early repayment. Should you enter back into school at least halftime during repayment, you may qualify for a deferment of your loan payments. Should you encounter personal issues that arise while in repayment, either your lender or Colorado Student Loan Program (CSLP) will assist you in various options.

The Federal Stafford Loans are provided through private lending institutions such as banks, savings and loans or credit unions. They are guaranteed by the State of Colorado or another guaranty agency, and are reinsured by the Federal Government.

Parents of dependent students may qualify for this program authorized by Congress. Should your financial aid award not be sufficient for your specific needs, a PLUS loan can be taken out. This loan will be based upon the parents credit and include the parents as a cosigner on the loan. If for any reason, the parents are denied this loan, please check with our office for further options.

One of our financial aid counselors, would be happy to schedule a time with you to help you understand any issues related to your funds or provide other alternatives.

Application Process

Once you have completed the Free Application for Federal Student Aid (FAFSA) and have a complete Financial Aid File, viewable at the Student Personal Information System you will receive an award letter. Any loan eligibility WILL NOT be included in this initial award letter. You may be eligible to receive college funding through the Federal Family Educational Loan Program (FFELP). Federal subsidized and unsubsidized Stafford Loans are available to eligible students under FFELP.

To be eligible to apply for a Federal Stafford Loan you must:

• Maintain a 2.0 Cumulative GPA and a 2.0 GPA each semester
• Not be on Financial Aid Suspension
• Enroll at least half-time (6 units) in a degree or certificate program
• Have a declared major with the Admissions & Records Office (see Declaration of Major form)
• Not be in default, overpayment, or owe a refund on any Federal Loan or Grant
• Not reached the Federal aggregate limits for Stafford Loans.
• First-time borrowers will need to complete Entrance counseling at http://mappingyourfuture.org/oslc/.
• Start the process now!
• Students who have previously borrowed loans at ACC may complete this form in order to accept Stafford loans (no need to complete Entrance counseling or visit lender websites).

How Much May I Borrow?

The maximum you may borrow depends upon your grade level and dependency status.

Since ACC is a two-year institution, students may not normally borrow more than the second-year amount, even if they are enrolled for a "third year."

Avoid Default

Paying off a student loan is a great way to develop a good credit history. Timely loan payments are critical. Again, if you are having difficulty repaying your loan due to unemployment, a temporary financial setback, or another problem, contact your lender or CSLP find out about your options.

A defaulted loan is serious. If you default, it means the lender has turned your loan over for collection and the entire amount is due and payable. Once you are listed as being in default on a student loan, no financial aid of any form will be available to you. To rectify this, you must contact your lender immediately to determine what steps they will require to resolve this issue. Normally, if a person makes 6 on time, non-garnished, monthly payments, they may qualify to apply to have their loans rehabilitated. If this is a approved, a student can then reapply for financial aid. With 12 on-time, non-garnished, monthly payments, they may qualify to apply to have their loans then taken out of defaulted status. Consequences of having a loan in default include:

• A damaged credit rating
• Court action or litigation
• Garnishment of state and federal tax refunds and state lottery winnings
• Wage garnishment and attachment of property
• Loss of additional student aid eligibility
• Loss of deferment and monthly repayment options
• Assessment of collection costs
• Possible effect on professional licensing
• Inability to attain financial aid at any institution within the United States.

Work Study

Work study positions are available to any student who qualifies and has been awarded money. Read more about work study...

Veterans Affairs Office

The Veterans Affairs office is located with Financial Aid. For help with applying for benefits, students can stop by the office or visit www.gibill.va.gov.

The primary responsibility of the Veterans Affairs office is to submit certifications of enrollment for students that are eligible for VA educational benefits.

Federal Financial Aid Return of Title IV Funds Policy

Financial aid students at Arapahoe Community College receiving Title IV funds who completely withdraw, officially or unofficially, within 60 percent of the term may owe a repayment of funds received. Cases such as these will be examined to determine if a repayment is applicable. If so, the refund will be calculated and returned in accordance with Federal legislation.

Students may also be required to repay Title IV Programs. Refunds are calculated in the following order:

• Unsubsidized Federal Stafford Loan
• Subsidized Federal Stafford Loan
• Federal Parent Loan to Undergraduate Students (PLUS loan)
• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant
• State of Colorado Student Financial Aid Programs
• Arapahoe Community College Financial Assistance Programs

Contact the Financial Aid Office for specific criteria regarding your situation if you think this might apply to you.

Optional and non-refundable fees are excluded from Federal refund provisions. A student or parent may petition any refund determination by submitting a written appeal to:

Arapahoe Community College
5900 South Santa Fe Drive
P.O. Box 9002
Littleton, CO 80160-9002
Attention: Controller, Chair of Refund Appeals Committee.

Students required to withdraw from their classes due to mitigating circumstances may submit a written refund request to the aforementioned address.

Contact the Financial Aid Office at 303.797.5661 for specific criteria for all aid programs listed above.

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