Loans are available to Colorado college students to help pay for their postsecondary education and other related costs. Students can borrow anywhere from $4,000 to over $20,000 annually. The award amount is based on the student's financial need and year in college. Both undergraduates and graduates can receive funding via various federally-backed loan programs. In order to apply, students must complete a Free Application for Federal Student Aid (FAFSA).
Qualifications for federal student aid require the student to enroll in an accredited school, be a U.S. citizen, and enroll in an accredited institution to seek a degree. Students must also enroll and least part-time. Once a FAFSA is filed, the U.S. Department of Education will provide the student, and the Colorado schools designated by the applicant, a Student Aid Report (SAR). The SAR is used by the school to determine what loans the student qualifies for. Depending on when the application is filed and financial need, the student may also garner for a Federal Pell Grant or a Colorado state grant. These grants are awarded annually and must be applied for each year.
Students in Colorado may also qualify for private funding if they find their financial needs are not met with their state and federal awards. Depending on the borrower's credit history, private lenders can extend students additional money outside their scholarships, federal loans, and grants. Loan limits for private student loans are generally less restrictive and the application process is usually faster -- sometimes even instant when done online. Before consider a Colorado private student loan, borrowers are encouraged to exhaust their state and federal options and then review and compare different loan packages before they sign on with a private lender.
2015 Private Student Loans for Colorado Colleges and Students:
- American Express Educational Loans (833289) - San Diego, CA. 800-814-4595. Stafford student loans, PLUS parent loans, private student loans
- AMS Education Loan Trust (833067) - Swansea, MA. 800-637-3060. Stafford, PLUS loan
- Bank of America 800-344-8382. Federal Stafford, Grad Plus, Private student loan
- Medfunds (831654) - Cleveland, OH. 800-665-1016. Stafford, Private loans
- Nellie Mae (829076) - Braintree, MA. 800-634-9308. Private student loans
|Colorado Commission on higher education.
Colorado Extended Studies (courses available off-campus)
Financial Aid: Colorado Financial Aid Programs
Colorado Student - Parent Information of State Public Colleges and private universities references state resources.