Loans

Red Rocks Community College participates in the Federal Student Loan program.  We encourage students to make informed decisions when taking out a student loan.  Only borrow the amount of funds you need to successfully complete your education.  Students are legally obligated to repay a student loan once it is disbursed even if they do not complete their program.  We encourage you to fully read and understand the terms and conditions of each loan type before accepting a loan. Federal student loans are available to students after completing a Free Application for Federal Student Aid (FAFSA).

Federal Student Loans are made through one of two US Department of Education programs: the William D. Ford Federal Direct Student Loan Program (Direct Loans) and the Federal Family Education Loan Program (FFEL). Direct and FFEL loans can be either subsidized or unsubsidized.

Effective Fall 2009, Red Rocks Community College participates ONLY in the Federal Direct Student Loan program.  With Direct Loans, you

• Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
• Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: www.dl.ed.gov.
• Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

Please note, if you are OFFERED a student loan at Red Rocks Community College, it does not mean you have received the loan.  You must go through the appropriate steps to accept your loan before it will be processed.  Click here on steps to apply for a direct student loan.

The Direct Loan Program offers the following types of loans:

Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period and during deferment periods. Subsidized Stafford loans have a 6 month deferment period which begins once a student ceases continual enrollment in 6 or more credits. During a student’s deferment period, payments on the loan principle are not required and interest will not accrue. Beginning July 1, 2009, the new loan origination fee will be 1.5 percent.  A 1.0 percent rebate will be applied upfront to the loan.  You can keep this rebate as long as you make 12 consecutive payments when the loan enters repayment.  The Direct Lending Program will contact you with regard to repayment options.  For this reason it will be important for you to keep your contact information current with direct lending.

Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.

PLUS:  this is an unsubsidized loan for the parents of dependent students.  PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. PLUS loans are typically cheaper than private student loans because PLUS loan borrowing terms are regulated by the U.S. Department of Education.  If a PLUS loan application is denied, the student usually becomes eligible to borrow up to the unsubsidized loan eligibility. This additional Stafford loan cannot exceed the student's cost of attendance minus all other aid (including other loans). Unsubsidized Stafford Loans are not interest free while the student is in school.

Federal Direct Student Loan Limits

The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and on whether you are a dependent student or an independent student. The following table shows the maximum amount of money you may borrow each academic year in Direct Subsidized and Unsubsidized Loans:

The actual loan amount you are eligible to receive for an academic year is determined by your school and may be less than the maximum annual amounts shown in the chart above.

Interest Rates

Direct Subsidized Loans for undergrads with a first disbursement date between July 1, 2009, and June 30, 2010:  5.6%
Direct  Unsubsidized Loans for all students:   6.8%
Direct Parent PLUS Loans:  7.9%

Currents Students Only

Click for information
on loan application and
dispursement.

Hours

Monday - Thursday
8:00 a.m. - 6:00 p.m.

Friday
9:00 a.m. - 5:00 p.m.

Contact

Financial Aid area located behind
the Admissions Office.

Red Rocks Community College
Financial Aid Office
13300 West 6th Avenue
Lakewood, CO  80228-1255

Phone: 303.914.6256
Fax: 303.914.6805
Email:  finaid@rrcc.edu

Priority Dates

Submit 2009-2010 FAFSA for:
Fall 2009, Spring 2010, Summer 2010

Submit 2010-2011 FAFSA for:
      Fall 2010, Spring 2011, Sumer 2011