Types of Aid
Students can receive the following forms of financial aid through Red Rocks Community College by applying through the FAFSA.
To be eligible to receive any type of Federal Student Financial Aid, the student must:
- Be a U.S. citizen, U.S. Permanent Resident, or other eligible non-citizen.
- Register with the Selective Service Administration (unless exempt). Students are exempt if they are female, under 18, born before 1960, on active duty in the U.S. Armed Forces, citizens of the Federated State of Micronesia or The Marshall Islands, or permanent residents of the Trust territory of the Pacific Islands (Palau).
- Enroll at a college or university that participates in the Federal Student Financial Aid Programs. These programs include the Federal Pell Grants (Pell Grants), Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Subsidized and Unsubsidized Stafford Loans, Federal Perkins Loans, and Federal Work Study (FWS).
- Be working toward a degree or certificate.
- Be compliance with the Satisfactory Academic Progress policy
- Not owe a refund on any federal grant, must not have borrowed federal student loans in excess of annual or aggregate loan limits, and must not be in default on any federal student loan unless satisfactory payment arrangements have been made.
Grants
Federal Pell Grant
This need-based grant is available only to students without a prior bachelor's degree who demonstrate financial need according to a federal eligibility formula. Students must be enrolled in 3 or more credits to be awarded this grant.
Colorado State Grant
This need-based grant is available only to students without a prior bachelor’s degree who demonstrate financial need according to a federal eligibility formula and who are Colorado state residents. These limited funds are awarded on a first-come, first-served basis. Student must be enrolled in 6 or more credits in order to be awarded this grant.
Supplemental Educational Opportunity Grant
This need-based grant is available only to students without a prior bachelor's degree who demonstrate financial need according to a federal eligibility formula. These limited funds are awarded on a first-come, first-served basis. Students must be enrolled in 6 or more credit hours to be awarded this grant.
Colorado Leveraging Educational Assistance Partnership (CLEAP) Grant
This need-based grant is available only to students without a prior bachelor's degree who demonstrate financial need according to a federal eligibility formula. These limited funds are awarded on a first-come, first-served basis and are awarded to students who are enrolled in at least 6 credit hours.
Loans / Self Help:
Stafford loans are forms of financial aid that must be repaid either after the student has graduated or stopped attending classes as a half time student (6 credits). There are two kinds of Stafford loans: subsidized and unsubsidized. Information on the difference between the two can be found below. First time borrowers at RRCC must complete an entrance interview. Loan entrance and exit counseling (for students leaving RRCC) can be completed by linking to www.mapping-your-future.org. Stafford loans have 6 month deferment period which begins once students cease continual enrollment in 6 or more credits. During this time payments on the loan principle are not required and for subsidized Stafford loans interest will not accrue. During the deferment period your lender will contact you with regard to repayment options. For this reason it will be important for you to keep your contact information current with the lender. These loans are a serious obligation so please think about the amount you’ll have to repay over the years before you take out a loan.
Federal Subsidized Stafford Loans
Loans Certified after July 1, 2006:
Federal Stafford Loans are low-interest (currently 6.8 %) funds that must be repaid. These loans are interest-free while you are enrolled in school at least half-time in a degree seeking program (undergraduate or graduate). At Red Rocks Community College we participate in the Federal Family Education Loan (FFEL) program, which means all funds are borrowed from a private lender, a banking institution of your choice, as opposed to directly from the government as in Direct Loan Programs. FFEL program Stafford loan funds can be used for education-related expenses such as tuition, fees, books, living costs, transportation, childcare, etc. Payments on these loans are deferred for 6 months after the student graduates, leaves school, or becomes enrolled in less than 6 credits in a given semester. The Maximum Repayment Period is 10 years. These fees will not exceed 4% of the amount borrowed and they will be deducted from each semester's disbursement.
Loans Certified prior to July 1 2006:
These loans are interest-free while you are enrolled in school at least half-time in a degree seeking program (undergraduate or graduate). During repayment, the variable interest rate for each 12 month period will be adjusted each July 1 to equal the rate of the 91-day Treasury bill plus 2.3 percent. For loans disbursed on or after July 1, 1994 the interest rate is capped at 8.25%. For loans disbursed between October 1, 1992 and July 1, 1994 to students with no prior outstanding Stafford Loans, the interest rate is capped at 9.0%. Stafford Loan repayment begins 6 months after you cease to be enrolled at least half-time. The Maximum Repayment Period is 10 years. The lender is authorized to change the borrower origination and guarantee fees. These fees will not exceed 4% of the amount borrowed and they will be deducted from each semester's disbursement.
Additional Eligibility Requirements:
- Meet eligibility requirements stated above and
- The student must enroll for at least 6 credits for each semester in which the loan will be received.
- Demonstrate financial need
Federal Unsubsidized Stafford Loans
Loans Certified after July 1, 2006:
Different from Subsidized Stafford loans in that these loans accrue interest while the student is enrolled in school and during the repayment period. Federal Stafford Loans are low-interest (currently 6.8 %) funds that must be repaid at a future date. These loans are interest-free while you are enrolled in school at least half-time in a degree seeking program (undergraduate or graduate). At Red Rocks Community College we participate in the Federal Family Education Loan (FFEL) program, which means all funds are borrowed from a private lender, a banking institution of your choice, as opposed to directly from the government as in Direct Loan Programs. FFEL program Stafford loan funds can be used for education-related expenses such as tuition, fees, books, living costs, transportation, childcare, etc. Payments on these loans are deferred for 6 months after the student graduates, leaves school, or becomes enrolled in less than 6 credits in a given semester. The Maximum Repayment Period is 10 years. These fees will not exceed 4% of the amount borrowed and they will be deducted from each semester's disbursement.
Loans Certified prior to July 1, 2006:
Different from Subsidized Stafford loans in that these loans accrue interest while the student is enrolled in school and during the repayment period. The variable interest rate for each 12 month period will be adjusted each July 1 to equal the rate of the 91-day Treasury bill plus 1.7 percent during the in-school, grace and deferment periods and 2.3 percent during repayment. For loans disbursed on or after July 1, 1994 the interest rate is capped at 8.25%. For loans disbursed between October 1, 1992 and July 1, 1994 to students with no prior outstanding Stafford Loans, the interest rate is capped at 9.0%. Stafford Loan repayment begins 6 months after you cease to be enrolled at least half-time. The Maximum Repayment Period is 10 years. The lender is authorized to change the borrower origination and guarantee fees. These fees will not exceed 4% of the amount borrowed and they will be deducted from each semester's disbursement.
Additional Eligibility Requirements:
- Meet eligibility requirements stated above and
- The student must enroll for at least 6 credits for each semester in which the loan will be received.
- Submit a FAFSA
Federal Parent Plus Loan
The Federal PLUS loan can be borrowed by parents of dependent undergraduate students to help pay for the student's education. PLUS are processed for one academic year at a time. PLUS loan applications must be processed through a lender who will approve or deny the application based on a review of the parent borrower's credit history. 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 $4,000 in additional Unsubsidized Stafford Loan. 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.
Additional Eligibility Requirements:
- Meet eligibility requirements stated above and
- The student must enroll for at least 6 credits for each semester in which the PLUS loan will be received.
- PLUS loans are only available to parents, step-parents, and legal guardians of dependent students.
Federal Work Study
FWS is a need-based program of financial aid and is administered through the Office of Financial Aid. Through the FWS program, students who demonstrate financial need may work to earn an FWS award intended to assist them in defraying educational and living expenses while attending an institution of higher education. Students must be enrolled in at least 6 credit hours in order to maintain their eligibility for this program. The Federal Work-Study (FWS) program is a program through which the federal government subsidizes earnings for hours worked in special student employment positions. Federal Work-Study earnings also carry the benefit of being excluded in future year need calculations. See Worksheet C of the FAFSA.
Colorado Work Study
Colorado Work Study may be awarded to students who have indicated an interest in student employment. These are limited funds which are awarded to residents of Colorado. Students must be enrolled in at least 6 credit hours to be eligible with exceptions made for summer term. To be eligible for summer work study students must have been enrolled in 6 credit hours in the preceding spring semester and be enrolled in at least 6 credits for the upcoming fall semester.
For both work study programs:
- Students cannot begin work until all personnel paperwork has been completed
- Cannot work more than 20 hours a week while classes are in session during the fall and spring semesters
- Can work up to 40 hours a week during breaks in classes (such as spring break or between semesters)
- Must remain enrolled in 6 credits during the time that they are employed through the work-study program
- Must submit accurate timesheets on a regular and timely basis
- Unless additional work study funds are awarded, students must be converted to student hourly employees once a student’s work study allotted award is expended.
Misc.
Alternative Student Loans
Subsidized Stafford, Unsubsidized Stafford, and PLUS loan programs will always offer lower borrowing costs than any private educational loan program. Due to the higher borrowing costs, most students and families should not consider borrowing private student loans until they have exhausted their maximum federal student and parent loan eligibility.
Consider a private loan if the following situations apply:
- The student or parent is unable to borrow federal student/parent loans because they do not meet the Federal Eligibility Requirements posted above.
- The parents are willing to pay higher borrowing costs for the opportunity to borrow a parent loan that can be deferred while the student is in school. (PLUS loan payments cannot be deferred while the student is in school, but many private loans offer this option.)
- The student is responsible for financing his or her education, and he or she needs to borrow additional funds.
- The student or parents need to borrow funds for a previous semester and it is too late to borrow federal loans. (Many private loans allow students/parents to borrow funds to repay overdue university charges from previous semesters).
- The student or parent has exhausted their federal loan options and needs to borrow additional funds to meet the student's cost of education.
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