Unlike grants and work-study, student loans are borrowed money that must be repaid with interest. Because loans are a legal responsibility, it is important to look at them as a last resource to pay for your education. Calculate your loan debt and loan payments using the CollegeInColorado SLOPE calculator.
Aims Community College participates in the William D. Ford Direct Loan Program, also known as “Direct Loans.” Eligible students and parents borrow directly from the U.S. Department of Education. Direct Loans include:
Please visit the Direct Loan website for current loan rates.
In addition to interest, fees are associated with these loans. For loans borrowed after Dec. 1, 2013, subsidized and unsubsidized Stafford loans have an origination fee of up to 1.069 percent of the loan amount borrowed PLUS loans have an origination fee of 4.276 percent of the loan amount borrowed.
Fees will be deducted proportionally from each payment of the loan to the school. This means the amount paid to school will be slightly less than the amount you have borrowed and must repay.
Information regarding the federal student loans you borrow is reported to the National Student Loan Data System (NSLDS) and is viewable by authorized users of that system (i.e. lenders, guarantee agencies and schools). As a federal student loan borrower, you can view the same information by using your FSA ID (FAFSA username and password), your name, your social security number and your date of birth at the NSLDS for Students website.
As a two-year community college, loan limits can only be certified at first and second academic year levels.
|1st year (0-29.5 credits)||
|2nd year (30+ credits)||
The repayment of your federal student loans will be determined based upon the U.S. Department of Education’s Standard Repayment plan;
The Direct Loan Program offers other loan repayment plans that can found on the Direct Loan website.
The student must show financial need, as determined by the Financial Aid office, and be enrolled at least half-time to receive a Subsidized Stafford Loan. The U.S. Department of Education will pay the interest that accrues on this loan type during periods of half-time enrollment and periods of deferment. Once the loan goes into repayment, the borrower is then responsible for the payment of the loan’s principal and interest.
Financial need, as determined by the Financial Aid office, is not required for the Unsubsidized Stafford Loan. However, the student must be enrolled at least half-time. The borrowers (students) are responsible for the payment of the interest, in addition to the amount borrowed, from the time the loan is paid on their behalf until it is paid in full.
Accrued interest not paid during deferment or forbearance will be added to the loan amount borrowed and interest will be charged on the combined amounts. This is known as interest capitalization.
The Financial Aid office at Aims strongly recommends paying the interest on your Unsubsidized Stafford Loan monthly or quarterly to reduce the amount of interest charged to your loan.
Parents of dependent students can borrow from this loan program to help pay the cost of their student’s undergraduate education. This loan is credit based. A FAFSA must be filed for students whose parents would like to borrow through the PLUS Loan program. In addition, the parent must complete a Parent PLUS application on the Student Loan website.
A number of private loans are available to credit-worthy students, their co-borrowers or both. Students should first determine their eligibility under the federal student loan programs before seeking additional funding under this option. To apply for a private loan, you must contact the lender of your choice. Information on the eligibility criteria and loan terms are available on each lender's website.
Aims does not have a preferred lender list (PLL) for alternative loans and, therefore, will not require a prospective borrower to use a lender on a PLL, deny or otherwise impede a borrower’s choice of lender or cause delays for borrowers who use a lender that is not listed on a PLL.