Financial Aid

Students and parents will each need a personal identification number (PIN) to sign the FAFSA electronically. If you or your parents do not have a PIN or cannot remember it, you may apply for or retrieve it on the PIN website: http://www.pin.ed.gov. Your PIN will not expire, so be sure to keep a record of your PIN for use in upcoming years.

The FAFSA looks at your, your spouse’s, and/or your parents' income, assets, and family information to determine what your family can reasonably be expected to contribute to your education for the academic year.

This amount is called the Expected Family Contribution (EFC). The EFC will be shown in your Student Aid Report (SAR). The EFC is not the amount you will have to pay, but is a number used by the Financial Aid Office to calculate your eligibility for various kinds of financial assistance. RMCAD will receive this information directly from the Department of Education.

The formula used is:

Cost of Attendance - EFC = Financial Need

The Cost of Attendance is set by RMCAD and is based on federal and state guidelines. It includes amounts for tuition and fees, room and board, books and supplies, and transportation.

Your FAFSA results will be issued in a document called the Student Aid Report or SAR. Copies will be emailed or mailed to you and to RMCAD. You should also read the comment page to check for errors or other issues that may delay your aid award.

If you have any questions, please contact us. You may also stop by the Financial Aid Office on the 3rd floor of the Texas Building during regular weekday hours.

• Undergraduate students who have not earned a bachelor's degree
• FAFSA indicates economic need
• $555 to $5,550 per academic year, based on full-time attendance

• Must also qualify for a Pell Grant
• Intended for students with exceptional financial need
• Funds are limited, so apply early
• Must be enrolled at least half-time (6 or more credits)
• $100 to $4,000 per academic year

• Eligibility determined by FAFSA results
• Funds are limited, so apply early
• Must be enrolled at least half-time (6 or more credits)
• Must be a Colorado resident (contact the Financial Aid office for a residency form)
• $1,500 to $5,000 per academic year

• Need-based
• Must be enrolled at least half-time (6 or more credits)
• Government pays interest while the student is enrolled
• Interest and repayment begins 6 months after graduation, withdrawal, or enrollment falls below half-time
• Interest Rate:
  • 4.5% for loans first disbursed on or after July 1, 2010 and before July 1, 2011
  • 3.4% for loans first disbursed on or after July 1, 2011 and before July 1, 2012
  • 6.8% for loans first disbursed on or after July 1, 2012
• Financial aid exit counseling required before graduation
• Award maximums (including subsidized and unsubsidized amounts):
  • $5,500 for freshman year
  • $6,500 for sophomore year
  • $7,500 for junior/senior years
  • $31,000 aggregate limit

• Not need-based
• Must be enrolled at least half-time (6 or more credits)
• Interest begins accruing when loan is disbursed. Students can pay interest as they go, or let it accumulate as part of the principal amount of the loan
• Repayment begins 6 months after graduation, withdrawl, or enrollment falls below half-time
• Fixed interest rate of 6.8%
• Financial aid exit counseling required before graduation
• Award maximums (including subsidized and unsubsidized amounts):
  • $5,500 for freshman year
  • $6,500 for sophomore year
  • $7,500 for junior/senior years
  • $31,000 aggregate limit

• Not need-based
• Parents must pass credit check
• Parents begin repayment once the loan amount has been disbursed the first year
• Interest accrual and repayment both begin right away
• Fixed interest rate of 7.9%
• Maximum amount is cost of attendance minus all other financial aid

• Not need-based
• Eligibility based on borrower and/or co-signer's credit rating
• Loan amounts are determined by cost of attendance minus other financial aid assistnace
• Contact the Financial Aid Office for loan application information

Federal and Colorado State work-study applications can be obtained from the Financial Aid Office when the term begins.

• Eligibility determined by FAFSA results
• Colorado State awards are available to Colorado residents only—contact the Financial Aid office for a residency form
• Provide part-time jobs for students with financial need
• Positions are limited, apply as early as possible
• Awards are based on financial need and the availability of funds
• Students hired by the program will work for the College, a public school, or for a community service organization