A variety of grants and loans are available for qualifying students. How do you know if you qualify? For federal aid simply complete the FAFSA. To receive financial aid from the State of Colorado the student must be a resident of the State and must have completed a Colorado residency form with the Financial Aid Office.

Deadlines are listed on our Financial Aid page.

Grants

Grants do not have to be repaid -- they are a gift based on financial need.

Federal Pell Grant

• Undergraduate students who have not earned a bachelor's degree
• FAFSA indicates economic need
• $976 to $5,350 per academic year, based on full time attendance

Federal Supplemental Educational Opportunity Grant (FSEOG)

• 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 $4000 per academic year

Colorado Student Grants (CSG)

• 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

Academic Competitiveness Grant (ACG)

• Must qualify for a Pell Grant
• Must be enrolled as a full time student (12 or more credits)
• A U.S. citizen
• Completed a rigorous program of study in high school
• First academic year students must have graduated from high school after January 1, 2006 and not have been previously enrolled in an undergraduate education program.
• Second academic year students must have graduated fro mhigh school after January 1, 2005 and have earned at least a 3.0 GPA their first academic year
• Up to $750 for the first year, up to $1300 for the second year

Loans

All loans must be repaid, with interest. RMCAD participates in the Federal Family Education Loan Program (FFELP). The FFEL Program uses private lenders to process student loans. Loan applications and Promissory Notes are completed online and funds are sent via electronic funds transfer (EFT) from the lender to RMCAD to be applied directly to the student’s tuition account. Both student Stafford Loans and parent PLUS loans are available through this program.

Federal Subsidized Stafford Loans

• 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 gruaduation, withdrawl, or enrollment falls below half time.
• Fixed interest rate of 5.8%
• 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

Federal Unsubsidized Stafford Loan

• 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 gruaduation, 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

PLUS Loan (Parent Loan for Dependent Undergraduate Students)

• 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 8.5%
• Maximum amount is cost of attendance minus all other financial aid

Alternative Private Student Loans

• 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

Work-study

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