Colorado Technical University Tuition Financial Aid

Financial aid is the name used for federal, state and private resources that may help pay for college costs. Typically financial aid consists of grants, scholarships, loans and student employment. Grants and scholarships usually do not have to be repaid. Loans must be repaid with payments usually beginning after the student is no longer enrolled at least half time. Student employment consists of opportunities for students to earn money to pay for educational expenses. Financial Aid is available for those who qualify.

The Free Application for Federal Student Aid, more commonly known as the FAFSA, is the single application needed to apply for all sources of federal student aid. The FAFSA can be completed online at https://studentaid.gov/h/apply-for-aid/fafsa via a web browser or by using the FAFSA mobile app. The FAFSA can be signed electronically by using a FSA ID. A FSA ID can be obtained by visiting https://studentaid.gov/fsa-id/sign-in/landing and clicking on the link to register. If you are a dependent student for aid purposes, both you and your parent will require a FSA ID to sign the application electronically.

Students are considered dependent or independent for federal financial aid purposes based on criteria established by Congress. For example, students who are under the age of 24, single, have no dependents and are not veterans are typically considered dependent for federal financial aid purposes. Dependent students are required to have parents provide financial information on the FAFSA in order to determine eligibility for the various federal aid programs. Check with the financial aid office to determine your dependency status if you are unsure.

Students must reapply for federal and state aid every Award Year (July 1 – June 30). The application for the upcoming Award Year is available starting October 1. You may need to complete multiple applications depending on the dates of your classes. Please check with your financial aid office to determine when you should reapply.

A grant is money and usually does not have to be repaid. Loans are borrowed money and must always be repaid regardless of whether you complete the program or are unsatisfied with your educational experience. Failure to repay your loans can result in serious consequences and negatively impact your ability to obtain credit in the future.

Repayment on most loans will begin after the student is no longer enrolled at least half time. Some loans are interest free while the student is enrolled. Interest may accrue on other loans even while the student is enrolled. Check with the financial aid office, they can help explain the differences in the types of loans you have. In all cases, loans must be repaid regardless of whether you complete the program or are satisfied with your educational experience. Failure to repay your loans can result in serious consequences and negatively impact your ability to obtain credit in the future. If at any point in the financial aid process you have questions or need more information, a CTU Financial Aid Advisor will be happy to provide assistance. You can also learn about how to manage your federal loan repayment on the Federal Student Aid website.

Federal Parent PLUS loans are part of the Federal Student Aid Program. Parents who co-sign on a private loan are just as responsible for repaying the loan (usually at higher interest rates) as the student if the student fails to make payments. In other words, whether one is the borrower or co-borrower, both the Federal PLUS loan and the private loan appear on a credit report and the potential financial responsibility is the same.

The FAFSA is the most important document to complete when applying for financial aid. In addition, there are a few other things that you need to have on hand before you start.If you are a U.S. citizen, you are required to have a social security number. The U.S. Department of Education will match your social security number to your name, so be sure that you enter your full name as it appears on your social security card.If you are not a U.S. citizen but are an eligible non-citizen, have your alien registration number ready.If you have a driver’s license, have that number handy. You will also need your federal tax returns and other asset information. Examples of assets include checking and savings accounts, stocks, bonds, certificates of deposits, mutual funds, real estate (other than the family home), businesses and farms. Please note, if you are dependent, you will need to provide your parents’ federal tax returns and asset information. If you are independent, you will need to include federal tax returns and asset information for your spouse, if applicable.

A Federal Student Aid (FSA) ID is a user-selected username and password that will authenticate your identity to access your federal student aid information. This login process will be used to access student and borrower-based websites, including FAFSA and StudentAid.gov. The FSA ID is a single sign-on process that makes applying for aid quick and easy. Remember, your FSA ID is private and should never be shared with anyone.

There is a Congressionally determined set of formulas used for assessing financial need for the Federal Student Aid programs. The process starts with the FAFSA. If you haven’t already, you’ll be hearing a lot about this important form. These formulas are used to calculate an Expected Family Contribution (EFC), which is a theoretical index of a family’s financial strength. Don’t worry; this is not the amount you are expected to contribute. The EFC is simply the result of a specific calculation. The difference between the EFC and the calculated cost of attendance (which includes the estimated average tuition, fees, books, supplies, room, board, transportation and personal expenses), will determine the amount of aid (need-based and non-need based) for which you may qualify.

Regardless of how much money you or your parents make, you should still complete the FAFSA. Some sources of aid are not need-based, and are available to those who qualify.

Determining your dependency status is an important step in the financial aid application process. The definition for dependent or independent student for the purposes of federal student aid may be very different from what you might consider for yourself. It also is different from the IRS definition of dependency. This is not a status that CTU assigns to you but rather a determination made from your answers to several questions on the FAFSA. Some of the more common criteria that lead to an independent status are:

• You are 24 years of age prior to January 1 of the current award year.
• You are married as of the day you sign your FAFSA.
• You will be working on a master’s program.
• You are an individual with dependents for whom you provide more than half of their financial support.
• You are a veteran of the U.S. Armed Forces.
• You are currently serving on active duty in the U.S. Armed Forces for purposes other than training.
• You were an orphan or a ward of the court by the age of 13, you were in legal guardianship, or you were an emancipated minor.

A Federal Direct loan is a federal loan available for those who qualify to help students pay for their education. Federal Direct Sub and Unsub educational loans have low interest rates and require no credit check. A private loan is an unsecured loan made by a lender which may have higher interest rates and usually requires a credit check.

You can research options using a variety of scholarship search websites. Researching and applying can be time consuming, but your effort may be worth your time if you find extra funding. A word of caution: do not use agencies that charge fees to find scholarships. You can do this search on your own and free of charge.

A Student Accounts Specialist is available to speak with you regarding any account balances with the University. If you have any questions about your student account, you may contact us through the methods listed below. Account information is available at any time in the Student Accounts link on the CTU student portal. If you are having difficulty paying the balance due on your student account, please contact us to discuss options available to you. We aim to find reasonable payment options that work for both the student and the University.

If you contact us in writing, please include your name, student ID number (if known), a phone number and e-mail where you can be contacted, and a description of your request for assistance. We will respond to you as quickly as possible, typically within 24-48 hours of receiving the request.

These accounts do not charge interest or fees and the University does not require a cosigner. You may request a payoff statement for your account at any time by contacting us through a method listed above. Be advised that the payoff amount will be equal to your current account balance listed in the student portal.

CTU collects payment from students who have account balances directly with University. This is different than the government or private lending sources referenced in other FAQs and has rules and policies that are different from those programs. Our Student Accounts Specialists work on behalf of the University and are part of an affiliated company (CEC Employee Group, LLC or CEC Educational Services, LLC).

Oregon SLS License # 2161929

Note: In certain instances, your account may be serviced by TFC Tuition (License Number: 1708442) on our behalf. If applicable, you will be contacted by TFC Tuition with their contact information included.

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