Types of Aid: Financial Aid

1. Federal and state grants
2. Scholarships
3. Loans
4. Work study positions
5. Veterans' benefits

Two types of need-based aid:

• Gift assistance: includes grants from state, federal and institutional sources.
• Self-help: comprised of work-study and/or loans. Indicates that the student has a responsibility to provide his/her fair share of the cost of going to school.

You must be enrolled in a minimum of six credit hours per semester to receive funds from most of the following programs.

Grants (money that does not have to be repaid)

Colorado State Grant
State funds are available to Colorado residents with financial need. Awards vary in amounts up to $5,000 per year, depending upon students' needs and the funding available from the State of Colorado.

Leverage Education Assistance Program
These funds are awarded to Colorado residents with exceptional financial need. Awards vary per year, depending upon students' needs and the amount of funding allocated by the State and Federal Government.

Federal Pell Grant
This federally-funded assistance is available to students to help with college expenses. Awards vary, depending on the amount of support your family can provide. A Federal formula derived from Free Application for Federal Student Aid (FAFSA) determines the size of your award.

Federal Pell Grants are intended to build a base of financial support that can be supplemented with other kinds of assistance if necessary.

Scholarships

A variety of scholarship applications may be obtained in the Financial Aid Office. New ones arrive weekly! Our scholarship brochure lists the majority of the scholarships. Students are also welcome to access the scholarship database or explore many of the free scholarship web sites at the center. View scholarship lists.

Local clubs, organizations and businesses in the Littleton area often make scholarships available. To find out more about them, contact the Financial Aid Office. Free scholarship searches are available at www.fastweb.com.

FastWEB (Financial Aid Search Through the WEB) is the largest scholarship search on the Internet. It provides access to a searchable database of more than 600,000 private sector scholarships, fellowships, grants, and student loans with over one billion dollars available. FastWEB is available to you FREE.

Access FastWeb Now!

Other scholarship Resources are available at:

• College financial aid offices
• High school counseling offices
• Public libraries
• Your local place of worship
• Businesses
• Professional organizations
• Magazines
• Chambers of Commerce
• Clubs (VFW, Elks, etc)
• Friends and family
• Student and parents' employers

Federal Direct Loans

Federal Stafford Loan

Everyone determined eligible for aid by completing the Free Application for Federal Student Aid (FAFSA) is eligible for a Federal Stafford loan.  This loan is offered as subsidized and/or unsubsidized and will show on your financial aid award letter. The amount of Stafford loans vary based on eligibility, dependency, year in college, need, etc.  Subsidized loans do not accrue interest as long as you are continuously enrolled at least a half-time (6 hours) per semester.  Unsubsidized loans do accrue interest starting on the first date of disbursement.  Borrowers may pay the interest on an unsubsidized loan while in school or defer interest payments until they enter repayment (after graduation or dropping below 6 credit hours for more than 6 months). Borrowers repay both principal and interest on Stafford loans according to the repayment option the borrower chooses and interest rate begin six months after you are no longer enrolled half time.

By completing the FAFSA and loan paperwork, we can help students determine the appropriate amount of the loan to fit their needs. Typically, borrowers have 10 years to repay these loans with no penalty for early repayment. If students return to school at least halftime during repayment, they may qualify for a deferment of loan payments. In the event a borrower encounters personal financial issues causing inability to repay loans temporarily, the US Department of Education may allow a deferment or forbearance.

See default section below.

Parents of dependent students may qualify for this program. If a financial aid award offer is not sufficient for a dependent students’ needs, a PLUS loan can be taken by parents for the benefit of their student. This loan requires the parents to complete a credit check and assume responsibility to repay the loan. If the parents are denied this loan, check with our office for further options. Repayment of PLUS loans begins 60 days from the last disbursement of the loan.

To apply for a Federal PLUS Loan parents must complete the following:

• PLUS Master Promissory Note
• 2009-2010 PLUS Loan Request Form

Just because you are ineligible for one of these, does not rule you out for applying and qualifying for the others.

Application Process

Once you have completed the Free Application for Federal Student Aid (FAFSA) and have a Financial Aid File, viewable at Student Personal Information System, you will receive an award letter. Initial loan eligibility will be included in the award letter, unless the student indicated no interest in loans on the FAFSA. Stafford loans are available through the Direct Loan Program.

To be eligible for a Federal Stafford Loan you must:

• Maintain satisfactory academic progress
• Enroll at least half-time (6 units) in a degree or certificate program
• Be in an eligible degree or certificate program (see Student Declaration of Major form)
• Not be in default, overpayment, or owe a refund on any Federal Loan or Grant
• Not reached the Federal aggregate limits for Stafford Loans

To accept a Federal Stafford Loan offer you must complete the following:

• First-time borrowers need to complete Entrance Loan Counseling
• Master Promissory Note
• 2009-2010 Direct Loan Acceptance Form

How Much May I Borrow?

The maximum you may borrow depends upon your grade level and dependency status.

ACC students may not normally borrow more than the second-year amount, even if they are enrolled for a "third year."

Exit Counseling

Prior to graduating or leaving college, borrowers are required to complete an exit counseling session.  Exit counseling can be done online.

Avoid Default

Paying off a student loan is a great way to develop a good credit history. Timely loan payments are critical. If you are having difficulty repaying your loan due to unemployment, a temporary financial setback, or another problem, contact your lender to find out about your options.

A defaulted loan is serious. If you default, it means the lender has turned your loan over for collection and the entire amount is due and payable. Once you are listed as being in default on a student loan, no financial aid of any form will be available to you. To rectify this, you must contact your lender immediately to determine what steps they will require to resolve this issue. Normally, if a person makes six on-time, non-garnished, monthly payments, they may qualify to apply to have their loans rehabilitated. If this is approved, a student can then reapply for financial aid. With 12 on-time, non-garnished, monthly payments, they may qualify to apply to have their loans then taken out of defaulted status. Consequences of having a loan in default include:

• A damaged credit rating
• Court action or litigation
• Garnishment of state and federal tax refunds and state lottery winnings
• Wage garnishment and attachment of property
• Loss of additional student aid eligibility
• Loss of deferment and monthly repayment options
• Assessment of collection costs
• Possible effect on professional licensing
• Inability to attain financial aid at any institution within the United States.

Work-Study

Work study positions are available to any student who qualifies and has been awarded money.

Veterans Affairs

The ACC Veterans Affairs office is located within the Financial Aid office. For assistance, stop by the office or visit www.gibill.va.gov.

Federal Financial Aid Return of Title IV Funds Policy

Financial aid students at ACC receiving Title IV funds who completely withdraw, within 60 percent of the term may owe a repayment of funds received. Cases will be examined to determine if a repayment is applicable. If so, the refund will be calculated and returned in accordance with Federal legislation.

Students may also be required to repay Title IV Programs. Refunds are calculated in the following order:

• Unsubsidized Federal Stafford Loan
• Subsidized Federal Stafford Loan
• Federal Parent Loan to Undergraduate Students (PLUS loan)
• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant
• State of Colorado Student Financial Aid Programs
• Arapahoe Community College Financial Assistance Programs

Contact the Financial Aid Office at 303.797.5661, Room M2115, for specific details on all aid programs listed above.

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