Interest is paid by the government while the student is in school at least half-time. Eligibility for Subsidized Federal Stafford Loans is determined by using the cost of attendance and subtracting estimated financial aid and estimated family contribution. Unsubsidized Federal Stafford Loans cannot exceed costs of attendance as set by the University and approved by the Colorado Commission on Higher Education yearly loan limits. PLUS Loans are not dependent upon family income and require only a simple credit check based on criteria established by the federal government to qualify.
Interest begins to accrue immediately.
If the parent is approved for the loan, an application will be sent to the parent by the lender. The low variable rate, guaranteed not to exceed 9 percent, makes the PLUS Loan an attractive alternative to using family savings and investments for educational costs. Repayment normally begins when the loan is fully disbursed. Yearly amount that the parent may borrow is the Financial Aid budgeted Cost of Attendance, minus any other Financial Aid or scholarships. Our University has very specific criteria for the awarding of, and determining eligibility for, this type of loan.