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Loans

Loan Interest Rates & Limits 2013-2014

Federal Perkins Loans do not accumulate interest while a student is in school and do not have a loan origination fee. Repayment begins nine months after a student leaves school or is enrolled less than half-time. The interest rate is fixed at five percent, and the loan has a ten-year repayment period. In some years, there may be a limited amount of Perkins loan funds to award to students.

Federal Direct Subsidized Stafford Loans allow students to borrow as much as $3,500 a year for first-year students, $4,500 for second-year students, and $5,500 a year thereafter. The amount an applicant may borrow depends on the financial aid eligibility of the family as determined by the FAFSA. Based on current federal regulations as of 7/1/2013, the interest for a Subsidized Stafford Loan is fixed at 3.86%. The principal amount of the loan is deferred, and the government pays the interest while the student is enrolled at least half time. If the student drops below half time, takes a leave of absence, or withdraws from the college, the student will have six months before starting to repay the loan. An origination fee of 1.051 percent of the total amount is deducted from the total amount borrowed before the loan is disbursed. Please note the origination fee will increase to 1.072 percent for loans where the first disbursement is made on or after December 1, 2013.

Federal Direct Unsubsidized Stafford Loans begin accumulating interest immediately and are available to any student who does not qualify for the federal subsidized Stafford loan. As of July 1, 2008, students who do qualify for federal subsidized Stafford loans may borrow an additional $2,000 per year in federal unsubsidized Stafford loans. The interest rate is fixed at 3.86 percent. If the student drops below half time, takes a leave of absence, or withdraws from the college, the student will have six months before starting to repay the loan. An origination fee of 1.051 percent of the total amount is deducted from the total amount borrowed before the loan is disbursed. Please note the origination fee will increase to 1.072 percent for loans where the first disbursement is made on or after December 1, 2013.

Federal Direct PLUS Loans give parents the chance to borrow an amount up to the cost of attendance, minus all financial aid and scholarships received. The interest rate is fixed at 6.41 percent with a 4.204 percent origination fee. Repayment begins 60 days after disbursement of the loan. However, the principal amount of the loan may be deferred while the student is in school and up to six months after the student leaves school or is enrolled less than half-time. Parents can contact the federal government at 1-800-848-0979 for information about this deferred repayment option. Please note the origination fee will increase to 4.288 percent for loans where the first disbursement is made on or after December 1, 2013.

Contact the Financial Aid Office

  • James M. Swanson, Director of Financial Aid
  • Elaine Redwine, Associate Director of Financial Aid
  • Gaye L. Scheafer, Assistant Director of Financial Aid
  • Kathy Gonzalez, Financial Aid Counselor
  • Lucie Holloway, Communication & Student Employment Coordinator
  • Libby Fletcher, Financial Aid Coordinator
  • Colleen Smith, Financial Aid Specialist

financialaid@coloradocollege.edu
800-260-6458 or 719-389-6651
Fax: 719-389-6173

Spencer Center, 1st Floor                                                                                                        14 E. Cache La Poudre St.
Colorado Springs, CO 80903

Hours of operation: Monday - Friday, 8:30am - 5:00pm