The University of Colorado at Boulder Law School

8 Steps to Financial Aid (2009-2010) — Updated December 2008

The 8 Steps to Financial Aid has been written to help you understand the financial aid process, beginning with the Free Application for Federal Student Aid (FAFSA) and culminating in the delivery of financial aid awards to your student account.  The information here is just a starting point—we will be conducting orientation sessions on financial aid, as well as continuing to send you information throughout the spring and summer. 

In most instances a law student will be eligible for student aid funds to cover his/her total cost of attendance.  In academic year 2008-09, the cost of attendance was $34,443 for resident students and $47,421 for non-resident students.   The cost of attendance (budget) includes allowances for tuition and fees, books and supplies, rent and utilities, food, medical, transportation, and personal expenses.  Please note that expenses for a vehicle (payments, insurance, repairs), credit card payments, and rent/utilities over $610 per month are not automatically included.  It is very important to keep your expenses within the budget.  To assist you in covering these expenses, financial aid includes grants, scholarships, work-study, and both Stafford and Graduate PLUS loans through the Direct Loan program.  No credit check is required in order to receive Stafford loans, but students must be “credit-worthy” to receive PLUS loans.

Please keep this brochure in your financial aid file for future reference.  Information on financial aid is available on the CU Law website, and more in-depth information can be found at the main University of Colorado Financial Aid website at colorado.edu/finaid – mouse over the “Who Are You?” link to learn more about aid for graduate students. If you need additional assistance, you may call the Office of Financial Aid at 303-492-5091 to speak to an advisor or you may contact me directly at 303-492-0647. 

1. FAFSA
You are urged to apply for federal student aid online at www.fafsa.ed.gov.  You will need a PIN number, obtainable at pin.ed.gov, and your federal 2008 tax return.  The PIN number will be sent, typically via email, within a week.  When you apply be sure to enter the University of Colorado at Boulder (UCB) and the Title IV school code (001370) near the end of the application.

2. FEDERAL TAXES
Fax (303-492-0838) or mail a signed copy of your 2008 Federal Income Tax form.  The mailing
address is: 
Office of Financial Aid
University of Colorado
556 UCB
Boulder, CO 80309-0556

3. SAR (STUDENT AID REPORT)
Within 1-3 weeks from the time you complete the FAFSA you will receive a Student Aid Report (SAR) from the Department of Education.  This SAR will reflect the information you supplied on the FAFSA. If you do not receive your SAR within 3 weeks, please call the federal processor at 1-800-4FEDAID to determine what issues they are having with your processing.  When you receive the SAR make sure all the information is correct.  If you need to make corrections, follow the instructions to make corrections online and then keep your Student Aid Report for your records.

4. AWARD OFFER
When the Financial Aid Office has received the necessary documents (the FAFSA information from the processor and your taxes), a financial aid award offer will be sent to you.  This letter will be complemented by an email sent to your colorado.edu address.  Your award letter will include acceptance instructions.

5. GRANTS AND SCHOLARSHIPS
If you are awarded a grant and/or scholarship, this money will be credited to your student account at the time of billing.  You do not need to indicate acceptance of these awards as your acceptance is implied.  Please contact the Law School Admissions Office with questions about scholarships and how to apply for them.

6. FEDERAL STAFFORD LOANS
The University of Colorado at Boulder (UCB) utilizes the Federal Government as our  lender for the Stafford Loan program.  The fixed Stafford Loan interest rates for 2007-2008 was 6.0% (subsidized loans) and 6.8% (unsubsidized loans).  While this rate is subject to change, we expect it to remain the same for next year.  The simplest way to view and accept your loan offer is through the CUConnect system (you will receive mail about access to this system from the main campus).  You may also call 303-492-5091 to ask questions or accept over the phone, or accept in person any time throughout the school year.  The federal government has set the Stafford Loan academic year limits at $8,500 in Subsidized (interest-free during school) and $12,000 in Unsubsidized (interest begins after 120 days) loan amounts.  The Stafford loans also require your one-time completion of a Master Promissory Note, which can be completed at dlenote.ed.gov and signed electronically using your FAFSA PIN.

7. FEDERAL GRADUATE PLUS LOANS
Gradtuate PLUS loans are part of your financial aid package, and can help you fund the difference between your Stafford loans (max of $20,500) and your Cost of Attendance.  The Department of Education is also our lender for this program and the interest rate for 2009-10 will be a fixed 7.9%. While this interest rate is also subject to change for next year, we expect it to remain at this fixed amount.  Your eligibility for a PLUS loan is limited only by your Cost of Attendance for a given year and your approved credit check.  If you wish to accept thses loans, YOU MUST COMPLETE A SEPARATE APPLICATION FOR THESE LOANS, available under the “Forms” link at colorado.edu/finaid.  

PLUS loans also require the signature one-time of a Master Promissory Note, available online at dlenote.ed.gov.

PLEASE NOTE:  Since you must have good credit to receive these loans, you may want to request a credit report now.  Call Equifax at 1-800-685-1111, Experian at 1-800-682-7654, and/or Trans-Union at 1-800-888-4213.  If there are mistakes on your report, do what is necessary to get them corrected.

8. ADDITIONAL QUESTIONS
Additional questions?  Call the Law School Admissions Office at 303-492-7203 or contact Financial Aid directly at either 303-492-5091 or 303-492-0647.

SPECIAL NOTES:
You must apply early and correctly to avoid delays in receiving your aid.  It is best to apply by April 1, 2009.

The information in this brochure is subject to change without notice.  It is intended as a general source of information about financial aid and is no way intended to state contractual terms.