Financial Aid Questions
What is "Verification"?
Verification is a process that compares the information you submitted on your Free Application for Federal Student Aid (FAFSA) to your signed Federal Income Tax Return. During this process, additional documents may be required (citizenship docs, Selective Service confirmation, etc.). Your Financial Aid Award Letter will not be sent to you until the verification process is completed.
What is the Cost of Attendance?
The Office of Financial aid uses an estimated “Cost of Attendance” to determine how much it will cost a student to live and attend school during the course of their studies each academic year. For the 2007-2008 academic year (9 months), $14,001 was budgeted for living expenses for a resident student living off campus (in addition to tuition and fees). Non-resident students are awarded an additional $676 for transportation costs. These living expenses are divided into the following categories:
$ 8,091 |
Room and board: approximately $577 per month for rent & utilities and $322 per month for food. The $577 for rent/utilities is based on average Colorado rent for 2 people paying $577 each and sharing the rent on a two-bedroom apartment. |
$ 1,698 |
Books and supplies (including pens, papers, study guides, etc) |
$ 1215 Resident |
Transportation to and from the university during the school year. The following expenses are not considered educational expenses: Moving expenses (transporting personal items from previous residence to Boulder) and expenses related to car ownership (including car payments, insurance, maintenance, and campus parking). |
$ 1,800 |
Medical insurance for premiums for 12 months. Insurance may be purchased through the University of Colorado Health Insurance Program (UCHIP). You may choose from several levels of coverage, or purchase health insurance elsewhere. Note: You will automatically be billed for UCHIP plan A unless you sign a waiver. |
$ 1,197 |
Personal expenses: approximately $133 per month for personal necessities (clothing, recreation, etc.). Credit card debt is not considered an educational expense. |
You are not confined to spending specific dollar amounts within these categories. Variations within this budget may occur. Additionally, students wishing to study abroad or through a partnership with another institution will have their COAs adjusted to reflect the costs considered for their program in any given semester.
Frugal living is strongly recommended. Individual circumstances (such as childcare, expenses related to a disabling condition, or other extraordinary medical expenses) may cause your budget to be increased. (See the question below regarding appeals.)
How is the cost of attendance determined?
CU attendance cost is determined by the Office of Financial Aid, the U.S. Department of Education (ED), and the Colorado Commission on Higher Education (CCHE) guidelines. The Office of Financial Aid uses the maximum allowed parameters from ED and CCHE in designing the budget. Your financial aid, including loans, scholarships, grants, and work-study cannot exceed the cost of attendance.
Will I need money prior to receiving my loan funds?
In most instances, loan funds, grants, and/or scholarships will be disbursed to your student account twice a year--at the beginning of each semester. This may cause a temporary cash-flow problem. Please come to Boulder prepared to make deposits on housing and utilities prior to receiving your financial aid.
What kind of financial aid is available to law students?
You may qualify for Federal Direct Stafford Loans, Federal Direct Graduate PLUS Loans, Private Alternative Loans, and/or Colorado Graduate Need Grant (available to Colorado residents only). In addition, the law school administers private scholarships and grants. Note: Second- and third-year students may be eligible to receive College Work-Study, depending on funding and eligibility.
How are my awards credited to my student account?
The dollar amounts of your scholarships, grants, and Federal Direct Stafford/Ford Loans (loan amount minus 1.5% origination fee) will be automatically credited to your student account each semester after you accept your financial aid award offer, and follow instructions for the acceptance agreement and promissory notes. If you are entitled to a refund, your check will be mailed to your mailing address or deposited in your direct deposit account the weekend before classes begin. Thereafter, your check will be available at the bursar's office located in Regent Hall. You are encouraged to open a direct deposit agreement with the bursar’s office. Direct deposit forms are available on the web at www-bursar.Colorado.edu/sb/schedule.bill.htm, then select the direct deposit link.
Appeals—What should I do if I have special circumstances for which I need additional funding?
CU allows you to appeal if you have special circumstances. Examples of these circumstances include medical expenses over and above your budget, and expenses relating to a disabling condition. Credit card or car payment expenses may not be added to the budget. Make an appointment with the law school financial aid counselor to initiate an appeal, or send a letter to the Office of Financial Aid, 77 UCB, Boulder, CO 80309-0077.
When I receive my Financial Aid Award Letter, should I accept the maximum loan amounts offered?
Do not accept more loan than you need! The best loan money is the Federal Direct Stafford Loan. The federal government pays the interest on a subsidized Federal Direct Stafford Loan while you are enrolled half time or more (5 hours for law students). The interest on an unsubsidized Federal Direct Stafford Loan, Graduate PLUS loan, or alternative loan may be paid quarterly or deferred by the borrower while enrolled half time or more.
In order to determine how much money to borrow, compare your personal expenses to your cost of attendance. If you will be living more conservatively than the recommended budget, borrow only what you will need. If you choose to borrow less than the original offered amount, the balance of the award can serve as a safety net for unexpected emergencies.
Will a credit check be necessary before I can qualify for my loans?
A credit check will not be necessary for the Federal Direct Stafford Loan. However, a credit check will be necessary to qualify for Graduate PLUS and alternative loans. These are performed by the Direct Loan program’s confidential third-party partner, so no one at the university will ever be able to access your credit information or score- you are simply granted a pass/fail. Alternative loans are also credit-based, like any simple bank loan. You will need to contact the specific lender to receive information on their credit policies.
How do I qualify for in-state tuition?
There is a required 12-month waiting period for in-state tuition classification. This begins 12 months before the first day of class for the term for which you are petitioning. This rule is governed by state law and is subject to change without notice. Information about tuition classification is available by calling the tuition classification office at 303-492-0907. Information sheets and petitions for residency are available from the tuition classification office in Regent Hall, and the law school admissions office.
This information 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. |
