Financial Aid Questions
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 2011-2012 academic year (9 months), $18,386 is budgeted for living expenses for a resident student living off campus (this number is in addition to tuition and fees). Non-resident students are awarded an additional $756 for transportation costs. These living expenses are divided into the following categories:
$ 11,574 |
Room and board: approximately $838 per month for rent and $448 per month for food and utilities. The $838 for rent is based on the average Boulder, Colorado rent for graduate students as designated by Colorado’s Department of Higher Education. |
$ 1,998 |
Books and supplies (including pens, paper, study guides, etc) |
$ 1,296 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). |
$ 2,232 |
Medical insurance premiums for 12 months. Insurance may be purchased through the University of Colorado Health Insurance Program (Buff Gold). You may choose from several levels of coverage or purchase health insurance elsewhere. Note: You will automatically be billed for the Buff Gold plan unless you sign a waiver form with Wardenburg Student Health Center available at http://healthcenter.colorado.edu/forms/insurance-selectionwaiver/. |
$ 1,286 |
Personal expenses: approximately $143 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. Frugal living is strongly recommended. Individual circumstances (such as child care, 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?
The cost of attendance for the University of Colorado is determined by the Office of Financial Aid, the U.S. Department of Education (ED), and the Colorado Department of Higher Education (CDHE) guidelines. The Office of Financial Aid uses the maximum allowed parameters from ED and CDHE in designing the budget. Your financial aid, including loans, scholarships, grants, and work-study cannot exceed the cost of attendance.
What kind of financial aid is available to law students?
You may qualify for Federal Direct Stafford Loans and Federal Direct Graduate PLUS Loans. In addition, the Law School’s Office of Admissions administers institutional scholarship funding. Note: Second and third-year students may be eligible to receive Federal Work-Study, depending on funding and eligibility.
Will I need money prior to receiving my loan funds?
In most instances, loan funds 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 and be able to purchase books prior to receiving your financial aid.
How are my awards credited to my student account?
One half of your total awarded dollar amounts will be automatically credited to your student account each semester after you accept your financial aid award offer and follow instructions for processing additional required forms and promissory notes. You will need to establish direct deposit with the Bursar’s Office in order to process any amount due to you after your student account has been paid in full. You can sign up for direct deposit after your University student account has been activated.
Appeals - What should I do if I have special circumstances for which I need additional funding?
The Department of Education and the University of Colorado allow you to appeal if you have special circumstances. Examples of these circumstances include child care, 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. For information on special circumstance appeals, please go to http://www.colorado.edu/finaid/unusual-grad.html.
When I receive my Financial Aid Award Letter, should I accept the maximum loan amounts offered?
Do not accept more loan money 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 at least half time. The interest on an unsubsidized Federal Direct Stafford may be paid quarterly or deferred by the borrower while enrolled at least half time. Interest rates on both subsidized and unsubsidized loans are fixed at 6.8%.
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 program. However, a credit check will be necessary to qualify for Graduate PLUS loans. These are performed by the Direct Loan program’s confidential third-party partner and no one at the University will ever be able to access your credit information or score.
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 at http://registrar.colorado.edu/students/tuition_classification.html. Information sheets and petitions for residency are available from the Tuition Classification Department located in the Registrar’s Office in Regent Hall.
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 (e.g., Selective Service Confirmation). Beginning in the 2010-2011 academic year we will not initially be requiring tax returns from students, but please plan on supplying them should you receive a request.
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. Updated 5/3/2011 |
