FINANCIAL AID OPTIONS FOR GRADUATE STUDENTS
This is a short summary of aid available for graduate students. For more detailed information, visit our web site at www.unco.edu/ofa.
Graduate students are eligible for scholarships, loans and limited grant funds. In order to apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). The application is available at www.fafsa.ed.gov and must be completed each year. The University of Northern Colorado has a priority date of March 1 for the next academic year. By meeting the priority date, you will be considered for all aid options for which you meet the criteria.
SCHOLARSHIPS
Information on graduate scholarships is available on the Office of Financial Aid website at www.unco.edu/ofa. Click on Scholarships on the right, scroll to the bottom of the page and click on Graduate Scholarships. You will find a listing of the scholarships, criteria and application information. The Universal Scholarship Application is available on Ursa from November to March for the next academic year.
GRANTS
There are limited grant funds for graduate students. The State of Colorado give UNC funds for the Critical Career Graduate Grant. To qualify a student must be a Colorado resident, complete the FAFSA, show need and be pursuing a degree in a critical career field (Science, Technology, Engineering, Math and Health Care) as defined by the Colorado Commission on Higher Education.
UNC is a lender of Federal Stafford Loans for graduate students. All revenue received from the sale of these loans is awarded to graduate students as a UNC Lender Grant. To be eligible, students must complete the FAFSA and qualify for need based aid. Awards are usually made during the spring semester, depending upon funds available.
LOANS
Federal Stafford Loan--a low-interest government loan to help meet the cost of education. If the loan appears as a subsidized Stafford Loan on your award offer, this means that the loan is one on which the government is paying the interest to the lender on your behalf. If the loan is labeled unsubsidized this means that the loan is not based on need and you should pay the interest on that loan while you are enrolled in school. You can defer the interest on an unsubsidized Stafford loan but be aware that when you go into repayment you will need to pay the past interest as well as the current principal and interest on the loan. Graduate students can borrow up to $8,500 in Stafford and an additional $12,000 in unsubsidized loan, not to exceed the cost of attendance.
PLUS Loans for Graduate Students—UNC graduate students who are Colorado residents will have their cost of attendance covered by the $20,500 allowed under the Federal Stafford Loan Program. Non-resident graduate students whose costs are not met by the current Stafford Loan levels may want to consider the PLUS loan as a means to make up the difference. PLUS loans do not have the same terms as the Stafford Loans. PLUS loan amounts are based on cost of attendance minus other aid received. The interest rate is 8.5% fixed and there is no in-school deferment unless that arrangement is made with the lender. Repayment can start within 60 days of full disbursement of the loan. Students must pass a credit check to qualify and sign a PLUS promissory note to receive the funds.