Student loans can be a great resource to help you finance your education. Federal Student loans are offered by the U.S. Department of Education to students who complete a Free Application for Federal Student Aid (FAFSA). When completing a FAFSA, students must include Regis University on their FAFSA using school code: 001363. Additionally, students may seek out educational loans through private lenders.

The Consumer Financial Protection Bureau provides tools to help students make good decisions about student loans and to investigate any issues encountered with borrowing private and federal student loans. An online tool, the Student Debt Repayment Assistant, helps navigate student loan repayment options. Loan information is also available at Know Before You Owe. Staff can be contacted at 855.411.2372 or www.consumerfinance.gov.

You can also watch this video, provided by the U.S. Department of Education, about responsible borrowing: 

Below you will find information about varying loan options for undergraduate students and you can find our “Finance your Future” fact sheet HERE.

Federal Direct Subsidized & Unsubsidized Loans

Undergraduate students may be eligible to borrow Federal Direct Student Loans. Below is information regarding these loan options. 

What are Federal Direct Student Loans?

Undergraduate students who are eligible to complete a Free Application for Federal Student Aid (FAFSA) may qualify for federal direct student loans. There are two kinds:

  • Subsidized is a need-based loan. You must demonstrate financial need based on your FAFSA to qualify. Subsidized means that the government is paying the interest on the loan while you are enrolled at least half-time in your degree-seeking undergraduate program.
  • Unsubsidized is not a need-based loan. Unsubsidized means that the interest is accruing on the borrowed loan while you are in school. Therefore, you are responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full.
The Federal Government restricts undergraduate students to annual (summer, fall and spring semester) limits base on your student standing and lifetime limits based on your dependent or independent status on your FAFSA. Most non-traditional undergraduates fall in the independent student category.  Below are the annual and lifetime loan limits.
Annual Limits:

Dependent Freshman (0-29 credits)

$5,500 (maximum $3,500 in subsidized)

Dependent Sophomore (30-59 credits)

$6,500 (maximum $4,500 in subsidized)

Dependent Junior (60-89 credits)

$7,500 (maximum $5,500 in subsidized)

Dependent Senior (90+ credits)

$7,500 (maximum $5,500 in subsidized)

Independent Freshman

$9,500 (maximum $3,500 in subsidized)

Independent Sophomore

$10,500 (maximum $4,500 in subsidized)

Independent Junior/Senior

$12,500 (maximum $5,500 in subsidized)

Lifetime Limits

Dependent Undergraduate

$31,000 (maximum $23,000 in subsidized)

Independent Undergraduate

$57,500 (maximum $23,000 in subsidized)


How do I repay my Federal Direct student loans?

You are not required to begin repaying your loans while you are enrolled at least half-time in your undergraduate degree program. Once you are no longer enrolled at least half-time (non-enrolled or graduated from your program), you have a one-time 6 month grace period before repayment begins. Half-time is enrollment of at least 6 credit hours per semester. 

There is no prepayment penalty, so you may choose to make payments on your loan while you are enrolled in school and you may choose to pay more than the required amount once your loan is in repayment. 

You can access your full loan history and loan servicer(s) on the National Student Loan Database System (NSLDS).  You can set up an online account with your loan servicer(s) and contact them with any questions you may have regarding repayment.

What Repayment Plans are available?

The standard repayment period is 10 years. We encourage you to visit Federal Student Aid to view current repayment plan options. You can also utilize a loan repayment calculator to estimate future monthly loan payments on an amount you anticipate borrowing. The repayment plans and loan repayment calculator can be great tools to help you plan your finances and borrow responsibly!

How do I Apply for a Federal Direct Student Loan?

1. Complete a FAFSA and include Regis University’s School Code (001363). 

a. After completing your FAFSA, you will be notified via email when your financial aid award letter is available on WebAdvisor. You well be able to accept whatever portion of the loans you wish to borrow through WebAdvisor.

2. All new loan borrowers at Regis University are required to complete Entrance Counseling and sign a Master Promissory Note. You can also find each of these steps directly through studentloans.gov

Once those steps are complete, you can view the aid disbursement process and schedule here.

Are there any fees associated with Federal Direct Student Loans?

Yes, the federal government assess an origination fee on all federal loans, which means that the amount of loan you receive will be less than the amount you borrow. Keep in mind you are responsible for the full amount of the loan you borrow. For example, if you borrow $5,000 and there is a 1.066% origination fee, you will receive $4,946, but you are responsible for the full $5,000. You should keep the origination fee in mind when determining how much of your student loan you wish to borrow.

You can find current origination fees here.

Private Educational Loans

Private Educational loans can provide funds to assist you in meeting the cost of your education when traditional financial aid and your own resources do not cover all educational expenses. These loans may be more expensive than the federal student loans and we encourage you to consider these funds AFTER you have exhausted all financial aid and federal loan options.

Where can I find a Private Educational Loan lender?

Frequently used lenders are provided here, but you are welcome to contact any lender of your choosing to determine if they offer private student loans. Please read the information about these loans carefully to be sure that you qualify before you fill out an application and go through a credit check. If you need assistance determining whether or not you are eligible for a certain loan product, contact the lender before you file a loan application.

How do I apply for a Private Educational loan?

If you plan on borrowing a Private Educational loan, you must reach out to the lender you select and complete their application and credit check. Additionally, you must respond to three unique disclosures from your lender before loan funds can be certified by Regis University. Some lenders have the capability for you to sign these disclosures online, while others will mail you disclosures that require your signature before your loan can continue processing. Title X of the Higher Education Opportunity Act (HEOA) also added a self-certification form that the student must return to the lender before the school will be asked to certify the loan. In order to complete the self-certification form, you must have available the cost of attendance for your academic program. Please see Financial Aid Preparation: Planning for your 2017-18 Educational Expenses (Non-Traditional). If you need further assistance completing the self-certification form, please contact your financial aid counselor at studentservices@regis.edu or 303.458.4126.

Once your loan application is finalized by the lender, and you have accepted the final disclosure and the loan has been certified by the University, there is a mandatory rescission period that must pass before the first loan disbursement can take place. No Private Educational loan funds can be disbursed to a student’s account during this period, and the borrower may cancel the loan without penalty if they decide that they do not want to accept the terms of the loan. For most lenders, the rescission period is is typically 10-15 business days.

You can view the aid disbursement process and schedule here.

FAQs

How do I apply for student loans?

To apply for most forms of financial aid, including federal loans, all students must complete a Free Application for Federal Student Aid (FAFSA). You must contact lenders directly to apply for Private Educational Loans. Please see our Private Education loan section for more information.

What should I consider when taking out federal student loans?

Before you take out a loan, it’s important to understand that a loan is a legal obligation that you will be responsible for repaying with interest. You may not have to begin repaying your federal student loans right away, but you don’t have to wait to understand your responsibilities as a borrower. Get the scoop: Watch this video about responsible borrowing or browse the tips below it. Be a responsible borrower.

  • Keep track of how much you’re borrowing. Think about how the amount of your loans will affect your future finances, and how much you can afford to repay. Your student loan payments should be only a small percentage of your salary after you graduate, so it’s important not to borrow more than you need for your school-related expenses.
  • Research starting salaries in your field. Ask your school for starting salaries of recent graduates in your field of study to get an idea of how much you are likely to earn after you graduate. You can use the U.S. Department of Labor's Occupational Outlook Handbook to estimate salaries for different careers or research employment opportunities advertised in the area where you plan to live to get an idea of a local starting salary. You also can use the Department of Labor's career search tool to research careers and view the average annual salary for each career.
  • Understand the terms of your loan and keep copies of your loan documents. When you sign your promissory note, you are agreeing to repay the loan according to the terms of the note even if you don’t complete your education, can’t get a job after you complete the program, or you didn’t like the education you received.
  • Make payments on time. You are required to make payments on time even if you don’t receive a bill, repayment notice, or a reminder. You must pay the full amount required by your repayment plan, as partial payments do not fulfill your obligation to repay your student loan on time.
  • Keep in touch with your loan servicer. Notify your loan servicer when you graduate; withdraw from school; drop below half-time status; transfer to another school; or change your name, address, or Social Security number. You also should contact your servicer if you’re having trouble making your scheduled loan payments. Your servicer has several options available to help you keep your loan in good standing.

You can find more information at: https://studentaid.ed.gov/sa/types/loans.

Do I have to have good credit to borrow student loans?

Undergraduate students who complete a FAFSA may borrow up to annual and lifetime limits without a credit check. Credit history and credit score may affect your ability to borrow a Private Education loan or affect your interest rate/terms and conditions through your lender when borrowing a Private Educational Loan. 

When do I start paying back my loans and how long do I have to pay them back?

Repayment terms may vary depending on the type of loan you borrow. You can visit Federal Student Aid to find more information about repayment plans.

What are the interest rates on the student loans?

Current interest rates on federal student loans can be found here. Interest rates on Private Educational loans will vary by student/lender.

What are the annual and lifetime loan limits?

Annual borrowing is also dependent on your cost of attendance which includes tuition, fees, and budgets provided by the state of Colorado for housing/utilities, transportation, books and personal expenses. Students may not borrow in excess of their cost of attendance. Students may choose to borrow a Private Educational Loans up to the cost of attendance. 

Annual Limits
Dependent Freshman (0-29 credits) $5,500 (maximum $3,500 in subsidized)
Dependent Sophomore (30-59 credits) $6,500 (maximum $4,500 in subsidized)
Dependent Junior (60-89 credits) $7,500 (maximum $5,500 in subsidized)
Dependent Senior (90+ credits) $7,500 (maximum $5,500 in subsidized)
Independent Freshman $9,500 (maximum $3,500 in subsidized)
Independent Sophomore $10,500 (maximum $4,500 in subsidized)
Independent Junior/Senior $12,500 (maximum $5,500 in subsidized)
Graduate Student $20,500 (unsubsidized)
Graduate Pharmacy $33,000 (unsubsidized)
Lifetime Limits
Dependent Undergraduate $31,000 (maximum $23,000 in subsidized)
Independent Undergraduate $57,500 (maximum $23,000 in subsidized)
Graduate Student $138,500 (maximum $65,500 in subsidized)
Graduate Pharmacy $224,000 (maximum $65,500 in subsidized)

Are there any enrollment requirements for undergraduates to receive loans?

Yes, as an undergraduate student, you must enroll in at least 6 undergraduate level credits towards your degree program per semester to be eligible for financial aid. 

What is an MPN?

The MPN is the Master Promissory Note that you sign to promise to repay the student loan funds to the lender. You may sign the MPN electronically by going to studentloans.gov and creating an account. The MPN will cover all of the student loan disbursements for that lender for up to 10 years or until you request that your lender close it.

Why do I need to complete Entrance Loan Counseling?

The Entrance Loan Counseling is required of each new borrower by federal regulations. The presentation includes critical information about your loan and your rights and responsibilities. To complete this requirement, go to studentloans.gov and sign in to take the entrance counseling. Please do not confuse Entrance Counseling with Financial Awareness Counseling. Entrance Counseling is required before you can receive your loan funds. Financial Awareness Counseling is a great tool for your personal use.

How do I increase or reduce my Federal Direct Loan Amount?

If you wish to reduce the loan amount you were offered, you can submit a request to reduce your loan through WebAdvisor. If you wish to increase the amount of loan you wish to borrow after only accepting a portion, please submit a Revision Form.

Who do I contact if I have questions regarding my student loans?

Student Services at studentservices@regis.edu or 303.458.4126.