Jun 03, 2020  
2019-2020 Catalog 
    
2019-2020 Catalog [ARCHIVED CATALOG]

Financial Aid


Financial Aid Overview, Applications, and Eligibility

Colorado Mountain College is committed to equal educational opportunity for all students. Staff is available at all campuses to help you with general information, application procedures, financial aid assistance and other related issues. If you have questions about financial aid, please call, e-mail, or write us at:

Colorado Mountain College
Office of Student Financial Aid
802 Grand Avenue
Glenwood Springs, CO 81601
800-621-8559
E-mail: finaid@coloradomtn.edu

For your convenience, see our quick and indexed source of financial aid information at Financial Aid–Smart Steps.

In addition to several loan options, Colorado Mountain College offers grants and over 140 different scholarships and work study opportunities, funded from both public and private sources. These are described in detail in the Scholarships, Grant Programs, Loan Programs, and Work-Study Programs sections. This section describes the Financial Aid application and eligibility determination process and, if applicable, the award repayment process. Federal Stafford loan awards are determined by the number of completed credits that are applicable to the active degree program as follows:

Grade Level 1:  0 - 29 Credit Hours

Grade Level 2: 30 - 59 Credit Hours

Grade Level 3: 60 - 89 Credit Hours

Grade Level 4: 90 - 120 Credit Hours

See Loan Programs for more details.

Financial Aid Application Process

Complete the Free Application for Federal Student Aid (FAFSA), online at fafsa.ed.gov. The process begins on October 1 for the following aid year. You will be required to obtain an FSA ID and use it throughout the application process. You need to insert the Colorado Mountain College (CMC) code 004506 in order for us to receive your application information. It is important to utilize the IRS Data Retrieval Tool (DRT) that is embedded in the application process. This allows the IRS to automatically place the correct income tax information into your application.

To complete your financial aid process, Colorado Mountain College may be required to request additional information before your information can be processed. You will not receive an award until all requested documentation is received and reviewed. Applications received before March 31 receive priority consideration for the following academic year. Submissions received after this date will be processed and approved for assistance as funds are available. You are encouraged to complete the FAFSA even if you have missed the priority date.

Sometimes the application process does not reflect a family’s current situation - due to special circumstances such as death, divorce or separation, disability, loss of employment, natural disasters, etc.  In such a case, you should complete the Special Circumstances Form (accessible to current students via the Basecamp portal). Follow the instructions and scan and email the form to finaid@coloradomtn.edu.

ANY COMMUNICATION AND/OR AWARD NOTIFICATION MUST BE SENT TO YOUR CMC EMAIL ADDRESS. IT IS CRITICAL THAT YOU MONITOR THIS CONSTANTLY THROUGH-OUT YOUR ENROLLMENT AT COLORADO MOUNTAIN COLLEGE.

Summer Semester Financial Aid Application Process

The Financial Aid Self Service portal assists students in determining if they have remaining Pell grant eligibility, and will include instructions on how to request summer aid.

Be advised, funds are limited and may not be available for summer.

Transfer Student Financial Aid Application Process

Complete the FAFSA online, and add our code 004506. If you transfer schools mid-year, it is important to speak with your financial aid specialist at CMC, as the funding received at a different school can impact your eligibility at Colorado Mountain College.

Financial Aid - Helpful Tips

Students who have been awarded financial aid may use their funds to cover tuition and other billed expenses. However, please be aware that disbursement of most financial aid occurs at the end of the add/drop period when enrollment changes have stopped. Disbursement of aid is typically 10 days into the start of each semester, so plan ahead for such costs as housing deposits, books and supplies. First-time loan borrowers have a 30-day delay on disbursement as required by federal regulation. If awarded financial aid is less than tuition and other CMC charges, students will need to set up a payment plan through the Student Payment Center on Basecamp to pay the difference. Failure to make such arrangements can result in students being dropped from classes. To be eligible for financial aid, it is necessary to declare an aide-eligible major on your admissions application. All bachelor and associate level programs are generally financial aid eligible, but not all certificate programs qualify. 

Disbursement of Financial Aid

Financial aid in the form of grants, scholarships and loans will first be applied toward your outstanding semester balance owed to the college. Financial aid awarded in excess of outstanding semester balance will be disbursed by check or electronic funds transfer to you approximately two weeks into the semester, unless eligibility requirements are not met.

Exception: For first time borrowers, disbursement of loan funds will occur 30 days after the beginning of the semester. For students receiving a one-semester loan, two disbursements will be made. The first half will disburse two weeks (or 30 days for first time borrowers) after the semesters begins; the second half will disburse at the middle of the semester.

It is important to note that federal financial aid can only pay for coursework fully acceptable to the eligible degree program in which you are enrolled. If you do not begin attendance in any class, your financial aid may be delayed, reduced, or cancelled. This may happen before or after disbursement. If financial aid is reduced after disbursement for non-attendance, you may owe a repayment back to the federal student aid programs. Failure to repay can lead to ineligibility for federal student aid nation-wide. Generally, Federal student aid cannot pay for coursework numbered below the 100 level in the catalog. Certain exceptions apply such as remedial courses as determined by student Accuplacer scores.

Demonstrating Satisfactory Academic Progress

All students receiving federal and/or state-funded financial aid are required to meet Satisfactory Academic Progress (SAP) standards to ensure that they are making reasonable progress toward obtaining a degree or certificate. In addition to maintaining a cumulative 2.0 grade point average, students must maintain a cumulative completion rate of 67 percent. Also, students have a maximum time frame in which to complete their degree. This standard applies to their entire academic career and includes transfer credits, regardless of whether financial aid was disbursed for that coursework. Students failing to meet satisfactory academic progress guidelines may lose their financial aid eligibility. Students do have the right to appeal. If a student is placed on an academic plan after appeal, the stipulations included in that plan must be followed to the letter, or the student may lose federal aid eligibility permanently.

The detailed Satisfactory Academic Progress Policy and appeals process can be found on the CMC Financial Aid web page under Financial Aid Policies.

Reestablishing Financial Aid Eligibility

Once a student is placed on financial aid termination, he or she will need to submit an appeal for consideration of reinstatement. Other avenues to reestablish financial aid eligibility include attending classes without financial aid and bringing the deficient area of SAP back into good standing. Also, in some cases a student who moves into a higher level degree program may get relief from the Max Timer Frame rule if under the new program a student has not attempted at least 150% of the coursework needed to complete the new program.

Returning Title IV Funds

Once classes have started, federal regulations specify how a school must determine the amount of Title IV program assistance that a student has earned if s/he withdraws from school. The Title IV programs that are covered by these rules are: Federal Pell Grants, Direct Loans, PLUS Direct Loans, and Federal Supplemental Educational Opportunity Grants (FSEOGs).

When you withdraw during your payment period, the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula. If you receive (or your school or parent received on your behalf) less assistance than the amount that you earned, you may be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned by the school and/or you.

The amount of assistance that you have earned is determined on a prorated basis. For example, if you completed 30 percent of your payment period or period of enrollment, you earn 30 percent of the assistance you were originally scheduled to receive. Once you have completed more than 60 percent of the payment period or period of enrollment, you earn all the assistance that you were scheduled to receive for that period.

If you did not receive all the funds that you earned, you may be due a post-withdrawal disbursement. If your post-withdrawal disbursement includes loan funds, CMC must get your permission before disbursing them.

You may choose to decline some or all loan funds to avoid incurring excess debt. Colorado Mountain College can automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (if contracted with the school). CMC needs your permission to use the post-withdrawal grant disbursement for all other school charges. If you do not give permission, you will be offered the funds. It may, however, be in your best interest to allow Colorado Mountain College to use those funds to reduce any debt remaining on your student account.

Once you withdraw from all classes, there are some Title IV funds that cannot be disbursed because of other eligibility requirements. For example, if you are a first-time borrower and have not completed the first 30 days of your program before withdrawal, you will not receive any Direct Loan funds you would otherwise have received had you remained enrolled past the 30th day.

If you receive (or your school or parent receives on your behalf) excess Title IV program funds that must be returned, your school must return a portion of the excess equal to the lesser of:

  1. Your institutional charges multiplied by the unearned percentage of your funds, or
  2. The entire amount of excess funds.

The amount calculated as “owed by the school” must be returned. This may create a balance due on the student account which will become a debt owed to Colorado Mountain College.

The formula also determines if a student must repay federal grant funds. If so, you have 45 days to repay the required amount or make satisfactory arrangements to repay. Any student who does not meet this requirement will be reported to the U.S. Department of Education and will become ineligible for federal student aid at any school in the U.S. or abroad.

Any loan funds (including parent PLUS loans) owed by the student as the result of withdrawal are repaid in accordance with the terms of the promissory note. That is, you make the scheduled payments to the holder of the loan over a period of time. Once you enroll at half time or withdraw, your 6 month grace period (if applicable) begins and you will be required to commence repayment on the debt after the grace period has expired.

Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of federal grant funds received or were scheduled to receive. You must make arrangements with your school or the Department of Education to return the unearned grant funds within 45 days as noted above.

The requirements for Title IV program funds when you withdraw are separate from the Colorado Mountain College refund policy. Therefore, you may still owe funds to the school to cover unpaid institutional charges.

See the CMC Refund Policy. See the Requirements and Procedures for Officially Withdrawing from Colorado Mountain College.  

If you have questions about your Title IV program funds, visit Student Aid on the Web.

Title IV Fund Repayment Order

 A school must return Title IV funds to the programs from which the student received aid during the payment period or period of enrollment if applicable, in the following order, up to the net amount disbursed from each source.

  1. Unsubsidized Direct loans (other than PLUS loans)
  2. Subsidized Direct loans
  3. Direct PLUS loans
  4. Federal Pell Grants
  5. Federal Supplemental Educational Opportunity Grants (FSEOG)

Scholarships

Colorado Mountain College Foundation Scholarships

The Colorado Mountain College Foundation administers many privately-funded scholarships available both on a campus-specific and multi-campus basis. These scholarships are funded through the generous gifts of employees, staff members, family, friends, foundations, corporations and business and community partners. The awards are based on achievement, residency, financial need or career goals and do not have to be repaid.

For more information about Colorado Mountain College Foundation Scholarships, visit the Scholarships page. Additionally, the list of Foundation Scholarships can also be accessed at this site. Please contact the Foundation at 970-947-8378 or kdesportes@coloradomtn.edu, or finaid@coloradomtn.edu if you have questions.

Application Process. Apply online. The Foundation Scholarship application deadline date is March 1, unless otherwise indicated. Award will be for the academic year following the deadline date. Any funds not awarded during the spring selection process will be available for award on a first come first serve basis throughout the academic year.

Grant Programs

These funds generally do not have to be repaid. Colorado Mountain College offers federal, state, and privately-funded grants.

State Grant Program: College Responsibility Program (CRP)

These funds generally do not have to be repaid.

Eligibility. Colorado resident, demonstrate financial need, enrolled full time.

Award Amount. College Responsibility Program: Awards depend on availability of funding.

Application Process. Use FAFSA (see the Financial Aid Application section).

State Aid Merit Grant

These funds generally do not have to be repaid.

Eligibility. Colorado resident, demonstrate moderate financial need, enrolled full time.

Award Amount. Up to $1000

Colorado Mountain College President’s Scholarship

Eligibility. Must be a 2019 graduate of a high school in the CMC district, apply to CMC by March 31, 2019, for the 2019/2020 aid year.  Must also submit a Free Application for Federal Student Aid (FAFSA) by March 31, be a high school graduate by June 30, 2019, enroll at CMC no later than Fall 2019, attend a minimum of 15 credits, and maintain a 2.0 GPA at the end of your first semester. In order to register for classes, you must attend a campus orientation.

Award Amount. $1000

Federal Grants: FSEOG and Pell Grants

These funds generally do not have to be repaid.

Eligibility. Demonstrate financial need.

Award Amount. Federal Supplemental Educational Opportunity Grant (FSEOG): $4000 maximum. Federal Pell Grant: $5920 maximum.

Application Process. Use FAFSA (see the Financial Aid Application section). Contact our Office of Student Financial Aid for more detailed information concerning the application process. Some Pell Grant money may be available for students attending less than half-time.

Loan Programs

Colorado Mountain College participates in the Direct Loan program, including the Federal Direct Loan and Federal Parent (PLUS) loan.

Federal Direct Parent Loan (PLUS Loan)

These funds must be repaid.

Eligibility. Contingent on approved credit check.

Award Amount. Cost of attendance minus estimated financial assistance.

Application Process. See the Financial Aid Application process. Go to studentloans.gov to click on Parent Borrowers and  “Complete Loan Agreement for a PLUS Loan.” All forms must be completed before funds can be disbursed. Current CMC students may also access CMC’s Parent Borrower Form from the Basecamp portal, or request it from the Financial Aid office.

Subsidized Federal Direct Student Loan

These funds must be repaid.

Eligibility. Demonstrate financial need.

Award Amount. $3500 first year. $4500 second year. $5500 remaining undergraduate years.

Application Process. Use FAFSA (see Financial Aid Application Processes). You must go to studentloans.gov to complete entrance counseling and the promissory note. These must be completed prior to disbursement of funds. Exit counseling is also required when leaving CMC.

Unsubsidized Federal Direct Student Loan

These funds must be repaid.

Eligibility. Not need based.

Award Amount. $5500 first year. $6500 second year. $7500 Junior and Senior baccalaureate level.

Application Process. Use FAFSA (see Financial Aid Application process). A separate loan application is required for Direct and PLUS loans. Contact our Office of Student Financial Aid for more detailed information concerning the application process. If aid is awarded, the student must go to studentloans.gov to complete entrance counseling and the master promissory note. Exit counseling is also required when leaving CMC.

Work-Study Programs

Work-Study funds are funds that are not applied toward tuition; they are paid to the enrolled student while employed by Colorado Mountain College. There are two types of work-study: Federal College Work-Study (FCWS) and Colorado Work-Study.

Federal College Work-Study (FCWS)

Eligibility. Demonstrate financial need.

Award Amount. Federal College Work-Study (FCWS): Students are generally awarded $3500 per year. Work-study funds are not applied toward tuition or any other billed expenses.

Application Process. Use FAFSA. The Immigration Reform and Control Act of 1986 requires college work-study students to provide documentation of employment eligibility. Contact the Office of Student Financial Aid to find out which documents you will be required to submit.

Colorado Work-Study Program

Eligibility. Demonstrate financial need. (Some students who do not show financial need may qualify for the Colorado Work-Study program.)

Award Amount. Colorado Work-Study Program: Students are generally awarded $3500 per year. Work-study funds are not applied toward tuition.

Application Process. Use FAFSA. The Immigration Reform and Control Act of 1986 requires students to provide documentation of employment eligibility. Contact the Office of Student Financial Aid to find out which documents you will be required to submit.

Veterans’ Benefits

Colorado Mountain College honors those who serve our country in the military. Veterans, active-duty military, their spouses and dependents (dependents under 23 years of age) may be eligible for a tuition discount.

Most degree programs offered through Colorado Mountain College are approved for veterans’ educational benefits.

Because the application and approval process takes an average of 60 to 90 days, come prepared to personally meet all educational and living expenses for at least three months.

All students receiving assistance from the Veterans Administration and/or state funding agencies must comply with current regulations, including regulations related to satisfactory course progress, attendance, and reporting of previous educational training to the funding agency.

The Veterans Administration approves work experience courses for V.A. Educational Benefits only if the course is required of all students earning the specific degree or certificate. Please be sure to read the degree/certificate requirements carefully. Please visit the Veterans page for further information on Veterans’ Services. You may also email military@coloradomtn.edu or call (970) 947-8358.