Loans and Scholarships

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Loans and Scholarships

Federal Loans

Direct Unsubsidized (Interest Rate is 6.21%): This loan is not need-based. The student is held responsible for paying the interest on this loan starting from the time of the first disbursement.

Direct Graduate PLUS Loan (Interest Rate is 7.21%): This loan is not need-based. The student is held responsible for paying the interest on this loan starting from the time of the first disbursement. The approval for this loan is established through a credit check. If denied, a student may still apply using a co-signer.

Deferment/Forbearance

Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default.

Loan Consolidation

A consolidation loan may help make loan repayment more manageable by combining multiple Federal Financial Aid Loans into one loan with one monthly payment. Loan Consolidation will make repayment more manageable and may lower your monthly payment by extending the period of time in which you pay back your loans. However, extending the loan period will increase the total amount you repay over the life of the loan.

For a list of FAQs on Loan Consolidation, please see Frequently Asked Questions.

Repaying Your Loans

Payments on your federal student loans are made to your loan servicer. Each servicer has its own payment process. You are responsible for staying in touch with your servicer and choosing the right repayment plan for your student loans. Get details about repayment plans and calculate your estimated repayment amount under each of the different plans.

Public Service Loan Forgiveness

Borrowers may qualify for forgiveness of the remaining balance on their Direct Loans due to eligible federal student loans making 120 payments under certain repayment plans while employed full time by certain public service employers. This information can also be found in the PSLF Fact Sheet and the Dear Borrower Letter, which can be downloaded and printed.

Source: http://studentaid.ed.gov

Financial Aid Disbursements

Loan payments are split into five equal disbursements for non-standard term students and two equal disbursements for non-term students. Payments are delivered to the school from the disbursing agent, either by Electronic Funds Transfer (EFT) or paper check. The funds are then posted to the students account during the first week of every term or payment period. The student is responsible for any balance that financial aid does not cover and must adhere to the terms of his/her tuition payment option.

Scholarships

During each academic year, University of the Rockies awards several scholarships to Colorado Springs and Denver Instructional Site students that reflect its commitment to its core values of Integrity, Service, Excellence, and Diversity. Scholarship recipients are selected by a variety of committees representing faculty and administrators.

Outstanding Student of the Year: Each year the Faculty Senate grants a tuition scholarship to the PsyD student they consider to be the person who most represents academic excellence, leadership, and service to the field of psychology.

J. Frank Rice Memorial Scholarship: Awarded in honor of J. Frank Rice, PhD, a founding faculty member and Board Member of the Colorado School of Professional Psychology, this tuition scholarship is given each year to an outstanding PsyD student of color who values the pursuit of knowledge, serves the common good, and intends to become a clinical psychologist. Students may apply using the Scholarship Application.

James R. Gregg Memorial Scholarship: Awarded in honor of James R. (Jim) Gregg, PsyD, an alumnus of COSPP, this scholarship is given each year to a student who demonstrates determination, tenacity, personal growth, and commitment to serving others. To be considered for this award, PsyD students may apply using the Scholarship Application. Applications of the top three candidates, as selected by the Student Association, are forwarded to the Gregg family for final selection.

The Josephine Lyle Cowan and E. Garland Cowan, Sr., Memorial Scholarship: Josephine and Garland Cowan were people of faith and service who valued education and supported people who devoted part of their professional life to religious service. Each year the Cowan Family Trust selects, from University of the Rockies nominations, a student who displays the qualities University of the Rockies expects of a professional psychologist, and who intends to provide some professional service to people in religious organizations. To be considered for this award, students may apply using the Scholarship Application.

The President's Diversity Scholarship: Can be awarded to as many as four full-time Colorado Springs Campus or Denver Instructional Site students per year. The value will depend on whether a student is in a Master’s or Doctorate degree program. Master’s degree students will receive a $960 per term scholarship while Doctorate students will receive a $1,260 per term scholarship.

Additional eligibility requirements:

  • Students of any race who can demonstrate financial need and provide documentation of community involvement or commitment to diversity may apply.
  • Students applying for this scholarship must be full time (minimum of 6 units per term) with at least a year of full time coursework remaining.

Awardees are expected to participate in a minimum of two University of the Rockies-sponsored diversity events. Students are eligible to receive the scholarship for one year (five terms) and must reapply (following this application process) for consideration to receive the scholarship for a second year. Scholarship awardees will be selected by a committee consisting of the Vice President/Campus Director, Director of Student Affairs, and the Director of Diversity. To be considered for this award, students may apply using the Scholarship Application.

State Grants

Please visit the Education Resource Organizations Directory (EROD) for a list of agencies administering state grants. You may contact these agencies directly for information regarding state grants that may be available.

Rights and Responsibilities

You may receive a copy of the Borrower Rights and Responsibilities from the Financial Aid Office.

Entrance and Exit Counseling

Entrance Counseling must be given to all financial aid students before aid is disbursed and Exit Counseling must be given to all financial aid students within 30 days of separation from the school. The entrance and exit counseling is available on StudentLoans.gov. Students may contact the financial aid office to receive individual repayment or account information.

Return of Title IV Funds

Should you drop from the program, the Financial Aid Office will perform Return of Title IV Funds. This process ensures that the school keeps the amount of financial aid earned by you and returns any unearned funds back to the lender. This process may result in you owing the school for tuition and fees.

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