Loans and Scholarships

Federal Loans

Direct Unsubsidized: This loan is non-need-based. Direct Loans are low-interest loans for students to help pay for the cost of a student’s education when attending post-secondary education. The lender is the U.S. Department of Education. Students may borrow directly from the federal government through the Direct loan servicer. To be eligible for a Direct loan, a student must be enrolled on at least a half-time basis. The Direct Loan Program offers a lower interest rate than most commercial loans. Graduate students can apply for an Unsubsidized Direct Loan, which begins to accrue interest while the student is in school. An origination/guarantee fee may be deducted from the student’s loan. Please refer to the Federal Direct Annual Loan Limits and Federal Direct Aggregate Loan Limits tables in this section of this Catalog. The standard repayment plan begins six months after the student graduates or is no longer enrolled at least half-time, and up to 10 years may be allowed to repay the loan(s).

Students who meet eligibility requirements may request a deferment or forbearance of their loan payment. The following are circumstances under which a student may qualify for a deferment: currently enrolled in school on at least a half-time basis; graduate fellowship; rehabilitation training; unemployment; economic hardship; military service; or post-active duty student.

Please refer to for more information about current loan interest rates and how to apply for a Direct Loan.

Direct Graduate PLUS Loan: This is a long-term, low-interest loan for graduate students. The student may borrow up to the cost of attendance, minus all other financial aid received, and after all Direct Unsubsidized loan eligibility has been exhausted. An eligible student may borrow directly from the Federal government. These loans are non-need-based and are subject to credit approval. If denied, a student may apply using a co-signer. Repayment begins 60 days from the date the loan is fully disbursed. The student is responsible for paying the interest on this loan starting from the time of the first disbursement. However, your loan will be placed in deferment while you are enrolled at least half-time.

Please refer to for more information about current loan interest rates and how to apply for a PLUS Loan.

Terms and Conditions of Direct Loans: The terms and conditions of Direct Loans can be found on the Master Promissory Note or through the Entrance Counseling the student completes.

Graduate Direct Annual Loan Limits:
Unsubsidized: $20,500.00
Maximim Lifetime Loan Limit: $138,500.00
Maximum Lifetime Aggregate
Subsidized Loan Limit: $65,500.00
Maximum Lifetime Aggregate
Unsubsidized Loan Limit: $73,000.00

A borrower who has reached his or her aggregate borrowing limit may not receive additional loans.

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.


Scholarships (Colorado Springs Campus and Denver Instructional Site Students)

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.

The Compact Service Corps AmeriCorps Program

AmeriCorps is a national service program that provides thousands of Americans of all ages and backgrounds with education awards in exchange for their service to local communities. AmeriCorps participants must provide an additional value to community-based agencies where they serve.

Compact Service Corps projects are aligned with federal focus areas that include: Education (tutoring and other education programs), Healthy Futures (primary and preventive healthcare), and Capacity Building (organizational infrastructure development). The Compact Service Corps supports students as they develop knowledge, skills, and self-awareness to move into professions of service. The program facilitates meaningful learning, civic involvement, and helps provide essential community needs. Campus and community come together with this student service, and it bridges a student’s academic program with a potential professional career.

For more information please visit the Compact Service Corps website or contact the Compact Service Corps Coordinator on campus.

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

If you receive financial aid, including Grad PLUS Loans, you must receive Entrance Counseling before aid is disbursed. You must also go through Exit Counseling within 30 days of separation from the school. Get entrance and exit counseling information. You 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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