Federal Direct Loans
The Federal Direct Loan is a federal education loan designed to help students pay for college. Annual and aggregate loan limits are set by the government and based on grade level and dependency status. To apply for a Federal Direct Loan, students must submit a Free Application for Federal Student Aid (FAFSA). See Application Process on the menu at left for details.
Federal Direct Loans may be subsidized for an undergraduate student if the student demonstrates financial need according to the information included on the FAFSA. If the loan is subsidized, the federal government pays the interest while the student is enrolled and may pay the interest through the six-month grade period after the student has graduated or ceased to be enrolled at least half-time. When repayment begins, the student begins to pay interest on the loan amount. The federal government has set the interest rate for the subsidized Federal Direct Loan at 3.4 percent. The federal government requires that a student be enrolled at least half-time in order to qualify.
Students might be able to borrow loan funds beyond the subsidized loan amount even if financial need is not documented. In that case, an unsubsidized loan would be processed. Students are eligible for unsubsidized loans if educational costs remain after all financial aid, loans and scholarships are subtracted by the Financial Aid office (within the annual loan limits). Unlike a subsidized loan, students are responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. Students can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of the loan). Capitalizing the interest will increase the amount to repay. Students can receive a subsidized loan and an unsubsidized loan for the same enrollment period if the maximum annual limit has not yet been borrowed.
The subsidized portion of Federal Direct Loans will no longer be available to graduate students whose loan periods begin after July 1, 2012, due to federal changes.
Federal Direct Parent PLUS Loan
Parents of dependent students may borrow the Federal Direct PLUS Loan on the student's behalf. The annual maximum loan limit equals the student's cost of attendance minus any financial aid. There is no cumulative loan limit for a Federal Direct PLUS Loan. Interest capitalization and repayment begin immediately upon loan disbursement with interest set annually, not to exceed 7.9 percent. A federal origination fee and a default fee may be deducted from the principal prior to disbursement. A FAFSA and a Federal Direct PLUS Loan Application are required. Need is not a factor. A credit check is required to ensure that an adverse credit history is not present.
Federal Direct PLUS Loan
Federal Direct PLUS loan is available to graduate students. To be eligible, a graduate student must be attending Regis University at least half-time (three graduate credits per term), file a Free Application for Federal Student Aid (FAFSA), apply for the Federal Direct Loan and not have any adverse credit when a credit check is conducted.
A graduate student may borrow up to the full cost of education (as determined by the Financial Aid office) less the amount of other financial aid awarded, including Federal Direct Loans and alternative loans. The estimated cost of attendance includes tuition, room, board, books, personal, transportation and other educationally related expenses.
The Federal Direct Graduate PLUS interest rate is fixed at 7.9 percent. Federal loan fees of up to 4 percent may be deducted from the loan amount prior to disbursement. Graduate PLUS loan repayment begins within 60 days after graduation or dropping below half-time status. Students who are enrolled at least half-time will automatically be placed in deferment status. The standard repayment period is 10 years.
To start an application for Federal Direct Graduate PLUS, graduate students should go to the Federal Student Aid website and open or access their account. Then students can apply for the Federal Direct Graduate PLUS Loan and complete the Master Promissory Note (MPN). After the MPN is completed and Regis University has received the student's FAFSA and other required documents, the student will be sent an award letter by the Financial Aid office showing the amount of loan that has been certified.
Questions or requests for more information should be directed to an Enrollment Services representative at 303-458-4126, or 800-568-8932, or by email.
Federal Perkins Loan
The Federal Perkins Loan is a federally funded loan with a portion of the loan contributed by Regis University. Loans are made directly by Regis to undergraduate students who provide evidence of financial need through the FAFSA process. Loans are repaid to Regis University. The interest rate is five percent and the payment period begins nine months after the borrower ceases to be enrolled on at least a half-time basis. Loans under this program may not exceed $4,000 per year as an undergraduate student with an aggregate maximum of $20,000. Descriptions of reasons for deferment and cancellation are detailed in the promissory note, which must be signed and returned according to instructions provided by Student Accounts. This is also discussed with the borrower when he/she leaves the University.
How You Become Eligible for a Federal Perkins Loan
Funds are extremely limited and restricted to the neediest students. Recipients will be notified by email and directed to review their award letter. Regis University’s Financial Aid office receives the FAFSA results and, when eligibility is determined, the loan administrator in Student Accounts is notified. The loan administrator, in conjunction with ACS Education, services your loan/s online. Please remember to check your regis.edu email account for important notices and reminders from the loan administrator.
Newly Awarded Students
Two steps are mandatory in order for your Federal Perkins to be applied to your student account.
1. Go to the Financial Counselor website to complete your online Entrance Interview..
2. Electronically sign your Master Promissory Note via E-Sign Online.
Exit Interview - Students Graduating or Departing from Regis University - Federal Perkins Loans
Students who have received a Federal Perkins/Nursing Loan during their attendance at Regis University are required by federal regulations to complete an Exit Interview. You may complete your online Exit Interview at Financial Counselor. Transcripts and Diplomas cannot be released to students until verification is received that the Exit Interview was completed.
Students in Repayment-ACS Online Borrower Services
Log in to ACS to:
- Register for a user name and password for 24/7 access
- View payment information
- Make online payments
- Sign up for paperless billing and recurring payments
- Apply for an unemployment deferment, economic hardship deferment, or forbearance; an e-signature options is available for selected forms
- Change your address and phone number at your convenience
- Receive email notifications when your student loan payment is processed
If you prefer to make payment via USPS mail, mail checks to:
Regis University, Student Accounts
Attn: Loan Administrator
3333 Regis Blvd. A-8
Denver, CO 80221-1099
Questions?
If you have further questions regarding your Federal Perkins/Nursing Loan, please email the Loan Administrator at Regis University.
Federal Nursing Student Loan
The Federal Nursing Student Loan is a federally funded loan with a portion of the loan contributed by Regis University. Loans are made directly by Regis to nursing undergraduate students who provide evidence of financial need through the FAFSA process. Loans must be repaid to Regis University. The interest rate is five percent and the payment period begins nine months after the borrower ceases to be enrolled on at least a half-time basis. The aggregate maximum for the loan is $13,000. Descriptions of reasons for deferment are detailed in the promissory note, which must be signed according to instructions provided by Student Accounts. Each year prior to the disbursement of funds, students receiving a Federal Nursing Student Loan must sign a Truth in Lending form. This is also discussed with the borrower when he/she leaves the University.
Funds are extremely limited and restricted to the neediest students. Recipients will be notified by email and directed to review their award letter. Regis University’s Financial Aid office receives the FAFSA results and, when eligibility is determined, the loan administrator in Student Accounts is notified. The loan administrator, in conjunction with ACS Education, services your loan/s online. Please remember to check your regis.edu email account for important notices and reminders from the loan administrator.
Newly Awarded Students
Three steps are mandatory in order for your Federal Nursing Loan to be applied to your student account.
1. Complete the Entrance Interview on the Financial Counselor website.
2. Complete the TILA (Truth In Lending Act) form on the E-Sign Online.
3. Electronically sign your Master Promissory Note via E-Sign Online..
Exit Interview - Students Graduating or Departing from Regis University - Federal Nursing Loans
Students that have received a Federal Perkins/Nursing Loan during their attendance at Regis University are required by federal regulations to complete an Exit Interview. You may complete your online Exit Interview at Financial Counselor. Transcripts and Diplomas cannot be released to students until verification is received that the Exit Interview was completed.
Students in Repayment-ACS Online Borrower Services
Log in to ACS to:
- Register for a user name and password for 24/7 access
- View payment information
- Make online payments
- Sign up for paperless billing and recurring payments
- Apply for an unemployment deferment, economic hardship deferment, or forbearance; an e-signature options is available for selected forms
- Change your address and phone number at your convenience.
- Receive email notifications when your student loan payment is processed.
If you prefer to make payment via USPS mail, mail checks to:
Regis University, Student Accounts
Attn: Loan Administrator
3333 Regis Blvd. A-8
Denver, CO 80221-1099
Questions?
If you have further questions regarding your Federal Perkins/Nursing Loan, please email the Loan Administrator at Regis University.
Private Alternative Loans
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 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, student loans to improve the student loan decisions. Staff can be contacted at 855-411-2372 or www.consumerfinance.gov.
Private alternative loans can provide funds to assist students in meeting the cost of their education when traditional financial aid and the student's own resources do not cover all expenses. These loans may be more expensive than the federal student loans and therefore should not be considered until AFTER you have exhausted all financial aid and federal loan options. All of these loans must be considered part of your financial aid package. A full listing of alternative loan products that are currently available is accessible at www.finaid.org/loans/privateloan.phtml. 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.
All students who plan on borrowing alternative loans have to respond to three unique disclosures from their 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 Planning for your Education Expenses (Regis College and Traditional Nursing) or Planning for your Education Expenses (Nontraditional Students).If you need further assistance completing the self-certification form, please contact your financial aid counselor.
Once your loan application is finalized by the lender, 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 alternative 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 seven days.