Federal Perkins
The Federal Perkins Loan program is available to needy undergraduate students. Federal Perkins loans are low-interest (currently 5%), long-term loans made through the Colorado Technical University financial aid office to help students pay for postsecondary education. The federal government allocates funds to participating schools. This is a limited pool of funds and the school will determine to whom and how much it will award based on federal guidelines. Often, due to limited funding, Federal Perkins Loans resources are exhausted early in the year. Loan repayment begins after the student graduates, withdraws from school or falls below half-time enrollment status and includes a 9 month grace period for first time Perkins borrowers.
Federal Work Study (FWS) (may not be available to students enrolled in 100% online degree programs) FWS is a financial aid program designed to assist students in meeting the cost of their education by working part-time while attending school. Positions may either be on-campus, off-campus, or community service related. A candidate must demonstrate financial need to be awarded FWS. The number of positions available through the FWS program may be limited depending upon the institution’s annual funding allocation from the federal government.