Parent Information

Welcome to Colorado Mesa University parent financial aid information page. We look forward to helping you through the financial aid process and invite you to contact us with any questions at 970.248.1396 or financialaid@coloradomesa.edu.

NOTE: New for this year, FAFSA is moving to a prior-prior year model for tax information.  This means that for the 2017-18 academic year, you will again use your 2015 tax information.  If you have any questions regarding these changes, you can call our office at 970.248.1396 or go to the FAFSA website for information.

 
Tips

  • We communicate through the student's campus email and the MAVzone which is the campus portal. It would be helpful to remind your student to check these often and forward any important communications from the university to you.
  • Student records are protected by the federal Family Educational Rights and Protection Act (FERPA). The FERPA web page will explain what our office can and cannot release to parents.
  • Remind your student to complete the Free Application for Federal Student Aid (FAFSA) each year. Parent's tax information and FSA ID signature is needed to complete the FAFSA and ANY subsequent changes.
  • Students should apply for Colorado Mesa University scholarships by the deadline each year.
  • Most undergraduate students are considered "dependent" for federal, state, and university aid up to age 24. However, communication from the university, including financial aid awards and tuition bills are sent directly to the student.
  • Be sure to keep your FSA ID information in a safe place, as you will need this information in subsequent years. Remind your son or daughter of this also.

FSA ID

The FSA ID gives you access to Federal Student Aid's online systems such as the FAFSA and loan information. This can also serve as your legal signature. The FSA ID replaces the PIN that was used in the past. The parent who will sign the FAFSA or will be seeking a PLUS loan will need to apply for one. You can apply for an FSA ID online. Once this has been established, you do not need to apply for one each year. It is very important to keep your user name and password, as you will need these in future years.

Parent Loan for Undergraduate Students (PLUS)

The PLUS for undergraduate students allows parents to borrow up to the total cost of education less any other aid received by the student. The PLUS loan is credit based, however a FAFSA is required.

 

Who is eligible?

  • Any credit worthy parent of a dependent student is eligible to apply
  • A step-parent is eligible to apply only if his or her information was provided on the FAFSA.
  • Grandparents and other relatives are NOT eligible

How do I apply for a PLUS loan?

The parent or step-parent applying for the loan will need to complete the Federal Direct PLUS (Parent) Authorization Form and submit it to the Financial Aid office for a credit check which takes up to 3 business days. The student must ACCEPT the Parent PLUS loan that they have been offered before the credit check can be submitted.

Do I need to complete a Loan Agreement (Master Promissory Note)?

Yes. The parent who completed the Federal Direct PLUS (Parent) Authorization Form will need to complete a "Loan Agreement for a PLUS Loan". This can be accomplished at Federal Student Aid using the Parent FSA ID. If you have completed a Master Promissory Note in the previous 10 years, you will not need to submit another one.

Please note, that we do not load this information into our system until the end of July prior to the start of the academic year. 

What is the current interest rate?

The Parent PLUS loan interest rate may change annually. The current rate can be found at studentaid.gov (be sure to scroll down the page to view the rates).

When does repayment start with Parent PLUS Loan?

Repayment typically begins 60 days after the final disbursement of the loan. Be sure to check with your loan servicer for more information. You can find the contact information for your loan servicer at National Student Loan Data System (NSLDS).

Is there a way to see what I have borrowed to date?

You can view your loan history at National Student Loan Data System (NSLDS).

Who is eligible?

  • Any credit worthy parent of a dependent student is eligible to apply
  • A step-parent is eligible to apply only if his or her information was provided on the FAFSA.
  • Grandparents and other relatives are NOT eligible

How do I apply for a PLUS loan?

Parent PLUS Loan Applications are available June 1.

To Apply for PLUS Loan - Go to www.studentloans.gov. Click “Parent Borrowers”, then “Apply for PLUS Loan”, then “START”. Log-in with the borrowing parent’s FSA ID. Parent PLUS Loan Applications are available June 1 for the 2018-2019 Academic Year.

  • Parent borrower logs in using the parent FSA ID
  • A credit check will be completed within the application
  • Specify if you wish to defer payment
  • Specify to whom any refunds should be sent: parent or student
  • Specify loan amount: Enter specific number or select “maximum loan amount”
    • “Maximum loan amount” is the total cost of attendance, minus any other aid received
  • Specify the award year: August to May

 

Complete Loan Agreement / Master Promissory Note – If you are a first time parent borrower at CMU, you will need to complete the electronic Loan Agreement / Master Promissory Note.

  • Go to studentloans.gov and login with the borrowing parent’s FSA ID. Click “Parent Borrowers”, then “Complete Loan Agreement for PLUS Loan (MPN)”, then “START”.

 

Disburse funds to student account – After the parent has submitted the application and the promissory note, CMU will check the student’s eligibility requirements and disburse the loan to the student account. Loans may take up to 3 weeks to process. Refunds will be processed within 1 week of disbursement.

Note: If credit is denied, the parent will be given options to appeal the credit decision, obtain an endorser, or choose not to pursue the PLUS Loan. Please follow the steps on the online application. Students may request additional unsubsidized loan if PLUS credit is denied.

 

Do I need to complete a Loan Agreement (Master Promissory Note)?

Yes. Complete Loan Agreement / Master Promissory Note – If you are a first time parent borrower at CMU, you will need to complete the electronic Loan Agreement / Master Promissory Note.

  • Go to studentloans.gov and login with the borrowing parent’s FSA ID. Click “Parent Borrowers”, then “Complete Loan Agreement for PLUS Loan (MPN)”, then “START”.

What is the current interest rate?

The Parent PLUS loan interest rate may change annually. The current rate can be found at studentaid.gov (be sure to scroll down the page to view the rates).

When does repayment start with Parent PLUS Loan?

Repayment typically begins 60 days after the final disbursement of the loan. Be sure to check with your loan servicer for more information. You can find the contact information for your loan servicer at National Student Loan Data System (NSLDS).

Is there a way to see what I have borrowed to date?

You can view your loan history at National Student Loan Data System (NSLDS).