Undergraduate Student Loans

Federal Undergraduate Student Loans

Mines participates in the William D. Ford Direct Loan Program (Direct or Stafford Loans) where the lender the Department of Education, not a bank.  You will be considered for a Direct loan once we receive a completed FAFSA and you are enrolled in at least 6 credits (half-time).  Students who are graduating in December will have a pro-rated loan offer.  Your loan will be serviced by a federally appointed company.  Most students have only one servicer who will take one payment for all your federal Direct loans.  Repayment will begin after a 6 month grace period that begins when you graduate, drop below half-time, or withdraw. There are no prepayment penalties.

Direct Subsidized Loan

The Direct Subsidized loan is a need-based loan offered to undergraduate students only.  Interest does not accrue while you are in school at least half-time, in your grace period, or in deferment.  Mines offers this loan to every student who is eligible.  Any loan borrowed between July 1, 2012, and July 1, 2014, will not have interest deferred during the six-month grace period.  

Direct Unsubsidized Loan

The Direct Unsubsidized loan is a non-need based loan offered to both undergraduate and graduate students.  Students must have a completed FAFSA each year to be eligible for the loan, but, because it is not need-based, the amount offered is not influenced by income listed on the FAFSA.  Interest accrues on this loan from the time of disbursement. 

 

How To Set Up Your Student Loans
Step 1: Accept Terms and Conditions

On Trailhead (trailhead.mines.edu) review and accept terms and conditions in the Eligibility tab. Make sure to complete any outstanding requirements if you have any because the aid will not disburse until complete.

 

Step 2: Accept Direct Loans

In Trailhead go to the Award for Aid Year tab and select your current aid year. Once you have reviewed the amount offered you may accept/reject/accept partial amount. Any amounts accepted will be split evenly between the fall and spring terms.

 

Step 3: Complete Entrance Counseling

Log into studentloans.gov using your FSA ID and complete loan counseling. After this is done the requirement will update after 3 days to your account.

 

Step 4: Complete Master Promissory Note

Log into studentloans.gov using FSA ID again and complete your loan agreement for either/both your subsidized or unsubsidized loans. This will update on your account in 3 business days, and aid will not disburse until 3 days prior to the start of classes.

Undergraduate Federal Loan Terms

Origination Fees

1.066% origination fee for loans with a first disbursement date on or before October 1, 2018.

Interest rates 2018-2019

Adjusted annually on July 1st. Current and prior rates.

 

Subsidized

Unsubsidized

Undergraduate

5.045%

5.045%

 

Annual Loan Limits

Minimum: $100.00

Dependent

Annual Loan Limit

Maximum Subsidized

Freshman (0-29.5 Earned Credits)

$5,500

$3,500 subsidized

Sophomore (30-59.5 Earned Credits)

$6,500

$4,500 subsidized

Junior or Senior (60+ Earned Credits)

$7,500

$5,500 subsidized

 

Independent

Annual Loan Limit

Maximum Subsidized

Freshman (0-29.5 Earned Credits)

$9,500

$3,500 subsidized

Sophomore (30-59.5 Earned Credits)

$10,500

$4,500 subsidized

Junior or Senior (60+ Earned Credits)

$12,500

$5,500 subsidized

 Requirements

  • Accept all loans you want to borrow and the amount(s) through Trailhead.

  • All first-time borrowers must complete a loan counseling session prior to loan funds being disbursed.

  • Complete a Master Promissory Note (MPN).  Typically the MPN is only required once for each borrower.

  • Must be enrolled at least part-time (6 credits for an undergraduate student; 4.5 credits for a graduate student).

Repayment Terms

  • Repayment begins six months after graduation or dropping below half-time enrollment.

  • Minimum payment: $50/month, maximum of ten years to repay. 

  • Complete terms of the loan can be found on the Disclosure Statement for Federal Direct Loans.

Loan Repayment Calculator 

Cancellation

A Direct Loan may be canceled prior to disbursement with written or email notification.  The statement must include the student’s name and ID number (CWID).

Additional Payment Options

Scholarships:  You are encouraged to continue applying for outside scholarships throughout your education career.  Mines will accept scholarships as long as you are enrolled.  

Parent Loan:  Parents of dependents may take out a parent plus loan for their students for education related direct (ex. tuition) and indirect expenses (ex. off-campus living).  These loans are credit-based and in the parent’s name.  See our parent loan page for more information.  

Private Loan: You may borrow a private education loan for education-related expenses.  Generally this loan would come from a bank or from an education loan provider and may require a creditworthy cosigner.  Mines does not have a preferred provider list.  

Payment Plan or 529 College Savings Plan:  Our Bursar’s Office offers a payment plan where monthly payments can be made for your bill.  View the Payment Option site for more information.

Contact Us

Financial Aid Office
  Ben Parker Student Center
1200 16th Street
Golden, CO 80401
  303-273-3301
  FAX: 303-384-2252
Toll-free: 1-888-446-9489
  finaid@mines.edu


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More information:

For billing issues contact: Bursar’s Office 303-273-3158

For health insurance waivers contact: Health Center 303-273-3388

For College Opportunity Fund contact: Registrar’s Office 303-273-3200

For information on Veteran Affairs contact: Registrar’s Office 303-273-3200