Financial Aid Overview & Eligibility

Learn how grants, loans and work-study can help pay for your college education

Colorado Mountain College believes that a college education may be the most important investment a student will ever make. The investment of time, money and commitment to obtain a good education will be a critical factor in determining the kind of career a student will have in addition to lifestyle and future. A student should not be denied the opportunity to achieve educational and career goals because of financial resources. All students have different needs. CMC’s Office of Student Financial Aid feels strongly that the student’s need should be met with a distribution of grants and self-help aid (loans and work-study).

Get started with these Frequently Asked Questions:

Who is eligible to apply?
What is Ability to Benefit for financial aid purposes?
When should I apply?
How do I apply?
What should I expect after applying?
How do I keep my financial aid from semester to semester?
When is financial aid distributed?

Who is eligible to apply?   
All students who wish to be considered for federal financial aid must complete the Free Application for Federal Student Aid (FAFSA). Applications can be completed starting January 1 for the following academic year by going to www.fafsa.ed.gov/ to apply online or by calling 800-443-3243 for a paper application (available in English or Spanish). The preferred application method is on-line. Please review the chart below to see if you may be eligible for financial aid.

What is Ability to Benefit for financial aid purposes?
Students who do not possess a high school diploma or GED and want to apply for and be considered for the federal financial aid programs must demonstrate their “ability to benefit” from a college education. The federal financial programs are funded by taxpayer dollars and colleges are required to document that students have the ability to study and learn at the college level. A high school diploma or a GED can be used to document the “ability to benefit (ATB)” from college. “Ability to benefit” can also be established by obtaining appropriate scores on the English, reading, and math placement tests. In addition, a student who completes six (6) credit hours of course work and receives a letter grade of “C” or better applicable toward a degree or certificate at CMC also has the ATB. Please contact a member of the Testing Center staff or a member of the Financial Aid staff prior to taking the placement tests. There are specific guidelines that must be followed.

ACCUPLACER is a computerized assessment test used for placement into English, reading, and math courses. This test is available at the request of an advisor and is normally used for admissions into special programs. This version of placement testing is not timed.

ATB Passing Scores:

Scores set as the qualification for “ability to benefit” are one standard deviation below the mean for students graduating from high school who have taken ACCUPLACER in the last three years. The federally approved passing scores for ACCUPLACER are shown below:

Reading and Comprehension: 55

Sentence Skills: 60

Federal Financial Aid Eligibility Requirements Eligibility
Demonstrate financial need	•	•	•	•
High school diploma or GED certificate or pass a test approved by the US Dept. of State	•	•	•	•	•	•
Enrolled/accepted at an eligible school	•	•	•	•	•	•
Enrolled/accepted in a degree or certificate program	•	•	•	•	•	•
US citizen or eligible non-citizen	•	•	•	•	•	•a
Valid Social Security number	•	•	•	•	•	•a
Make satisfactory academic progress, as determined by the school	•	•	•	•	•	•
Sign statement of educational purpose (on FAFSA)	•	•	•	•	•	•
Sign statement that you are not in default on a federal student loan and do not owe money back on a federal student grant (on FAFSA)	•	•	•	•	•	•a
Registered with the Selective Service, if required	•	•	•	•	•	•
Not convicted of possession/selling drugs while receiving federal financial aid	•	•	•	•	•	•
a Both the parent borrower and the student on whose behalf he/she is borrowing must meet eligibility requirements.

Caution:  Some information may change as the US Department of Education continues to issue new regulations in 2011-2012.  Stay in contact with the Office of Financial Aid.

When should I apply?
Complete FAFSA on the Web (www.fafsa.ed.gov) as soon after January 1 as possible. The priority date at CMC for applying for financial assistance is March 31 for the following academic year (fall through summer semesters).

FAFSA Renewal
Financial Aid awards are made for one year or less. All recipients must reapply for assistance each academic year.

How do I apply?

1. Complete  your Colorado Mountain College admissions application.
2. Apply for your Personal Identification Number (PIN) @ www.pin.ed.gov (if you are a dependent student, one parent will also need a PIN as well).
3. Complete your FAFSA at www.fafsa.ed.gov/. You can print a worksheet from the website to help you compile your information.
4. Check with CMC to determine whether there are any other forms you should complete.

• Don’t forget to include CMC’s school code – 004506
• Don’t forget to sign your FAFSA with your PIN

What should I expect after applying?
Within 5 to 7 days the Department of Education will send to you a Student Aid Report (SAR), which includes your Expected Family Contribution. If you provide your e-mail address, you’ll receive an e-mail with a link to your online SAR.

Your financial aid office will use the information received from the processing agent to construct your Financial Aid Package.  The financial aid office will contact you by mail and electronically using your CMC email account and your award will be available to view on your CMC WebAdvisor.

You should respond to the Award Notification immediately by going to your CMC WebAdvisor to accept all, part, or none of the Financial Aid Package offered. For more information on the types of awards offered, see the Financial Aid Facts PDF.

If scholarships and grants are not sufficient to cover your expenses, a loan may fill your remaining financial need. Check with your financial aid specialist to discuss student loan options.  If loans are accepted, entrance counseling and a Master Promissory Note (MPN) must be completed at www.studentloans.gov. 

In addition, you may use Federal Unsubsidized and/or PLUS Loans for part or all of your Expected Family Contribution.

Sometimes the Financial Aid Office will require students to furnish personal financial information to verify the information included on the FAFSA. This is called Verification. See the CMC Financial Aid Guide Flip Book or CMC Financial Aid Guide PDF for more information.

How do I keep my financial aid from semester to semester?
You will only need to complete the FAFSA for each academic year.  Complete the FAFSA on the Web as soon after January 1 as possible. The priority date at CMC for applying for financial assistance is March 31 for the following academic year (fall through summer semesters).

When is financial aid distributed?
You will be required to pay tuition and fees or have financial aid in place at the time of registration. Financial aid in the form of grants, scholarships and loans will first be applied toward the payment of outstanding tuition and fees (including room and board if applicable) owed to the college. Financial aid awarded in excess of outstanding tuition and fees will be disbursed by check to you approximately two weeks after the start of the semester.* Any credit balance from the PLUS proceeds will be paid to the parent unless the parent authorizes CMC to pay the balance to the student (See Section B on the Parent Borrower Form (pdf).

*IMPORTANT!  Summer 2011 loan disbursements may vary depending on the status of the borrower and the loan:

• For First Time Borrowers, disbursement of the loan funds will occur on June 15, 2011.
• For students receiving a one-semester loan, two disbursements will be made:  May 30, 2011 and June 29, 2011.