Posted: Apr 12, 2010 8:11 PM by Andy Koen
Updated: Apr 12, 2010 8:11 PM
Roughly half of the students at UCCS use some type of financial aid to pay for school and because of recent changes in student loan laws, many of them will need to spend extra time at the financial aid office before classes start this fall.
Campus Financial Aid Director Robert Bode says many students will have to redo their paperwork including signing new master promissory note and retaking loan counseling as a result.
"There'll be some extra steps for just about everybody coming back this year," Bode says.
The new law eliminates private bank loans leaving only Uncle Sam to borrow from. Bode says, students who currently have the bank-backed loans should consider consolidating their loans.
"They may end up having to go through a bit of a process to get all of their loans put together in one place."
Bode expects large crowds and delays this fall at the financial aid office as a result of the change.
"We will have this one time issue where everyone's going to be changing over for our school and once we get through that we'll be back on the normal pattern," Bode said.
He encourages students to turn in their paperwork early or fill it out online to avoid a longer than usual wait.
The law also expands eligibility for the Pell Grant. Students who were previously turned down for the grant are encouraged to reapply.