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Financial Aid

Federal Pell Grant

are federally funded, need-based grants for college students that do not need to be repaid as long as the student was and remains eligible for the grant. Federal Pell Grants are usually awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor’s, graduate, or professional degree. The amount of the grant available to the student will depend on the (2024-25 FAFSA), enrollment status, and cost of attendance.

The 2024-2025 award year maximum Pell Grant scheduled award amount is $7,395 and the minimum is $740.

Federal Direct Loan Program

Ë¿¹ÏÊÓƵ students are eligible to apply for Title IV federal student loan programs.ÌýÌýare offered by the U.S. Department of Education to help students pay for college.Ìý These loans are available to both undergraduate and graduate students. The University currently offersÌý,Ìý, andÌýÌýthrough the William D. Ford Direct Loan program and the U.S. Department of Education.

Federal Direct Subsidized Loans

Federal Direct Subsidized LoansÌýare loans made to eligible undergraduate students who demonstrate financial need. The eligible amount cannot exceed the student’s financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan under the following circumstances:

• While the student is enrolled at leastÌý,
• For the first six months after the student leaves school (referred to as a grace period), and
• During a period of deferment (a postponement of loan payments).

Federal Direct Unsubsidized Loans

Federal Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. The U.S. Department of Education defers repayment of the loan principal while the student is enrolled at least Ìýand for the first six months after the student leaves school. The student is responsible for paying the interest on the outstanding principal during all periods, including times of approved deferred principal payments.

Federal Direct PLUS Loans

Federal Direct PLUS LoansÌýare loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.

Eligible Direct Loan Amounts

The amount a student is eligible to borrow depends on whether they are an undergraduate student, a graduate or professional student, or a parent.

• For an undergraduate student, the maximum amount you can borrow each year in Direct Subsidized Loans and Direct Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on what year you are in school and your (i.e. independent versus dependent).
• For a graduate or professional student, you can borrow up to $20,500 each year in Direct Unsubsidized Loans. Direct PLUS Loans can also be used for the remainder of your college costs, as determined by the University, not covered by other financial aid.
• A parent of a dependent undergraduate student can receive a Direct PLUS Loan for the remainder of their child’s college costs, as determined by the University, that is not covered by other financial aid.

Terms and Conditions of Direct Loans

The terms and conditions of Direct Loans can be found on the Master Promissory Note and/or the Loan Entrance Counseling the student completes. A student borrower who has reached their aggregate loan limit may not receive additional loans. More information on these limits can be found .

Cost of Attendance

The cost of attendance (COA), sometimes referred to as a student budget, is an estimate of the total amount of your educational expenses associated with attending Ë¿¹ÏÊÓƵ each academic year. At Aspen, your COA includes direct costs (tuition, fees, and book allowance) that will appear on your student ledger as well as indirect costs (housing and food, transportation, personal expenses) that are not billed to you but are estimated costs associated with attending the University and are therefore, included in your budget.

Cost of living varies by learner and is calculated using the national average student expenditure.

Estimated Yearly Cost of Living (Independent Student)

• Housing and Food: $ 8,488
• Transportation: $1,728
• Miscellaneous/personal expenses: $5,504

*For more information about Financial Aid, email Studentfinance@aspen.edu