CollegeInvest Denver GRADS Program FAQs
What is the goal of this program?
This program was designed to help as many Denver high school students as possible pursue and earn their undergraduate degrees.
Am I eligible to participate?
All May 2005- June 2009 DPS high school graduates, and Denver residents who graduate with a high school diploma from a non-DPS school and applied by October 1, 2009, are eligible to participate in the this program. Students must attend classes at least half time and graduate within six years for a bachelor’s degree and four years for a vocational certificate or associate’s. Only CollegeInvest Stafford loans qualify for loan forgiveness.
What does the program provide?
The program provides applicants with student loan forgiveness. Through this program, CollegeInvest will deduct (or forgive) up to $1,500 of an applicant’s CollegeInvest Stafford loan, once they’ve earned a bachelor’s degree, associate’s degree or vocational certificate.
Here’s an example...
Julia graduates from a DPS high school and applied for GRADS by October 1, 2009. She applies to and is accepted to Metropolitan State University. To help cover the costs of her education, she takes out a CollegeInvest Stafford loan. Upon earning her bachelor’s degree, Julia receives $1,500 in principal reduction on her outstanding loan balance. Julia’s loan totals $14,000 at the end of four years, so the program immediately reduces the principal to $12,500 when she graduates. Should Julia instead decide to pursue an associate’s degree or vocational certification, when she’s graduated, the CollegeInvest Mile High GRADS Program would forgive up to $750 for the associate’s degree and up to $300 for the vocational certificate.
Why is the partial loan forgiveness withheld until graduation?
The City of Denver recognizes that providing loan forgiveness as an added incentive to graduate may be just what a student needs to complete his or her degree.
College graduates have higher income levels and greater long-term earning potential than those with only a high school diploma or those who start a degree program but don’t finish. By providing an added incentive to graduate, the City aims to maximize the impact of the program on Denver’s long-term economic growth. We are confident that implementing this program will have far-reaching effects, including benefits to Denver’s economic development.
At what colleges can this program be used?
Any U.S. institution of higher learning that participates in the Federal Family Education Loan (FFEL) Program. More information can be found at www.studentaid.ed.gov.
How do I request my loan forgiveness award?
If you registered to participate in the Denver GRADS program, complete the GRADS certification form and return it to CollegeInvest. You’ll need to include a copy of your college transcript, diploma or certificate for documentation of graduation.