College In Colorado

Read about forms, deadlines and other documentation requirements for a quick review of issues you may encounter in conjunction with obtaining financial aid.

Financial Aid Applications

• Pre-application Worksheet
  Discover what types of questions you must answer about yourself and your parent(s) (if you are a dependent student), and what documents you will need while completing the Free Application for Federal Student Aid (FAFSA) online.
  
  
• Free Application for Federal Student Aid (FAFSA)
  Complete the FAFSA soon after January 1 of the year in which you plan to attend college.
  
  
• Student Aid Report (SAR)
  When you get your SAR, be sure to read it immediately and follow any directions on it. The SAR is the results of filing the FAFSA.
  
  
• Institutional Application
  Though not common, a school may have its own separate form for students to apply for aid. Check the school's Website or financial aid materials for more information.
  
  
• Institutional Scholarships
  For scholarships awarded by the school, you must complete that scholarship application. There may be a separate application for each scholarship, or you may be able to apply for multiple scholarships on one form. Check the school's Website for financial aid materials for more information.

Important Priority Date Information

• Submit all applications before the school's priority date for financial aid
  
  
• Deadlines are normally near the end of February or early March, but check the school's Website or financial aid materials for exact dates
  
  
• If you miss the priority date, some forms of financial aid may not be available to you. (Most federal, state and institutional funding is limited. Meeting the priority date provides you with the best opportunity to receive the maximum financial aid your college can offer.)
  
  
• Meet all scholarship deadlines as defined by each scholarship

Student Loan Requirements

• Stafford Loan Master Promissory Note (MPN)
  If you are taking out a subsidized or unsubsidized Stafford Loan, you must complete the MPN before funds can be disbursed. For some schools, you must sign an MPN each academic year. Others may only require this once. The MPN is a legal instrument and is your promise to repay the loan whether you apply online and sign electronically or the MPN is sent to you. You may have a Federal Stafford Loan MPN or a Direct Stafford/William D. Ford Loan MPN depending upon the school.
  
  
• PLUS Application/Master Promissory Note
  If your parents wish to take out a PLUS Loan, there is a separate MPN to complete. Your parents may be asked to grant permission for the school to provide you with disbursement amounts that are greater than the tuition and fees and other school charges. Your parent may have a federal PLUS loan MPN or a Direct PLUS loan MPN, depending upon the school.
  
  
• Federal Perkins Loan Promissory Note
  If you are awarded a Perkins loan you must complete a master promissory note with the award letter. The MPN is a legal instrument and is your promise to repay the loan whether you apply online and sign electronically or the MPN is sent to you.
  
  
• Entrance Counseling
  You will be required to complete an entrance interview if you accept a Stafford or Perkins loan. You may be able to complete the counseling online, in a group or in an individual meeting. The interview explains your rights, responsibilities and terms and conditions of the loan.
  
  
• Exit Counseling
  Before you graduate or leave school, you will be required to complete an exit interview. The exit interview will focus on your obligation and options to repay the loan and stresses the consequences of default (failure to repay).

Verification Information

• Student Aid Report (SAR)
  If your SAR is selected for verification, you will have to submit additional documentation to the college to confirm the information contained on your FAFSA, including income information.
  
  
• In addition, you will be required to send copies of your IRS tax returns (or W2 and other forms for those not required to file income tax forms) to your college. The U.S. Department of Education selects SARs for verification at random and based upon edits.
  
  
• Your school may also choose to verify applications not selected by the Department of Education as a quality control measure.

Residency Documentation

• If you are applying for financial aid from the State of Colorado or want to be classified as an in-state student for purposes of receiving in-state tuition rates at a public institution, you must complete questions that verify your residency status. Typically these questions appear on the admissions application.
  
  
• If requested by your school, you must submit documentation proving physical presence in Colorado for 12 or more continuous months prior to the start of classes and of your intent to establish domicile in Colorado.

Independent Student Documentation

Award Letters

• Read your financial aid award letter as soon as you get it
  
  
• Follow the letter's direction to accept aid
  
  
• Notify the school if you decide to go to a different college or are not going at all. Depending upon the type of aid, the school may use those funds for other students

Disbursements

Disbursements are normally made at the beginning of each semester, quarter or other school period. For example, if you applied for the whole academic year at a semester-based school, you will receive ½ your aid for the first semester and the rest for the second semester. If you have any questions about how your college disburses financial aid, contact the financial aid office.

Withdrawal

• Complete withdrawal forms before you leave school. Try to remain in college if you can. It's worth the investment of your time and money.
  
  
• As a result of withdrawal, you may lose all or some of your eligibility for financial aid especially if you do not complete the withdrawal forms.
  
  
• Your school may have to return funds used to pay school charges and you may end up owing the school for charges originally paid by financial aid.
  
  
• You may even have to repay grants because of lost eligibility.
  
  
• Even if you withdraw, do not find a job in the field for which you studied or don't feel you got your money's worth, you still have to repay any student loan amount that was not refunded.

Satisfactory Progress

• You must make satisfactory academic progress toward your certificate or degree. Progress is measured in GPA or other grading standard and by measuring your progress toward your certification or degree.
• There is a maximum timeframe within which to complete your certificate or degree for receiving financial aid. It is normally 150% of the standard timeframe.
• Check your school's Website or financial aid materials for specifics.

Special Circumstances

• If your financial circumstances have changed and your income has dropped significantly since you filed your IRS tax returns (1040 forms), check with your school for appeal procedures.