Financial Aid
What is Financial Aid?
Financial aid is the various ways that a student and family can pay for college or career school. These forms of paying for continuing education come in the form of federal, state, school and private sources which are described below.
Aid from the Federal Government
The U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and loans which can be used to cover such expenses as tuition and fees, room and board, books and supplies, transportation, and other related expenses.
Types of Federal Student Aid
Grants: Financial aid that doesn't have to be repaid. Generally known as, "Gift-Aid" or free money.
Work-Study: A work program where you can earn money to help you pay for additional costs of school. These programs can be useful in gaining work experience, networking and becoming connected to the campus.
Loans: Borrowed money from college or career school; you must repay your loan with interest. There are both subsidized and unsubsidized loans. See fafsa.gov for further details on loans.
Apply for federal student aid by going the the Free Application for Federal Student Aid section.
Aid from the State
Even if you're not eligible for federal aid, you might be eligible for financial aid from your state. Contact the financial aid colleges
Aid from a College or Technical School
Many schools offer financial aid from their own funds. Find out what might be available to you:
Visit your interested school's financial aid page on its website, or ask someone in the financial aid office.
Ask at the department that offers your course of study; they might have a scholarship for students in your major.
Fill out any applications the school requires for its own aid, and meet the deadlines.
Aid from Private Organizations
Many organizations offer scholarships or grants to help students pay for college or career school. This free money can make a real difference in how affordable your education is.
The Free Application for Federal Student Aid (FAFSA)
What is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is a form that can be prepared annually by current and prospective college students (undergraduate and graduate level) in the United States to determine their eligibility for student financial aid. In other words, the FAFSA is an opportunity to receive additional monies for a student and family to pay for college. It is recommended to submit your FAFSA as soon as possible to be able to received the most amount of aid.
DREAMers do not apply for FAFSA. Please refer to the DREAMers tab for more information and the financial aid process for students.
FAFSA Opens on October 1st!
Check out the FAFSA Overview for more information and start your FAFSA now!
Get an estimate for what you might receive in grants and eligibility for loans by visiting the FAFSA4caster.
What is an FSA ID?
An FSA ID is a username and password that you must use to log in to certain U.S. Department of Education (ED) websites. Your FSA ID identifies you as someone who has the right to access your own personal information on ED systems such as the online Free Application for Federal Student Aid (FAFSA®) form or the myStudentAid mobile app. Creating an FSA ID is step one in filling and completing FAFSA.
Create an FSA ID now!
What will you need to complete FAFSA?
In order to complete the FAFSA, you will need:
Your Social Security Number (Student’s and Parent’s)
Your Alien Registration Number- if you are not a U.S. citizen
Parent and Student birth dates
Your most recent federal income tax returns, W-2s, and other records of money earned. (Student’s and Parent’s from 2019)
Any business and investment mortgages
Amount of money in savings and checking account.
Date and Year of Parents Marriage and/or Divorce
Records of Untaxed Income (if applicable)
Social Security Benefits
Temporary Assistance for Needy Families (TANF)
Veterans Benefits Records
Disability Benefits Records
Child Support Received
An FSA ID to Sign Electronically. Both student and parent will need to create an FSA ID.
CASFA: For Those Who Can't
Complete the FAFSA
Complete the FAFSA
FAQ:
Q: Who can apply for CASFA:
A: CASFA is a safe, easy way to apply for state financial aid if you are a Colorado ASSET (Advancing Students for a Stronger Tomorrow) student. Non-U.S. citizen resident and non-resident students can use the CASFA to apply for institutional aid.
Q: What is the purpose of CASFA:
A: The purpose of the CASFA is to determine need for financial aid awarding purposes to students historically left out of receiving state and federal financial aid. CASFA positively supports families and is a logical next step in efforts to erase equity gaps and put college in reach for the families who benefit most from a postsecondary education. CASFA also supports the department’s efforts to make college more affordable by reducing the cost of obtaining a credential and maximizing a student’s higher education investment.
Q: When can I submit my CASFA application?
A: On October 1, 2020, students can apply for the CASFA. Click here to fill out an application.
Q: What if I am not a citizen?
A: Non-U.S. citizen resident and non-resident students can file a CASFA to qualify for institutional aid.
Q: What is the benefit of applying for state aid:
A: State aid, including grants and work-study funds, help open the door to higher education for students who have attended high school in Colorado but who are not eligible for federal financial aid.
Q: What is the difference between state aid and institutional aid?
A: State funded aid is financial aid that is funded by the state of Colorado. Institutional aid is financial aid that is comes from the institution of higher education where the student is enrolled.
Q: I have a question about the CASFA application, who do I contact?
A: Please contact the financial aid office at the institution you’re applying to if you should have any specific questions about the application. Should you have any technical difficulties with your account contact CASFA@dhe.state.co.us. CDHE will not be able to answer detailed questions about the application at this time.
The CSS Profile
What is the CSS Profile?
The CSS Profile is an online application to determine eligibility for non-federal financial aid, which is administered by the College Board, creator of the SAT. Not every college requires it, but nearly 400 colleges do, so be sure to first check the list of schools to determine whether your child needs to complete the application. It's also important to see if the school requires students of divorced parents to complete the additional Noncustodial Profile.
Unlike the FAFSA, there is a fee to apply. The first application is $25 and reports to additional schools are $16 each. Fee waivers are granted to high-need students, generally for household incomes of $40,000 or less per year.
Both the CSS application and the FAFSA can be filed as early as October 1 and should be completed as soon as possible to take advantage of aid that is distributed on a first-come, first-served basis. All schools have their own deadlines in place for the CSS, but many require students to file the profile two weeks before the college's priority admission application deadline.
Financial Aid Verification
Colleges will sometimes ask for additional financial information to ensure it is offering the appropriate amount of financial aid. This process is called verification and is needed to complete your financial aid requirements. A student has the option of using the IRS Data Retrieval Tool or obtaining your IRS Tax Return Transcripts to complete verification. Use the information below to obtain your tax information.
IRS Data Retrieval
Using the IRS Data Retrieval Tool on your FAFSA is the fastest and easiest way for you to provide your tax information to your college.
The IRS Data Retrieval Tool links directly to IRS records to transfer tax and income information for students and parents directly to the FAFSA. Using the IRS Match makes the FAFSA easier to complete, and simplifies follow up steps with your college. Once you use the IRS Match to transfer information to your FAFSA, do not change the information that was transferred to your FAFSA from the IRS.
To increase the likelihood that a match will be found when using the IRS Data Retrieval Tool:
Enter name and address information EXACTLY as it is shown on the tax return
If married, filing jointly, use the primary filer’s information
Wait at least 2 weeks after e-filing your federal income tax return, or 4-8 weeks after submitting taxes by mail
If you could not use the IRS Data Retrieval Tool when you first completed your FAFSA because taxes were recently filed, log into your online FAFSA account after your SAR is available and use the tool to update the tax information for yourself and/or your parents.
Log into your FAFSA account at https://fafsa.gov.
Click on the link “Make FAFSA Corrections” if you previously completed a FAFSA.
Then click on a tab on the top of your FAFSA that says “Financial Information.”
On the “Financial Information” page, click on “Link to IRS.”
This will take you away from your FAFSA account and link you directly to an IRS page where you will enter personal information (and you will need to do all of this a second time if you are doing both student and parent retrieval). Make sure you spell your name and street address exactly as they appear on your 1040 federal tax return.
After you enter your personal information, follow the directions to “Submit” and then “Transfer” your IRS tax data to your FAFSA.
Make sure to go to the last page of your FAFSA to sign and re-submit the FAFSA.
Students and parents are not eligible to use the IRS Data Retrieval tool if any of the following apply:
A married independent applicant and spouse filed separate tax returns
Parents of a dependent student filed separate tax returns
The parents are married and filed as Head of Household
Parents enter all zeroes for Social Security Number (SSN) on FAFSA
Any student or parent with a change in marital status since filing 2017 taxes
Any student or parent who indicates they have not already filed a tax return or will not file a tax return
Note: If you are unable to use the IRS Data Retrieval Tool, see “IRS Tax Return Transcript.”
Ordering Your IRS Tax Return Transcript, IRS Verification of Non-Filing, or Other IRS Documents
If you are unable to use the IRS Data Retrieval Tool, you must request your IRS Tax Return Transcript. We recommend that you request your Tax Return Transcript online as the fastest and most reliable way to receive your transcript. You may also visit the local IRS Office to obtain your Tax Return Transcript. Alternatively, you may request a copy of your tax return transcript by phone or mail. Please allow plenty of time for the IRS to fulfill your request!
IMPORTANT: The IRS is very picky about how forms are completed. Don’t cross off or white out any information, because the IRS will reject your form. Instead, try to fill in the form on the computer and then print, if possible. Don’t be afraid to ask your College and Career Center Coordinator to help with this!
Request Online – FASTEST way to request & receive your tax transcript. Students and parents can submit an online request to receive a tax transcript by mail by following the steps below.
Click on the Get Transcript Online or Get Transcript By Mail button.
To use Get Transcript by Mail, you need your Social Security number (SSN) or your Individual Tax Identification Number (ITIN), date of birth, and address from your latest tax return. To use Get Transcript Online, you must have the taxpayer’s SSN and additional information, including access to an email account. This option often doesn’t work, so don’t worry – you can request to have your transcript sent by mail.
Click “OK” on the “This U.S. government system is for authorized use only” pop up.
Enter your personal information requested (SSN or ITIN, date of birth, street address, and zip code). Your information must match your most recently filed tax return. Note that if you or your parents filed jointly as married, tax account information is requested using the SSN or ITIN of the primary taxpayer shown on your return.
Select “Return Transcript” for 2017 tax year.
If the IRS was able to match your information, you will see a screen that confirms that your request was accepted. If you selected Get Transcript by Mail, your tax transcript will be mailed to you in 5-10 days. The IRS will mail the transcript to the address on file for you; unfortunately, you’re not able to ask that it be mailed to a different address.
Call the IRS at 1-800-908-9946 (7 a.m.- 7 p.m.)
If your college is requesting your parents’ tax transcripts, your parents must request their tax information.
Visit the IRS Office
You may also obtain a copy of your tax return transcript by visiting the IRS Office at 1999 Broadway 17th Floor, Denver, CO 80202 between 8:30 a.m. and 4:30 p.m., Monday through Friday.
You must have an appointment to get help at the IRS Office. Call 844-545-5640 to schedule.
If you visit the IRS Office you must take your ID and have your Social Security Number with you.
If you visit the IRS Office to request your parents’ tax return transcripts, your parents must be present.
If applicable, your parents must have their individual Taxpayer Identification Number (ITIN) available.
Request a copy of your “tax return transcript” – not assistance in the preparation of your tax returns.
Request by mail using Form 4506T-EZ
The English and Spanish forms linked above can be used to request IRS tax return transcripts for those whose address or name have changed.
What if your parent(s) did not file taxes?
If you are selected for verification, but your parent(s) did not file taxes, you will need to order a “Verification of Non-Filing” statement from the IRS.
To order the verification of non-filing, start by completing this form and mailing to the IRS: IRS Form 4506T – Select Option 7
If you provide your parent(s) information on the FAFSA (you’re considered a dependent student for FAFSA purposes), you don’t have provide verification of non-filing for yourself.
If you are an independent student for FAFSA purposes (you don’t provide parental information), then you must provide verification of non-filing if you did not file taxes.
What if your college asks for your W2, but you can’t get it from your employer?
You can use the same form (Form 4506-T) to order a copy of your W2 from the IRS. Check the box for Option 8.
What to do after you submit Financial Aid?
After submitting your Free Application for Federal Student Aid (FAFSA), there are important steps you must follow to receive your financial aid award money. Prompt follow-up is extremely important to ensure you receive your awards before classes begin.
Set Up Your College Email
Once you have been accepted to your college or university, set up your student email account(s) at each college to make sure that institution has received your financial aid. Check your email frequently!
Review Your Student Aid Report (SAR)
Once you submit your FAFSA, it will be processed and a Student Aid Report (SAR) will be created for you and each college you listed. Review your SAR carefully to check for accuracy of the information. You will receive instructions to view your SAR online if you included your email address on your FAFSA, or you will receive a hard copy by mail.
If Needed, Change or Correct Your FAFSA
If your SAR includes any inaccurate information, log back into your online FAFSA account to make corrections. If you did not use the Internal Revenue Service (IRS) Data Retrieval Tool to link to tax information for yourself or your parent(s) when you completed FAFSA, log back into your online FAFSA account to try using the IRS Data Retrieval Tool again.
Check Your College Frequently
The Office of Financial Aid (OFA) at each college included on your FAFSA will review your SAR and determine if any additional documentation is required to verify the information on your FAFSA. If additional information is needed, you must provide it before the OFA can determine your eligibility for need-based financial aid. If additional information is required, the OFA will notify you by email.
Call or Visit the Office of Financial Aid
You should also call or visit the OFA – they are there to help. We strongly encourage you to contact the OFA by phone or in person for help providing additional information and to make sure they receive the information you submit!
Review and Accept Awards
Once the OFA has received and processed all of your information, review your notice of offered financial aid awards carefully and follow the instructions to accept your awards. If you accept student loans, you will need to complete entrance loan counseling and sign a Master Promissory Note.
Gather Information for Financial Aid Verification Now
The most common types of information that must be verified are listed below. Begin gathering this information now so you’ll be ready to provide copies of it to the OFA, if requested.
Information that May Be Required for Verification:
Proof of identity with either a Driver’s License or State issued ID;
Proof of Supplemental Nutrition Assistance Program (SNAP) benefits, formerly called food stamps, you or your parent(s) receive;
Proof of date of graduation, via a High School Transcript;
Proof of child support paid;
Proof of income and tax information
Added directly to FAFSA using the IRS Data Retrieval Tool
Requested from the IRS directly via an IRS Tax Return Transcript
Set up your college email and check it often to find out what, if any, additional information you must provide.