FINANCIAL AID POLICIES HANDBOOK 2013-2014
Changes In Financial Aid Awards
Students who receive a four-year affordability plan can expect their aid award to remain the same during each of their four undergraduate years. This will assist families as they plan for college financing during the four undergraduate years at Colorado College. If the family’s financial situation changes significantly at some point, the family may submit additional information to the financial aid office as an appeal.
The following situations may cause a revision in the original award and should be reported to the financial aid office promptly. Changes in awards are subject to availability of funding.
Change in enrollment status. If a student drops to less than full-time enrollment (less than three blocks in one semester), eligibility for continuance of aid will be reviewed. Colorado College funds are based on maintaining a full-time student status. Half-time students may utilize Pell Grants, Stafford and Perkins Loans, PLUS Loans, and work-study.
Change in marital status. Such a change may affect the calculation of financial aid eligibility, but federal regulations do not permit a change to federal forms for student marital status if that status changes after the student has filed the FAFSA.
Change in other financial assistance. Aid received from sources outside Colorado College (community, company, private agency, gifts, etc.) can influence the financial aid award if it exceeds the student’s federal eligibility. (See Outside Scholarships)
Change of residence. A change from living in the residence halls or in an apartment off campus to living at home with parents or vice versa has an impact on the student’s costs. Only if a student changes residence to living at home or vice versa will the student need to contact the financial aid office. The budget for students living off campus in apartments is the same as it is for students living in residence halls or other on-campus facilities, so there is no change in the award in these cases.
Changes due to verification. Significant corrections in any student’s original information may cause a change in the award. In these cases, a revised award may be necessary to remain within a student’s eligibility. (See Verification)
Other changes in family financial information. Family emergencies such as job loss or death of a parent may necessitate review of an award. (See Appeals)