FINANCIAL AID POLICIES HANDBOOK 2013-2014
Federal and State Programs
All students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for federal and state financial aid. Students who submit the FAFSA on-line or provide an e-mail address will receive a Student Aid Report (SAR) by e-mail. To receive federal funds, students must demonstrate financial eligibility according to federal regulations, be enrolled as a regular student in an eligible degree-seeking program, be a U.S. citizen or eligible non-citizen, have a valid Social Security number, make satisfactory progress toward a degree, register with Selective Service (if required), and sign the required federal statement of educational purpose when filling out the FAFSA. We strongly encourage students and parents to fill out the FAFSA on-line at http://www.fafsa.ed.gov, and to sign the FAFSA using a separate PIN for each required signature.
For dependent students, the information on the SAR must agree with the parents’ and student’s 2011 federal income tax returns and with any other information the family has provided to us. Students may contact the financial aid office about making corrections to their Student Aid Report. Students and parents can make on-line corrections or the financial aid office will make corrections with appropriate documentation. We encourage currently enrolled students to contact the financial aid office if corrections to the federal financial aid information are necessary, and we will process the corrections. If corrections are made, any federal or state aid amounts may change and the financial aid award may change accordingly. Students should contact the financial aid office for any questions about the SAR or filing the FAFSA.
Federal Pell Grants
The Expected Family Contribution (EFC), as calculated using the information submitted on the FAFSA, determines the Pell Grant amount. The original aid award may include an estimated Pell Grant until we make or receive final corrections to the SAR (see above). Federal regulations require that we consider the amount of federal Pell Grant for which students are eligible before we assign other federal financial aid. We are unable to substitute any other financial aid for a Pell Grant lost due to insufficient documentation or change in eligibility.
Federal Supplemental Educational Opportunity Grants (SEOG)
These federal grants are made according to the funding level for the college determined by the U.S. Department of Education, and priority is given to full-time students. By law these can only go to students with great financial need. Generally, we award SEOG to students who are eligible for maximum federal Pell Grants.
Colorado Student Grants (CSG) and Colorado and Supplemental Leveraging Educational Assistance Partnership Program (CLEAP and SLEAP)
These grants are received from the state of Colorado in limited amounts and awarded to Colorado residents on the basis of eligibility. The federal government matches the CLEAP and SLEAP funds. Students who receive any funds from Colorado Student Aid programs must complete the State Residency Questionnaire distributed by the financial aid office. Students must affirm that these funds will be used solely for expenses related to attendance or continued attendance at Colorado College. SLEAP program funds are available exclusively for students who are enrolled in a Colorado teacher licensure program and who are student teaching during a term in the award year. It is anticipated there will be no SLEAP funds available for the 2011-12 academic year.
Students further affirm their understanding that they are responsible for repayment of a prorated amount of any portion of payments made that cannot reasonably be attributed to meeting educational expenses related to attendance at Colorado College. Students who willfully misrepresent information provided in applying for Colorado student aid funds are subject to penalty of Colorado law.