Types of Aid - Colorado College

One of the best investments of a lifetime is a good education. At Colorado College, we believe the pursuit of such an education should not be compromised by financial concerns. Many families mistakenly assume they cannot afford a private liberal arts education, so they don't apply to higher-cost colleges. However, Colorado College seeks a highly qualified and diverse student body and, for this reason, has a strong financial aid program that enables students from all economic backgrounds to enroll. See Statistics

We strongly urge you to explore the possibility of financial aid as you plan your college education.

The Colorado College Affordability Plan - A Four-Year Commitment
It is our goal to make CC affordable to all admitted students who apply for assistance on time. We award Colorado College grant assistance based on your financial eligibility and admission credentials. Once we have determined your official eligibility for CC grant and scholarship funds, we will make a four-year commitment to you and your family (except in limited circumstances). For students who remain in good academic standing with the college, we will renew the CC grants from the four-year award automatically each year at the same level, plus an amount that reflects the percentage increase in tuition.

FREQUENTLY ASKED QUESTIONS

How Do I Apply for Financial Aid?
Colorado College requires that applicants complete two forms to apply for financial aid. CSS/Financial Aid PROFILE, from the College Board, will help determine your eligibility for Colorado College institutional funds. The Free Application for Federal Student Aid (FAFSA), from the federal government, is used to determine your eligibility for federal funds. Remember to send the required financial aid application materials by the priority dates listed at our website under Deadlines The college cannot guarantee that you will receive the financial aid for which you are eligible if you are late submitting documents.

What Financial Aid Is Available?
Once your eligibility for aid is determined, we put together a financial aid affordability plan that may include various types of aid: grants and scholarships, which do not have to be paid back; student loans, which do; and student work-study employment. Funding for these programs comes from several different sources, including the college itself, the state of Colorado, and the federal government. Except for the for merit-based scholarships described below, all grants at Colorado College are need-based, requiring a family to demonstrate financial eligibility to receive these funds.

Are Payment Plans Available?
Yes, enrolled students may opt to participate in a monthly payment plan rather than make lump sum payments at the beginning of each semester. After a student accepts admission to Colorado College, the business office distributes information regarding the company that provides this service to parents and the college. You may also click this link to the student accounts website for more information.

Is Aid Available for International or Transfer Students?
Funds for transfer applicants are limited. Transfer students who are U.S. citizens or permanent residents should direct their questions to the financial aid office.

Funds for non-U.S. citizen applicants are available, but limited. Such applicants should see the information on the Admission page and/or contact the coordinator of international admission at IntlAdmis@ColoradoCollege.edu or 719.389.6344. U.S. permanent residents are eligible for the same financial aid consideration given to U.S. citizens.

How Is Financial Aid Eligibility Determined?
We make every effort to determine who is and is not eligible for aid by using a standardized process. There is no arbitrary income cut-off figure; each family is considered individually, according to its own situation. The amount of money your family will be expected to contribute is calculated according to an institutional method used by many private colleges in the country, and amended in some cases by college policy or federal methodology.

We suggest that you visit the financial aid needs analysis calculators at College Board or FinAid to obtain a general idea of how colleges determine an expected family contribution.

The process examines income, number of family members, number of children in college, assets, savings, investments, mortgage debt, medical expenses, how close parents are to retirement, and admission credentials. This complex process has a simple objective - to determine what you and your family can afford to contribute to your education. We believe that families have the first responsibility for contributing to college costs. We provide an affordability plan to help meet the difference in college costs and your family's resources.

You should note that, except in unusual circumstance, Colorado College will not award need-based aid without taking into consideration parents' financial circumstances. In the case of divorced or separated parents, each parent is expected to provide financial information.

NEED-BASED AID

Grants

Institutional Grants — Colorado College administers approximately 230 different grants and scholarships with funds from endowments, bequests, and gifts from philanthropic organizations, alumni, and friends of the college. In addition, the college uses a substantial percentage of its operating budget to fund these grants. These grants and scholarships account for about half of the college’s overall financial aid funding. This year, students received nearly $32 million in financial aid - over $20 million directly from Colorado College.

Federal Pell Grants are awarded directly to students based on the federal formula and may range from $400 to $4,050. The financial aid award will indicate the Pell eligibility based on the information we have at the time of packaging.

Federal Supplemental Education Opportunity Grants (SEOG) are provided by the federal government for students with exceptional financial need. Colorado College determines your eligibility and awards these funds.

Colorado Student Grants (CSG) may be given to Colorado residents with exceptional financial need.

Loans

Federal Perkins Loans do not accumulate interest while you are enrolled and have no loan origination fee. Repayment begins nine months after you leave school with a fixed interest rate of five percent, and a 10-year repayment period. In some years, we have a limited amount of Perkins money to award to students.

Federal Subsidized Stafford Loans are secured through private lenders and allow students to borrow as much as $3,500 a year for first-year students, $4,500 for sophomores, and $5,500 a year thereafter. The amount an applicant may borrow depends on the calculated eligibility of the family. Beginning in July 2006 the interest rate is fixed at 6.8 percent. The federal government pays the interest during enrollment. Repayment begins six months after leaving school, and borrowers have up to 10 years to repay their loans. Origination and insurance fees (3 or 4 percent of the total amount) are deducted by the lender from the amount borrowed.

Federal Unsubsidized Stafford Loans, which begin accumulating interest immediately, are available to any student who does not qualify for the subsidized Stafford loan.

Federal PLUS loans give parents the chance to borrow an amount up to the cost of attendance, minus other financial aid of college expenses. Beginning July 2006 the interest rate is fixed at 8.5 percent. Repayment begins 60 days after disbursement of the loan. Origination and insurance fees (3 or 4 percent of the total amount) are deducted by the lender from the amount borrowed.

Work On-campus student employment awards are made to students eligible for the federal or state work-study program. Students usually work 8 to 10 hours per week and earn $1,200-$2,100 per year. Federal work-study community service positions are also available. Limited job opportunities on campus may be available for students not receiving a work-study award. The Career Center posts off-campus job notices.

MERIT SCHOLARSHIPS

Athletic Scholarships Colorado College athletic scholarships are available only to students who participate in NCAA Division I sports - women's soccer and men's ice hockey. Other varsity sports at CC are NCAA Division III. NCAA regulations prohibit athletic scholarships to students participating in Division III sports. Contact the CC athletics department at (719) 389-6476 for specific information.

Barnes Scholarships* The college has two separate, renewable, full-tuition scholarship programs in the natural sciences. The Otis A. and Margaret T. Barnes Scholarships are available to outstanding first-year students planning to major chemistry (including biochemistry). The Margaret T. Barnes Scholarships are available to outstanding first-year students planning to major in biology, environmental science, geology, mathematics, physics, and psychology (including neuroscience). You may apply only to one department, and a special application is required. You will also need to send to the appropriate science department a copy of your admission application. Please see the .pdf file named "Barnes Scholarships" on the left navigation bar on this page under "Types of Aid".

Boettcher Scholarships The Boettcher Foundation selects top students who are Colorado residents to receive renewable Boettcher Scholarships. The Boettcher Foundation and Colorado College provide funds equal to full tuition, and an allowance for room, board, books, and supplies. Interested individuals apply for this scholarship through the Boettcher Foundation. You may obtain specific information via the Internet at Boettcher Foundation

National Merit Scholarships The National Merit Scholarship® Corporation and Colorado College provide scholarship to National Merit finalists each year. If you are a National Merit finalist, you must communicate to the National Merit Scholarship Corporation that Colorado College is your first choice college. The minimum National Merit award is $1,000 with the college providing additional merit funds to bring the total for CC National Merit finalists to $2,000 per year, renewable for four years. For more information see the website at National Merit Scholarship Corporation

Trustee Scholarships The college awards a very limited number of four-year $28,000 scholarships, in increments of $3,500 per semester, to excellent students. The college chooses Trustee Scholars based on outstanding academic and extracurricular achievement as determined by the credentials submitted in the application for admission to the college. There is no separate application for this scholarship.

Colorado College Scholars Colorado College offers a scholarship for students from the southwestern United States. The $50,000 scholarship, renewable for four years at $12,500 per year, is available to students from Arizona, Colorado, New Mexico, Oklahoma, and Texas who come from families with an adjusted gross income less than $150,000 annually. While these awards are based on academic merit and require no separate application, parents must verify their income by submitting their most recently completed federal 1040 tax return to the Colorado College financial aid office by February 1. Students selected as finalists will be invited to campus to interview in early spring.

Financial Aid Awards
For those students who receive a financial aid award from Colorado College, it usually includes self-help (student employment and loans) and gift aid (scholarships and grants). The affordability plan could include up to $5,500 in loans and $2,100 in work-study. Some awards may not include any loans. These amounts will be similar during each of the four award years, if your federal eligibility for aid does not change. The amount of self-help aid and the proportion of gift aid to self-help aid varies depending on several factors, including the family's level of income and assets, and the student's admission credentials.

First-Year Financial Aid Statistics

85 percent of total CC dollars based on need

15 percent of total CC dollars based on merit

45 percent of first-year students received need-based aid

57 percent of first-year students received some type of aid

First-year aid packages ranged from $1,000 to $40,000*

Average need-based package was approximately $27,300*

Average need-based scholarships and grants were approximately $23,900*

*Family income and assets, family size, number in college, and other considerations affect aid awards significantly. For a general estimate of expected family contribution please visit the websites at College Board or Fin Aid.