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State Funded Financial Aid

State Funded Financial Aid. April 14, 2010. State Funded Financial Aid. State Funded Financial aid is appropriated in the Long Bill by the General Assembly. The Commission sets policy to determine student/institutional eligibility State funded financial aid is roughly $100 million annually.

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State Funded Financial Aid

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  1. State Funded Financial Aid April 14, 2010

  2. State Funded Financial Aid • State Funded Financial aid is appropriated in the Long Bill by the General Assembly. • The Commission sets policy to determine student/institutional eligibility • State funded financial aid is roughly $100 million annually.

  3. Colorado Financial Aid Resources • Need-Based Aid • Assistance for students that would otherwise not be able to afford to attend • Merit-Based Scholarships • Assistance based only on student performance (unfunded in FY2010) • Work-Based Aid • Students earn these funds through working, no less than 70% of the funds are allocated based on need • State-Funded Categorical Programs • Includes aid for military and law enforcement dependents, Federal LEAP, the Native American Student Assistance Program, Nursing loan forgiveness, & National Guard Scholarships.

  4. Need Based Program Undergraduate Students • In 2007 the Commission approved a new need based financial aid model known as Colorado’s College Responsibility Program (CCRP). Under the CCRP awards a minimum grant to Level 1 students. • The program was designed to ensure that high need students would have access to financial aid regardless of when they applied. Graduate Students • Level 1 students enrolled in SMART fields and medical fields are eligible-no set minimum.

  5. CCRP Model • A Level 1 student is defined as 150% of the Maximum Pell EFC. In the current year, the maximum EFC for Pell eligibility is $4,617, so a Level 1 student is any student with an EFC less than or equal to $6,926. • Currently, Level 1 students receive a minimum of $850/year if enrolled full-time. Institutions have the flexibility to offer pro-rated awards for part-time students. • Next year, the maximum EFC for Pell Eligibility will be $5,273, opening Level 1 to students with an EFC up to $7,910.

  6. Since the introduction of the CCRP program, the number of students served has increased each year.

  7. Although the number of students who receive state funded need based grants have increased, the average award has decreased.

  8. Allocations to Institutions • Undergraduate Need Based Aid: • Allocations are made based upon an index using the average Cost of Attendance by Tier. There are three tiers of institutions in the formula; Tier 1 is Research, Tier 2 is State Colleges and Tier 3 is Community Colleges. • The allocation is then driven by the number of eligible Level 1 FTE projected to enroll based upon the prior three years.

  9. Flexibility Built into Formula • Amount per student Tier 3 $ 967 Tier 2 $1,179 Tier 1 $1,312 • Institutions with more part-time enrollment have added flexibility

  10. Allocations of Other State Aid • Graduate Need Based Aid: Allocated based on the number of eligible FTE enrolled in SMART programs. • Work Study: Allocations are distributed based upon a base year and have been increased/decreased proportionally as the appropriation has changed. • Leveraging Education Assistance Programs (LEAP)-Federal grants matched by state aid to high need students. • Merit Aid was zeroed out for the FY2010 budget as was the pre-collegiate scholarship.

  11. How Do Students Access State Aid? • Students must be Colorado residents to receive state funded aid. • Once a student completes a Free Application for Federal Student Aid (FAFSA), the institution has the information needed to award the student. • Eligible students will receive any state financial aid as part of their award package from institutions.

  12. Beyond State Aid • Federal Aid (Pell Grants, Federal Work Study, and federal categorical grants), institutional aid, private scholarships, and loans are also available. • The financial aid office will package grant aid first, then work-study, then loans. If a student receives a scholarship after the FA office has packaged the aid, the FA office will back out the least desirable aid first (higher interest or unsubsidized loans).

  13. Sources of Financial Aid Fiscal Year 2009

  14. Pell Grant Changes • Higher Education Opportunity Act (2008) increased Pell eligibility and grant amounts. • Max Pell Grant Since 2008 • 2007-2008 $4,310 (average Pell $2,528) • 2008-2009 $4,731 (average Pell $2,803) • 2009-2010 $5,350 • 2010-2011 $5,550 Beginning July 1, 2009 Year Round Pell grants are available.

  15. Questions

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