Financial Aid

The Free Application for Federal Student Aid, or FAFSA, offers more than $150 billion in grants, loans, and work-study funds from the U.S. Department of Education’s Federal Student Aid Program. FAFSA is used to determine your eligibility for these funds, which are need-based.

In addition, many colleges and universities use the information on the FAFSA to make decisions about scholarships, grants, and loans awarded through their institution (these might be need-based, and might be available for undocumented DACA students).

FAFSA applications open on October 1 for the following school year. 

Financial aid is often given on a first-come, first-served basis, so it is important for students to submit their FAFSA as close to October 1 as possible.

In order to complete the FAFSA, students will need:

• Federal tax returns

• Student social security numbers (undocumented and DACA students should see their counselor for guidance)

• Parent social security numbers (you can still apply if your parent doesn’t have a social security number)

• Date of birth 

• Your driver’s license or government ID

• Types of Federal Financial Aid

• Common Financial Aid Myths

Watch these short videos to learn more:

• Types of Federal Financial Aid

• FAFSA Overview

For more information, please visit the Federal Student Aid website.

The Colorado Application for State Financial Aid (CASFA) is for undocumented Colorado ASSET students. The CASFA  determines need for financial aid awards and creates equitable access to postsecondary education for Colorado ASSET students. 

Talk to your counselor if you are unsure about completing FAFSA or CASFA. 

• Coverdell Education Savings Account (ESA) is a tax-advantaged investment account.

• Roth Individual Retirement Account can be used for both college expenses and retirement income.

• Education Bond Program (U.S. Savings Bonds) makes the interest on certain savings bonds tax-free when the bonds are redeemed to pay qualified higher education expenses or to roll over into a section 529 plan.

Uniform Trust/Gift to Minors Act Account (UTMA/UGMA) is a simple way for a minor to own securities without requiring the services of an attorney to prepare trust documents or the court appointment of a trustee. UTMA is similar, but also allows minors to own other types of property, such as real estate, fine art, patents and royalties, and for the transfers to occur through inheritance.

Federal Work Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study.

If after exploring the other options for financial aid, you still need help paying for school, loans can also be an option. It is always best to consider your plan for repaying these loans beforehand.

• Subsidized and Unsubsidized Loans (Stafford Loans) Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.

• Federal Parent PLUS Loans are restricted to the biological and/or adoptive parents, as well as step-parents of a dependent undergraduate student if they are on the FAFSA. The loan is taken out in the parent’s name and cannot be transferred.

• Federal Loans vs Private Loans If you apply for financial aid, your school will likely include student loans as part of your financial aid package. It’s important to understand what types of loans you are offered. Generally, there are two types of student loans:

• Current Interest Rates and Fees If you receive a federal student loan, you will be required to repay that loan with interest. It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay.