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Frequently Asked Questions



General Questions:

How do I apply for financial aid?

You start by filing out the Free Application for Federal Student Aid (FAFSA) and entering our school code of 001370. Our page on the application process has more detail.

How is my financial aid package calculated?

From the numbers you enter on your Free Application for Federal Student Aid (FAFSA) an index number called the Expected Family Contribution (EFC) is calculated and sent to us, along with the other information you entered on the FAFSA. With the EFC and your budget we calculate an aid package. More detail can be found on our application process page.

When will I receive my financial aid award offer?

Once you submit your FAFSA to the processor, it takes four to six weeks to receive a Student Aid Report.This time is reduced to about a week if you file your FAFSA online. When you have received the Student Aid Report and have been admitted to CU-Boulder, you should receive a planning letter in the mail. CU-Boulder begins mailing these preliminary award offers in March to newly admitted freshmen. An Actual Award Offer and Acceptance Agreement will be mailed to you after we have received tax returns and verified your information.

I filed for financial aid, but I did not list CU-Boulder on my FAFSA application. How does CU get my FAFSA information?

Go to the FAFSA web site (click on 'make corrections') and add CU-Boulder (001370) to the list of school codes on your application and submit a correction to your FAFSA information. You will need your PIN for this option.

What loan programs are offered as part of the financial aid award?

The Federal Perkins Loan carries a 5 percent interest rate and is awarded to students who demonstrate financial eligibility. CU-Boulder awards Federal Perkins Loans primarily from its own funds generated from former students repaying these loans. Repayment of the loan begins six months after you leave school or cease to be enrolled on at least a half-time basis. You have up to 10 years to repay the loan. If you are offered and accept this loan, you must sign a promissory note in order to receive funds for the academic year.

The Ford Federal Direct Student Loan (FDSLP) is a federal loan program that includes the subsidized, unsubsidized, or additional unsubsidized Stafford/Ford Loan and the Federal Direct PLUS Loan. Subsidized means the government is paying the interest while the student is enrolled. Unsubsidized means interest will accrue while in school.

Under FDSLP, you are borrowing an education loan directly from the federal government and the money will be disbursed to you by the University of Colorado at Boulder.

If my parents are divorced or separated, whose financial data should be used when I'm completing the FAFSA application?

If your natural parents are separated or divorced, use the natural parent with whom you lived the most in the past 12 months. If you lived with neither parent, or lived with each parent an equal number of days, use the parent that provided the most financial support to you over the past 12 months. If that parent has remarried, federal regulations require that you must also include the stepparent's financial information on the application and parent and stepparent should report themselves as married on the FAFSA.

  • Example: You have been living with your mother and stepfather for the past 12 months. You would use your mother's income, stepfather's income, and you would report yourself, your mother, your stepfather, and any other children that they support on the FAFSA as the number in family size.

    What is meant by interest in relation to a loan?

    Interest is what the lender charges you to borrow their money. It is usually expressed as a percentage of the loan amount that is charged each year to borrow that money.

    How do I repay my loans?

    Since we are a direct lending school (we don't use banks as middlemen), you will repay your federal loans directly to the federal government. If you have a Perkins loan you will repay your loans through the Bursar's Office. Please find more detailed information on our graduation and repayment page.

    Scholarship Questions:

    How do scholarships differ from financial aid?

    Scholarships are awarded on the basis of academic achievement, financial need, or a combination of the two. Financial need is rarely the primary factor considered, but it is often used to make a decision among equally qualified finalists. Many scholarships have additional requirements as well. For example, you may have to be resident of a particular state, be involved in extracurricular activities, have a special talent, or be pursuing a specific major. Scholarships are generally classified as gifts and rarely have to be repaid.

    What types of scholarships are distributed at CU-Boulder?

    The financial aid office at CU-Boulder distributes about $12 million of scholarship aid each year. These scholarships are from both institutional and private sources.

    Institutional Scholarships:

    Institutional scholarships are provided to the University by the state of Colorado or by gifts from corporations, foundations and individual donors. The donors specify the award criteria but the selection of recipients is made by the appropriate college, school, or department within CU-Boulder. Scholarships which are created through donations vary widely in their eligibility criteria. CU-Boulder scholarships for incoming freshmen and transfer students are listed in the Financial Aid and Scholarship Guide for Freshmen and Transfer Students. Graduate students should contact their respective academic departments for fellowship and grant opportunities.

    Private Scholarships:

    Private Scholarships are scholarships that are provided by organizations outside of the University such as Elks, Rotary, your local high school, national organizations, etc. You apply directly to the organization sponsoring the scholarship. The organization then selects the recipient(s) and sends the funds to the University to apply to your bill.

    Where can I look for scholarships?

    CU-Boulder Scholarships:

    Our main publication listing scholarship opportunities is the Financial Aid and Scholarship Guide for Freshman and Transfer Students.

    for scholarships awarded by the Office of Financial Aid, students apply on line through the scholarships page. Individual scholarship programs may require you to obtain a different application from the appropriate college, school, or department. Read this guide carefully for further information on eligibility requirements and specific application procedures for each scholarship.

    Check bulletin boards maintained by academic departments and high school counselors for notices of institutional scholarships which may be too new to be included in the guide listed above. Notices of private scholarships from local and national donors may also be posted on these bulletin boards. The Financial Aid Office Scholarship area maintains a resource guide with information on scholarships for both undergraduate and graduate students.

    Other Sources:

    • Our additional scholarship opportunities page
    • High School Guidance Counselors
    • Local Public Library or University Library
    • Local Service, Community or Church Organizations
    • Local Businesses
    • Parents' Employers
    • Magazines and Newspapers
    • Television and Radio
    • Scholarship Searches
    • Consumer Products (Tylenol, Coca Cola, etc)
    • Ask friends, parents, teachers, counselors, family members to look out for scholarships


    How do I apply for scholarships?

    CU-Boulder scholarships application deadlines are March 1 for the following academic year. Specific deadlines and application procedures are listed in the Financial Aid and Scholarship Guide for Freshman and Transfer Students. Be sure you check the deadline for EACH scholarship you have an interest in so you have sufficient time to complete each application process. Be sure to put as much time and care into your application as you would expect a scholarship committee to put into reading and evaluating it.

    Scholarships are awarded by many different departments on campus. Individual scholarship programs may require you to obtain a different application from the appropriate college, school, or department. Read the guide carefully for further information on eligibility requirements and specific application procedures for each scholarship.

    Many scholarships also require you to complete the Free Application for Federal Student Aid (FAFSA) or the Renewal Free Application for Federal Student Aid. We urge you to submit the FAFSA as soon as possible after January 1, and no later than March 1st. The FAFSA determines your financial eligibility for certain scholarships. In some cases, financial eligibility may be used as a condition for scholarship awards when all other criteria are equal. The criterion on financial eligibility is, however, not as rigid for some scholarships as it is for other types of aid. The FAFSA application is available from the CU-Boulder Office of Financial Aid or high school guidance counselors or on the web.

    What are some tips on applying for scholarships?



    How are scholarships paid?

    Most scholarships, both institutional and private, are credited to your University bill each semester. Some may be sent directly to you, but this is rare. The University must confirm that you have been accepted and have enrolled full time in courses before payment will be made. If you know that you will be enrolled less than full time, you will need to have your donor or department contact the scholarship office (in financial aid) to approve payment of your scholarship(s). If your scholarship arrives after your bill is already paid for the semester, or if the scholarship is more than your bill, a refund check may be issued to you. It is recommended that you check your bill on CUConnect to confirm that your credit is posted. If you have a refund you may pick up your check at the Bursar's Office approximately three to five days after the scholarship is received.

    Scholarships will not credit to your bill until you are enrolled full time (12 hours or more). Wait listed, correspondence, and classes for no credit do not count toward enrollment. If you receive the scholarship in cash, you are obliged to notify us. If you are receiving any other type of financial aid, we may be required under Federal regulations to adjust your financial aid package. However, please note that we do not reduce the total amount of aid you are eligible to receive, we only adjust the type of aid. First, we will reduce any loans you may have been offered.

    For information on how private scholarships are handled, click here: Private Scholarship Information.

    How do scholarships work with regard to taxes?

    The Tax Reform Act of 1986 made changes to the Internal Revenue Code that directly affect scholarship awards. Scholarships received that exceed your total cost of tuition and required fees, books, and educationally related supplies and equipment are subject to federal income tax. Other costs such as room and board, transportation, and personal expenses are not allowed. You are encouraged to keep your receipts and copies of University bills. Questions regarding taxation of scholarships should be addressed to the local IRS office, where you can obtain IRS Publication 970.

    What makes a good essay?

    When you are applying for scholarships to help with your college educational expenses, a good essay is an extremely important part of your application. Most applicants can boast of memberships in clubs and sports but the essay is one place where you can describe you unique qualities.

    A good essay should:

    • be typed.
    • be approximately one page in length.
    • tell WHY you are SPECIAL; WHY you got involved in particular club or volunteer projects; Why you are choosing the major you are.
    • give the scholarship committee INSIGHT into your personality, interests, motivations, goals, etc.
    • tell of significant people or events in your life that have helped shape your interests, attitudes, goals, etc.
    • give an explanation of special circumstances you feel would be important for the scholarship committee to know when reviewing your application.
    • show that you have put as much effort into writing the essay as you would expect the scholarship committee to put into reviewing your application.


    Are there any reasonable academic progress requirements for scholarships?

    To remain eligible for financial aid and scholarships at CU-Boulder, you must make reasonable academic progress toward your degree. Please see the Reasonable Academic Progress page for more details on RAP.

    If I have a private scholarship, what impact does this have on my eligibility for other financial aid?

    If you receive a private scholarship award, this may impact your financial aid award since the combination of all financial aid and scholarships cannot exceed your total budget. First, we will reduce loans that are offered to you, then other aid. We will mail you a revised award letter to notify you of the changes. If you know that you will be receiving a private scholarship, please contact our office as soon as possible to ensure timely disbursement of funds to your University bill.

    Where do I mail my scholarship check?

    Scholarship checks should be mailed to:

    University of Colorado at Boulder
    Scholarship Services
    Office of Financial Aid
    77 UCB
    Boulder, CO 80309-0077

    Can I accept only grants and scholarships and decline all the loan and work programs offered by financial aid?

    Yes, you may accept or decline each award offered independently. Here are some additional scholarship opportunities.

     

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