Adjustments to Financial Aid
We make every attempt to make adjustments prior to the student receiving a refund; however, there are several reasons why adjustments are required after that timeframe. Read the following information to understand what actions could create a bill.
It is typical for students to drop and add courses during the first few weeks of class. Occasionally, students might be surprised to find out that the revisions to their schedule created a bill when they initially had enough financial aid funds available. Here are some tips to help understand how financial aid is impacted by schedule changes:
- Financial aid refunds are typically given to students prior to the first day of school and the aid is based on the enrollment status at the time it was paid. If the enrollment level changes, the student’s budget will change and the amount of financial aid may be reduced.
- Grants are pro-rated based on enrollment status, so if a student drops from full-time to half-time they will have to repay the difference.
- There may still be a bill even if the student’s enrollment status stays the same after dropping one course and adding another. New courses may have different course fees attached.
- It is important to review the on-line bill via the student portal after the student has made final revisions to the class schedule.
- Students must make final schedule revisions by the 3rd Friday of each semester. Note: Generally, students must be enrolled in at least half-time (6 credit hours for undergraduates and 4 credit hours for graduates) by this date to be eligible for most grants. If circumstances beyond a student’s control caused the schedule not to be finalized by this date and it impacted a student’s aid, please contact our office.
If our office receives notice at any time that a student is receiving scholarships, tuition assistance, or any other form of aid, we are required to reevaluate the original financial aid offered. We make every attempt to reduce loans first, but in some cases we must replace other need-based aid such as grants or work-study.
Whenever our office receives information that doesn’t match what was reported on the FAFSA, we are required to make corrections. The student or parent may also realize that an error was made or that there is an update to the FAFSA information. Please contact our office if this is the case.
If you have applied to graduate in December, your Federal Direct Loans are required to be pro-rated based on your fall enrollment. Here are examples of how the loan could be pro-rated:
|Fall Credit Hours||Annual Loan Amount||% Annual Loan||Prorated Fall Loan|
Non-resident students who petition for in-state residency will have their aid adjusted if they had been awarded aid at the non-resident level because the expenses for a Colorado resident are substantially less.
Typically financial aid is offered to students for the fall and spring semesters. If a student decides not to attend in the Spring semester due to graduation or any other reason, the financial aid will be adjusted to one term, which may result in owing aid back to the university. To avoid this, it is best to contact our office before the Fall semester begins.