Financial Aid Versus Scholarships

Financial Aid Process 

Financial aid includes grants, scholarships, loans and work-study funds which you will use to pay for your education. Grants and scholarships are considered gift aid and do not have to be paid back. Loans are funds that you borrow and repay. Work-study is money you earn from working. All students are eligible for some type of financial aid no matter what their income and assets, although low income students are more likely to receive grants.

You must apply for financial aid every year. We cannot process your financial aid application until you are officially admitted, so apply for admission early.

How do I apply for financial aid?

• Complete the Free Application for Federal Student Aid (FAFSA) at: www.fafsa.ed.gov as soon as possible after January 1. For fast service, submit the FAFSA electronically by obtaining a personal identification number (PIN). The FAFSA assesses your eligibility for grants, loans, work-study, and some scholarships. UCD school code:  006740 
• Complete the University Application (UAPP) at www.cudenver.edu/finaid. Two weeks after applying, and after acceptance to the University, log on to S.M.A.R.T., UCD’s online student information system at www.cudenver.edu, using your designated University PIN, and determine if you need to submit additional documents. You will be mailed a PIN number from the Admissions Office approximately 1-2 weeks after being admitted.
• Colorado resident, undergraduate students are eligible for the Colorado Opportunity Fund (COF) stipend from the State of Colorado to help pay their tuition. Apply at: https://cofweb.cslp.org/cofapp/

What is the deadline for applying?

The priority deadline for UCD is April 1. After April 1, we continue to offer aid based on fund availability. The priority deadline does not affect eligibility for the Pell Grant or student loans.

How is my financial aid award determined?

The Cost of Attendance is determined by a survey of regional and local costs and includes tuition, fees, books, room and board, insurance and travel. Your eligibility for financial aid is based on the following formula:

Cost of Attendance
- Expected Family Contribution (from FAFSA)
= Financial Need

The Expected Family Contribution (EFC) is determined by the federal government through an analysis of the information reported on your FAFSA. The lower your EFC, the greater your financial need. Financial need is the gap between the cost of attending school and your resources. Financial aid will help fill this gap.

How do I learn what my award is?

We will send you an email, to your official University email address, directing you to S.M.A.R.T. where you will see your Award Status. Your grants and scholarships are automatically accepted, but if you are offered a loan or work-study, you must formally accept them.You may accept them online, by phone, or visit the office. You may choose to accept the full or a lesser amount of the loans that we offer.

Stafford Loan borrowers must complete the Master Promissory Note (MPN) online at: www.studentloanonline.com. In addition, all first-time borrowers must complete the Loan Entrance Counseling, which is available on the same web site.

Where/when do I get my money?

Aid is applied to your bill approximately one week before classes start. If there is a credit balance on your bill, the refund amount is deposited electronically into your bank account if you have completed a Direct Deposit Form (www.cudenver.edu/finaid). If you prefer to not use direct deposit, a check will be mailed to you.

Scholarships and Financial Aid

Scholarships are a form of financial aid and these funds may affect your financial aid because in some cases you are limited in the amount of aid you can receive. If you receive a scholarship in addition to your financial aid and it goes over your “unmet financial need,” your award must be adjusted. Notify the financial aid office of any scholarships that you will be receiving so we can make the necessary adjustments.  Money is deducted from your loans before it is taken from your grants or work-study to balance out the “need.”

Adjustments to My Financial Aid

Initial aid awards are based on full-time enrollment. If you are enrolled less than full time, or receive a scholarship your aid may be impacted. An email will notify you to go to S.M.A.R.T. where you can view the revised Award Status with the adjustments.

What else is required?

In order to remain eligible for financial aid, students must make reasonable academic progress toward their degree. Reasonable academic progress is a federal government requirement and is measured by a number of factors including GPA standards and completion rates.

Tax Credits

You may be eligible for educational tax credits. Consult your tax advisor regarding the Hope Scholarship and the Lifetime Learning Tax Credit. Additional information:

• Hope and Lifetime Learning Credits
  U.S. Department of Education
  www.ed.gov/offices/OPE/PPI/HOPE/index.html
• Internal Revenue Services (IRS)
  www.irs.gov

Scholarship Application Process

Scholarships vary but usually have one or more of three general components, and may be a combination of any of these:  

• Academic merit - grades; test scores
• Financial need - this need is often defined differently than by the FAFSA guidelines
• Community service, work history and preferences such as:
  • gender
  • first generation (neither parent has a four year  degree)
  • race and ethnic identity
  • community involvement
  • major or minor degree program
  • age
  • special talents and hobbies
  • memberships in organizations

Available Resources

• School guides or websites – provide scholarship information internal and external to the school
• Scholarship search sites – give students access to regional and national scholarships based on a personal profile. UCD has scholarship lists based on the University’s majors and student population.
• Scholarship databases - schools, libraries and organizations compile databases that list regional, national and international scholarships, fellowships and grants. Databases are the largest source of information about scholarships, offering resources to students with a broad range of qualifications.
• Libraries - have grant, scholarship and financial aid reference books, and databases
• Organizations - civil, community, businesses or religious organizations to which you or your family belong

How do I apply for scholarships?

Usually, scholarship applications are available 6 to 8 weeks before the deadline. The application process should take place a semester to a year prior to the academic year/semester you hope to receive the money. If you find out about a scholarship after the deadline, do not worry! Just remember the deadline, and plan to apply the following year.

Each scholarship has a different process. Usually, you must fill out an application form, which includes biographical information, provide references, supply financial aid information (if requested), and write an essay. The essay topics vary, but it is a critical part of the application. This is your chance to set yourself apart from the other candidates.

Keep a copy of any scholarship application paperwork to utilize in the ongoing application process such as.

• Any essays you write, including an educational goal statement
• Income tax forms
• Information from the Financial Aid Office, such as the Student Aid Report (SAR) and award letters
• College and/or high school transcripts
• Your resume
• Letters of recommendation (from teachers, professors, employers)

Helpful Hints

• Make sure you are familiar with the scholarship process of each university or college as they can vary, even within departments.
• Read and follow the scholarship applications carefully. Type or neatly print the applications.
• Scholarship awards vary in amount from $50 to thousands of dollars. The most common scholarship amount is $500 on a one-time basis.
• You should have other financial resources lined up to pay for your educational costs, but are usually allowed to receive more than one scholarship at a time.
• Although the application process may require a lot of time and effort in the beginning, most of the information can be utilized on additional scholarship applications.
• Keep a timeline or calendar with important dates and deadlines with information such as admission applications, financial aid and scholarships, (download a copy of a scholarship calendar on the scholarship website). Important information to include on the calendar:
  • Scholarship name
  • Application deadline - most scholarships are due Feb-May
  • Begin application six weeks before due date
  • Required elements, if applicable
    • application
    • references
    • essay
    • transcripts
  • Specific notes on the scholarship

Eligibility for State of Colorado Public Benefits

In July 2006, the Colorado State Legislature enacted HB 06S-1023, which became effective on August 1, 2006.  The legislation requires all citizens who apply for state-funded benefits that entail any payment or financial assistance provide proof that they are lawfully present in
the United States.

More information about this new legislation can be found at: http://www.cudenver.edu, (on the left hand side click on Registrar (S.M.A.R.T) and on the top right hand corner in the Updates section click on Information for Colorado House Bill 1023)