FINANCIAL AID

Know the costs of your top colleges

Search for the net price calculator for each of your schools to find out what the cost of attending might be. College Board provides a net price calculator for hundreds of schools. If you don't see your school on the list, search on the school's website for their version. All US schools calculate costs using this formula: COA - EFC = DN (Cost of Attendance minus Expected Family Contribution equals Demonstrated Need)

• Cost of Attendance (COA): All colleges are required to calculate their estimated cost of attendance & have the information readily available. You can generally find it on a school’s Financial Aid page, or on sites such as Scoir, Big Future, or College Data.

• Student Aid Index (SAI): The Student Aid Index is an amount officially determined by filling out the FAFSA (Free Application for Federal Student Aid) and possibly the CSS/Financial Aid Profile (depending on the school’s requirements). However, there are calculators that will closely estimate your SAI, such as this one.

• Demonstrated Need (DN): Often times, Demonstrated Need will be met in a Financial Aid package from the college, which may include scholarships & grants, work-study, and/or loans. Unfortunately, not all schools are able to meet 100% of a student's Demonstrated Need. This may be an important factor when choosing which schools to apply to. You can learn whether a certain school will meet a student's Demonstrated Need by looking at its profile on sites such as Big Future, or College Data.

Plan your financial strategy

Depending on your family's financial situation, your own financial situation, the school you'd like to attend, and your access to financial aid & scholarships, you'll need some kind of plan for how to pay whatever costs you incur. Regardless of what you have saved, everyone has an interest in reducing costs as much as possible. Here are ways you can do that:

• Capitalize on tax Savings. Learn how tax savings, tax credits, and student loan interest deductions can reduce college costs.

• Take AP courses. Using scores from AP tests to fulfill core class requirements instead of taking the class and thus reducing the number of courses that need to be taken to earn a degree.

• Take CE courses. Arapahoe offers over 60 CE courses, many of which are considered "guaranteed transfer" courses. Taking these classes in high school can reduce the time you'll spend in college, saving as much as a whole year of tuition/room/board and more!

• Consider ASCENT or TREP programs with LPS.  Your first 1-2 years of college could be paid for by LPS! You must be accepted at a participating college and have at least 9 CE credits to qualify for ASCENT. If you're planning to major in education, TREP has the same requirements plus you must have taken at least one education course.

• Take the PSAT/NMSQT in October. Juniors who score well enough on the PSAT may qualify for the National Merit Scholarship, which potentially opens doors to other significant scholarships.

• Set aside money from a summer job. Even a little extra money will help you pay for books and living expenses or help you to buy some of the things you need to make a smooth transition to college. Keep in mind that student income is assessed at a higher rate than parent income when schools are calculating your expected contribution.

• Participate in Honors Programs. Public universities offer a rigorous curriculum and robust research opportunities in their honors programs, providing students with the level of academic experience comparable to attending a highly selective private college.

• Select colleges with Co-op Programs. Some colleges offer paid employment through co-ops in your area of study. It may take longer to graduate, but you'll have 1-3 semesters of work experience that not only helps cover the cost of college while attending, but often leads to full-time employment offers after graduation.

• Join ROTC. In the Reserve Officer Training Corps, students can earn all or part of their undergraduate tuition by taking military courses during college and serving in the military after graduation.

• Attend a Free College. Yes, they really do exist! There aren't many, but there are tuition free colleges out there and some are phenomenal!

• Attend Community College. Taking core classes for two years at a community college then transferring credits to a four-year college/university can save thousands of dollars! Check out Colorado's Bridge to Bachelor's program that guarantees transfer to participating schools.

• Attend a WUE School. Learn about reduced tuition at participating Western Undergraduate Exchange colleges in 14 western states.

• Gain Residence Status. Establish residency in the location of your college/university for a certain number of years (along with other factors), to potentially qualifying for in-state tuition.  Mizzou & University of Utah makes this quite easy!

• Challenge yourself inside the classroom. Good grades not only expand your college opportunities but also can help you pay for college. Scholarships are most often awarded based on academic performance.

• Get involved in activities you like. Your activities outside the classroom — like playing sports, volunteering, and participating in clubs — can lead to scholarships that will help you afford college.

Know what kind of aid is available

What's the difference between a grant and a loan? Who qualifies for work study? What scholarships are available at your school? Read Financial Aid Can Help You Afford College and plan to attend Arapahoe's Financial Aid night in the fall.

• FAFSA and CSS. The FAFSA form is used to determine your eligibility to receive need-based funds from the US Department of Education's Federal Student Aid Program. The CSS Profile is a financial aid profile produced by the College Board (the SAT people) and only required by certain private universities. 

• College Opportunity Fund. COF is a fund created by the Colorado Legislature to provide a way of distributing Colorado tax dollars to the colleges in Colorado. Each resident undergraduate student who attends a participating Colorado college or university pays a reduced tuition price.

• Scholarships. Many different types of scholarships exist (college based scholarships, private scholarships, merit based scholarships, etc.). The vast majority of scholarships come directly from the institution you'll be attending.

• Grants. Federal, state, and college-based grants are determined by each college’s financial aid office. 

• Savings Options. There are many, many savings options available, from 529s to Education Bonds, to IRAs and more. See if one works for you!

• Students Loans. Not all students loans are equal. Loans come from different sources, and some are more expensive than others. Learn the difference between Direct Subsidized and Unsubsidized Loans, Federal Parent PLUS Loans, and Private Loans.

• Work Study and Other Employment Opportunities. Federal Work Study provides part-time employment on campus to students receiving federally funded financial aid. This is a great way to help pay for your education if you qualify. 

Appeal if appropriate

Have there  been significant changes to your financial situation since you filled out financial aid forms? Did your GPA increase? Call the financial aid office of every college you're truly interested in and tell them! You may have a case! Finaid.org offers good advice for navigating the appeal, and these  professional judgment tip sheets might help you understand if your situation even warrants an appeal.

Make a decision

Once you’ve compared the offers, you and your family should discuss which package best meets your needs. Financial aid is limited, so if you don’t accept your award on time, it may go to another student. You can, however, ask for an extension if you are waiting to hear from other schools. Each college will decide if it’s able to give you an extension. If your financial aid award is not enough, don’t be afraid to contact the financial aid office and ask about other options. If loans are part of your financial aid package, you’ll have to complete and submit paperwork to get the money. Decision Day Nation-wide is May 1st!