Awarding Process
Verification is the process of confirming that information reported by you and your parents or spouse on the FAFSA is accurate. If selected for verification, the Office of Financial Aid will notify you through your MetroConnect email account.
If selected for verification, a copy of your, your spouse's (if applicable), and your parents' (if considered to be a dependent student) U.S. IRS Income Tax Returns, W-2 forms, and/or other information must be submitted to our office. By signing the FAFSA, you have agreed, if asked, to provide information that will verify the accuracy of your completed form. If this information is not provided, you will not receive financial aid. If you were awarded and received financial aid based on incorrect information, you will have to repay the funds.
Metro State is a participant in the U.S. Department of Education's Quality Assurance Program. Quality Assurance is an extensive version of verification that is designed to gather information about the delivery and administration of the federal student financial aid programs. If the student is selected for Quality Assurance, additional information will be required. If this information is not provided, the student must repay all financial assistance received for that academic year. The results of the Quality Assurance Program are used to improve the student aid process across the country.
How Your Eligibility (Need) Is Determined
The federal government’s basic premise for all need-based financial aid is that you (and/or your family) have the primary responsibility for financing your education. The federal government uses a formula called Federal Methodology to evaluate your (and/or your family’s) financial strength. The government considers all information provided on the FAFSA including income, assets, number of family members, and number of family members in college.
The federal government uses the FAFSA to calculate your eligibility for the Federal Pell Grant by determining the amount of your Expected Family Contribution (EFC). If your EFC is below a certain number, you will be eligible for a Federal Pell Grant, provided that you meet the other eligibility requirements.
The difference between your student budget (as determined by the Office of Financial Aid) and your Expected Family Contribution (as determined by the federal government) is your eligibility for need-based financial aid. Need-based aid can include Federal Pell Grant, Colorado College Responsibility Grant, Supplemental Education Opportunity Grant, Colorado Work-Study, Federal Work-Study, Perkins Loan, and Subsidized Federal Stafford Loans.
BUDGET - EFC = NEED
When you receive any form of financial aid/educational resources, your need is reduced by the amount of aid and/or educational resources. If the unmet need is low, the rest of the Budget can be met with No Need aid.
BUDGET - EFC - AID/RESOURCES = UNMET NEED
If your EFC is higher than the Budget,
you are only eligible for No Need aid. This can include No Need
Work-Study and Unsubsidized loans.
Other outside sources of aid can contribute to determining your
need. Such awards may include: Tuition and Fees assistance, Vocational
Rehabilitation Assistance, Veteran's Benefits, Americorps, and Scholarship. Please
see a Financial Aid Counselor to determine if additional documentation
or forms are required to complete your financial aid file. Required
forms that are not submitted may hold up the processing of your
financial aid file.
Student Budgets (Cost of Attendance)
The Office of Financial Aid determines your budget by using State of Colorado guidelines and federal regulations. Because each student has different expenses, each budget has a miscellaneous amount calculated into the total budget. The budgets are first separated by College Opportunity Fund (COF) eligible and Non-Residents. Then, the budgets are broken down further by Living at Home with parents and Living Away from parents. If you are given the At Home Budget, you can provide the Office of Financial Aid with a copy of a lease or mortgage statement to have your budget increased to Living Away from parents. If you live with your parents or if you do not have a lease agreement and pay rent, you must provide 4 months of payment verification before we can increase your budget to the Living Away from parents budget.
BUDGETS
FOR THE 2009-2010 ACADEMIC YEAR |
||||
Type of Student Expense |
Amount if you are a Resident and live AWAY from your parent(s) COF Eligible |
Amount if you are a Resident and live WITH from your parent(s) COF Eligible |
Amount if you are a Non-Resident and do not live with your parent(s) | Amount if you are a Non-Resident and do not live with your parent(s) |
| Tuition & Fees | $4,958 | $4,958 | $14,273 | $14,273 |
| Books & Supplies | $1,500 | $1,500 | $1,500 | $1,500 |
| Room & Board | $8,478 | $4,157 | $8,478 | $4,157 |
| Transportation | $1,295 | $1,295 | $1,295 | $1,295 |
| Loan Fees | $70 | $70 | $70 | $70 |
| Miscellaneous * | $1,269 | $1,125 | $1,269 | $1,125 |
| Total | $17,570 | $13,105 | $26,885 | $22,420 |
| * Miscellaneous costs include such expenses as clothing, laundry, medical, dental, and recreation. These expenses may vary depending on the individual student’s lifestyle. | ||||
BUDGETS
FOR THE 2008-2009 ACADEMIC YEAR |
||||
|
Type of Student Expense |
Amount if you are a Resident and live AWAY from your parent(s) COF Eligible |
Amount if you are a Resident and live WITH from your parent(s) COF Eligible |
Amount if you are a Non-Resident and do not live with your parent(s) | Amount if you are a Non-Resident and do not live with your parent(s) |
| Tuition & Fees | $4,569 | $4,569 | $13,279 | $13,279 |
| Books & Supplies | $1,500 | $1,500 | $1,500 | $1,500 |
| Room & Board | $8,478 | $4,104 | $8,478 | $4,104 |
| Transportation | $1,295 | $1,295 | $1,295 | $1,295 |
| Miscellaneous * | $1,233 | $1,087 | $1,233 | $1,087 |
| Total | $17,075 | $12,555 | $25,785 | $21,265 |
| * Miscellaneous costs include such expenses as clothing, laundry, medical, dental, and recreation. These expenses may vary depending on the individual student’s lifestyle. | ||||
The Office of Financial Aid will attempt to meet each student’s need, but cannot guarantee that each student’s need will be met.
INCREASE in Budgets can be made for the following: (Forms are available from our Forms' Section of the Website.)
• If you have children, your budget may include childcare expenses. (CHILD Form)
• If you are enrolled in aerospace classes, brochures are available in the Office of Financial Aid. (ALOAN Form)
• If you plan to participate in study abroad, brochures are available in the Office of Financial Aid. (SLOAN Form)
• If you incur extreme medical expenses, our office may increase your budget or reduce your EFC depending on the year the expenses occured. (MEDCAL Form)
This is an example of a calculation of need.
Your Expected Family Contribution (EFC) is determined to be $2,500 and you live at home with your parents. You are classified as an independent sophomore.
Example Budget: $11,465
EFC: $2,500
Eligibility (Need): $8,965
When you are packaged you will be eligible for a Federal Pell Grant and a Federal Stafford Loan. We will award the need-based aid of:
Pell Grant $1,600
Subsidized Loans $3,500
The remaining unmet need that cannot be met with other need-based aid will be met with Unsubsidized Loans. As an independent sophomore you qualify for a total of $7,500 in subsidized and unsubsidized loans. Since, you have already received the $4,500 in subsidized loans, you will be awarded $3,000 in unsubsidized loans.
Example Budget: $11,465
Total Need-based Aid Awarded: $5,100
Unsubsidized Loans: $4,000
Unmet Need: $2,365
The Office of Financial Aid’s packaging policy is based on the college’s commitment to award as much funding as possible to meet an applicant’s full financial aid eligibility. Since both the state and federal governments provide limited funding to fully meet the eligibility of all applicants, priority is given to aid applicants who meet the following criteria and who have completed the following steps:
- The FAFSA or Renewal Application is received by the processor early enough for the student’s financial aid file to be complete prior to the packaging of on-time aid.
- The student is admitted to the college as a degree-, licensure- or certificate-seeking student.
- The student is not in default on any loans.
- The student does not owe an overpayment on a grant.
- The student is a U.S. citizen or an eligible non-citizen.
- The student has received a high school diploma or GED.
Students who meet these criteria are then ranked in order of Expected Family Contribution (EFC). Students who have the lowest EFC's are placed in need order and will be first priority to be awarded Need-based aid. Funds are awarded in the following sequence of aid programs and in full compliance with the federal and state regulations that apply to each program until all funds are awarded. In the event of funding or policy changes, the awards you receive may be adjusted to comply with new funding levels or policies.
- Federal Pell Grant*
- Colorado Leveraging Educational Assistance Partnership Grant (CLEAP)
- Federal Supplemental Educational Opportunity Grant (SEOG)
- Colorado College Responsibility Grant (CCRG)
- Federal and State College Work-Study
- Federal Perkins Loan (PERK)
- Federal Family Education Loan* (SEFT, UEFT)
* The amounts of your Federal Pell Grant
and Federal Family Education Loan are not affected by the date you
apply for financial aid or the date your file is completed AS LONG
AS YOU APPLY BY THE PUBLISHED FEDERAL DEADLINES FOR THE FAFSA. Once
all state and federal funds have been allocated, your package may
include only a Federal Pell Grant and/or Federal Stafford Loan if
you are eligible to receive these funds.