Awarding Process

Awarding Process

Verification

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 ConnectU 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.

Metropolitan State University of Denver 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.

Acceptable Tax Documentation

Students who are selected for verification beginning with the 2012-2013 aid year will be required to submit 2011 Tax Return Transcripts. Tax Return Transcripts must be requested from the IRS after taxes have been filed. You can request a Tax Return Transcript by calling 1-800-908-9946 or by visiting this IRS link. Please note that for the 2012-2013 aid year the Office of Financial Aid is not accepting the paper 1040 tax return you fill out and initially turn in to the IRS nor is the office accepting Account Transcripts. When you contact the IRS for the appropriate form, please remember to request a Tax Return Transcript. Below are examples of the acceptable and unacceptable forms.

ACCEPTABLE	UNACCEPTABLE   X
Sample Tax Return Transcript ( 116 KB)	Sample 1040 Tax Return Form ( 41 KB)
	Sample Account Transcript ( 115 KB)

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 = GROSS 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 - RESOURCES - AID = 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 Commuter and Approved Budgets. If you are given the Commuter Budget, you can provide the Office of Financial Aid with a copy of a lease or mortgage statement showing your monthly payment and we will determine if we are able to change your budget. If you do not have a lease agreement and pay rent, you must provide 4 months of payment verification (cash payment is not acceptable) before we change your budget to the Approved budget.

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. (AERO Form)
• If you incur extreme medical expenses, our office may increase your budget or reduce your EFC depending on the year the expenses occurred . (MEDCAL Form)

Calculating Your Need

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 (Unmet 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 $4,500

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 $10,500 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: $6,100
Unsubsidized Loans: $5,365

MSU Denver Packaging Policy

The Office of Financial Aid’s packaging policy is based on the University’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 University 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.