Frequently Asked Questions
How do I apply for financial aid and what are the deadlines? What is a FAFSA?
All students who want financial aid must first complete the Free Application for Federal Student Aid (FAFSA) to be considered for all need-based aid. Need-based aid includes Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Colorado Student Grants, Federal and State Work Study, Federal Perkins Loans and Federal Family Education Loans (Federal Stafford and PLUS Loans). Paper FAFSA's are available in the Office of Financial Aid in Student Success Building 130. You may also apply through the Internet at http://www.fafsa.ed.gov/.
APPLY EARLY. Complete the FAFSA or Renewal FAFSA as soon after January 1st of each year as possible.
Steps to Take:
- Apply for financial aid using the FAFSA
- Apply for scholarships
- See a Financial Aid Counselor
- Check your Student Aid Report (SAR)
- Do the free scholarship search
For more detailed information, visit the Financial Aid website at http://www.mscd.edu/financialaid//.
What is the FAFSA code?
FAFSA code: 001360
How will dropping a class affect my financial aid?
Consult with a financial aid counselor before you withdraw or reduce your credit hours. Dropping or withdrawing from courses may affect you current semester aid and future awards. You may be responsible for repaying financial funds.
What is considered full-time for the purposes of financial aid, student health insurance, or a student’s family coverage?
Generally, full-time status requires registration each semester in a minimum of 12 credit hours.
For health insurance purposes, the minimum is 10 credit hours in fall and spring, and 8 credit hours in summer. If you attended and were covered by student health insurance during the spring semester, you may pre-pay and receive summer coverage regardless of whether or not you take classes during the summer.
If you are receiving benefits from other agencies or organizations, consult with them individually about specific requirements.
What are the Hope and Lifetime Learning Credit programs?
Each of these is federal tax credits you may be eligible for dependent upon your status as a student. The Hope Scholarship is a tax credit for students in their first two years of college. The Lifetime Learning Credit is a tax credit related to continuing education. Check with you tax advisor to see which may apply to you.