What is Financial Aid?

We understand that navigating the world of financial aid can be overwhelming, so we’re here to provide you with some valuable information.

Financial aid is essentially money that helps make college or career school more affordable. It comes in various forms, including grants, work-study, loans, and scholarships. Each of these plays a crucial role in ensuring that students have the support they need to pursue higher education without facing overwhelming financial burdens.

FAFSA and CASFA

The process of accessing financial aid begins with submitting the Free Application for Federal Student Aid (FAFSA) or the Colorado Application for State Financial Aid (CASFA). Please note that if you’re student is eligible for FAFSA, they do not need to complete the CASFA. Both of these are standardized applications that must be completed every year to qualify for Financial Aid. There are three main categories of financial aid that you should be aware of:

Scholarships and Grants 

These are essentially money or tuition waivers that do not need to be repaid. They are awarded based on various criteria, such as academic achievements, talents, or specific demographics. 

• Students can apply for scholarships each year.
  • Tip: Encourage your students to apply for the MSU Denver General Scholarship Application. This is one application available to all MSU Denver students and has more than 250 scholarships available to students.  
  • Another tip: Apply to the College Opportunity Fund. This is a tuition stipend that pays a portion of your total in-state tuition. It shows up on student accounts as a negative charge. This application is for in-state residents who have graduated from a Colorado high school. 

Student Loans

Unlike grants and scholarships, student loans do need to be repaid. However, they provide a means for students to access funds to cover their educational expenses.

There are two types of loans, subsidized loans and unsubsidized loans. Based on your FAFSA application, the Financial Aid office will let you know which loan your student qualifies for.

• Subsidized loans have interest that is “subsidized” or paid for by the federal government during the time the student is enrolled at least half-time (6 credits or more) in school. Interest does not accrue or gain until it is determined the student is not at least half-time, either through graduating, less then 6 credit enrollment or withdrew from school entirely, the subsidized loan will gain interest. All loans are required to be repaid.
• Unsubsidized loans do not have interest “subsidized” or paid for by the federal government while the student is in school. Interest accrues while the student is in school, deferment, and grace period. Students are typically offered the opportunity to pay the interest on unsubsidized loans monthly while in school. All loans are required to be repaid.

Undergraduate students who need or want to take out loans must be enrolled in at least 6 credit hours at MSU Denver each semester they wish to receive a loan. They also must accept the loans in their student hub. Students who take out a student loan must complete entrance counseling. Students also have to complete a Master Promissory Note (MPN)  

Work-Study Programs

This involves earning money through part-time work within the university. It not only provides financial support but also valuable work experience.

To be eligible for work-study funding, the student must complete the FAFSA or CASFA for the academic year and have work-study included in their award package. This funding allows the student to apply for both “work-study” and “student hourly” jobs on campus. Once the student has the job, they will work a part time role and receive a paycheck similar to any other part-time job. They can then use those earned funds as they want. Students without work-study funding are still able to take advantage of obtaining valuable work experience through campus employment but are not eligible for the work-study designated positions. We recommend students apply for positions even if they do not have work-study awarded.

Additional Information for All Financial Aid

To receive the full financial aid packet students must be enrolled full time (12 credits of more). Therefore, if they are enrolled in less than full time status, their grant aid may be prorated to match your enrollment status and the student loan amounts may be adjusted accordingly. Additionally, students should be mindful that any changes in enrollment status, such as dropping classes or withdrawing, can have immediate consequences on their financial aid eligibility. It is recommended that students regularly communicate with the financial aid office to stay informed about the implications of their academic decisions.

 Additional Resouces

If your student needs support in completing the FAFSA application, please connect with:

• Educational Opportunity Center, 303-352-8746 (TRIO), [email protected] 

If your student need support in completing the CASFA application, please connect with:

• Immigrant Service Program, 303-615-0035, [email protected]

For more information regarding Financial Aid, contact the:

• Office of Financial Aid and Scholarships, Jordan Student Success Building (JSSB), Suite 130, 890 Auraria Pkwy Denver, CO 80204.
• Phone: 303-556-8593
• Email: [email protected]

Encourage your students to take advantage of scholarships, grants, loans, and work-study programs. Remember the process begins by completing the FAFSA/CASFA early and remember to renew it annually. 

Now that we’ve learned a bit about the types of financial aid available, let’s explore more about this important topic.