College Financial Aid

The cost of College

Rising tuition costs prevent many young people from pursuing a university education. The average cost of tuition for college in the US, at a public 4-year in-state institution, is $25,707 per year or $102,828 over 4 years. Out-of-state students pay $44,014 per year or $176,056 over 4 years, as noted by the Education Data Initiative. Many young adults choose to get a full-time job instead of enrolling at a college or university. Along with stress and uncertainty, 38% of young adults who participated in a research study reported that they didn’t want to take on debt and that college was too expensive, according to Higher Ed Dive. 

What is FAFSA and What are the Benefits

FAFSA which stands for Free Application for Federal Student Aid is a way for you to apply for financial aid in the United States. It is suggested that every student apply for the FAFSA, regardless of financial status. Completing the FAFSA gives you access to benefits such as grants, subsidized loans, and work-study programs. These benefits are distributed based on need and on a first-come, first-served basis. Completing your FAFSA on time will increase your chances of receiving financial aid.

Things to Know Before Filling Out Your FAFSA Application

• Educate yourself on the process
• Gather your documentation 
  • Your Social Security Number or Alien Registration Number
  • W-2 forms, federal income tax return, untaxed income forms
  • Current checking and savings account statements
  • Information about any investments you may have (stocks, bonds, 529-savings plans)
• Create an FSA ID (Federal Student Aid ID)
• Be timely
• Use estimates if necessary
• Know your deadlines

Helpful Resources

My Colorado Journey is a useful resource for planning both education and careers. For additional resources, see the list below.