Colorado students missed out on $50 million in financial aid

Federal forms that award money weren’t filed

Colorado students lost out on nearly $50 million worth of federal financial aid awarded through the Pell Grant during the 201516 academic year — all because they didn’t fill out some forms.

Coloradans seeking higher education have plateaued when it comes to filling out the Free Application for Federal Student Aid, with only about 50 percent of college students completing the form in recent years, according to data collected by the Colorado Department of Higher Education.

“That’s not the best number,” said Stephanie Ricker, academic project manager for the Colorado Department of Higher Education. “We are lagging behind many states in completion.”

The FAFSA application opened for the 201920 school year Monday. Financial aid experts are all too familiar with students procrastinating in filling out the form, which typically awards money based on a firstcome, firstserved basis.

Fiftytwo percent of Colorado high school graduates, or 32,899 students, didn’t complete the FAFSA during the 201516 academic year, according to state data. Of those graduates, more than 40 percent of them would have been eligible for federal aid toward their college education. The average Pell Grant awarded in Colorado during the same time was $3,439.

“We really need to make some moves, not only for our state but for these students,” Ricker said. “We’ve seen such great outcomes for those that complete the form.”

Justin Jaramillo, director of financial aid and scholarships office for the University of Colorado Denver and Anschutz Medical Campus, and Ricker have advice for helping lessen the college tuition burden on students and their families.

1. The early bird gets the financial aid

The FAFSA is available to complete now until next fall. Senior year of high school can seem overwhelming with a rigorous course load, college planning and enjoying the last year of proms, pep rallies and time with family before exiting the nest. But thousands of dollars could be on the line if FAFSA is forgotten among the chaos.

Most schools have limited institutional funding, and those who turn their FAFSA in early tend to get priority, Jaramillo said.

2. Always be prepared

Make sure to carve out time to fill out the form. Ricker said the form typically takes students about half an hour to complete. Gather the documents you’ll likely need: Social Security numbers; IDs; the prior prior (no, that’s not a typo) year of tax information, meaning folks filling out the FAFSA for the 201920 academic year will need their 2017 tax filings; information on child support payments paid and received; information on untaxed money like moved pensions; and financial information if parents own their own business or farm.

“Most families know their unique financial circumstances that they run into filing taxes,” Jaramillo said. “If it’s something they run into on the tax side, it’s probably going to be important on FAFSA.”

3. Be thorough

Jaramillo has seen FAFSAs come in with skipped questions or estimates that end up delaying the financial aid process and prompting his office to give students a call. If a question is confusing and the explanations and help offered through the online form aren’t cutting it, Jaramillo said it’s better to call a college’s financial aid office and ask. Ricker said many FAFSA questions can be figured out by visiting an institution’s website. “Accuracy is so important to prevent issues down the road,” Jaramillo said.

For families whose financial situations have drastically changed so recently they wouldn’t be reflected in their past tax filings, Jaramillo said financial aid offices are ready and willing to listen and respond accordingly. Even students who aren’t eligible for federal financial aid, like undocumented students, should call a college’s fi nancial aid office to check what options might be possible, Ricker said.

4. Don’t get discouraged

Once a FAFSA is submitted, Jaramillo said sometimes a school has to contact a student again for more information. A good chunk of students could also be selected for a federally mandated verification process that asks students to supply additional information. Neither of these situations means a student filled out the form incorrectly and both are common, Jaramillo said. One area that often needs clarification: students putting down household members on their forms who aren’t actually supported by the student’s family, Jaramillo said.

If students start the FAFSA process early, they can be sure these lastminute questions won’t hold up their chances of getting help toward their education.

Elizabeth Hernandez: 3039541223, ehernandez@ denverpost.com or @ehernandez