Sign up for our free monthly newsletter Beyond High School to get the latest news about college and career paths for Colorado’s high school grads.
Many Colorado public universities and colleges have their own programs to pay upfront costs for students, often called Promise programs. Each school’s program has its own eligibility rules. There is no statewide program. Paccione said studies showed the state would have needed $40 million to $140 million a year to cover tuition and fees for eligible students if it paid them upfront. The new tax credit is expected to cost about $39 million a year in refunds.
The credit, called Colorado Promise: Two Free Years of College Expanded, will equal the tuition and fees paid by the student after any scholarships or grants. The credit will be in place for students starting this fall into the 2032 school year for those attending public community, technical, and regional colleges, as well as four-year universities.
Students who are not U.S. citizens or permanent residents have to have filled out the CASFA, or the Colorado Application for State Financial Aid, to qualify for the tax credit. Those students will also get the tax form from schools if they qualify. How will students apply? Colorado public colleges and universities will notify students by email whether they’ve qualified, Paccione said.