Terms You Should Know | Denver Scholarship Foundation

Assets: Includes cash, any amounts in checking and savings accounts, investments such as stocks,  

CASFA: Colorado Application for State Financial Aid. Online application that allows undocumented, DACA, TPS, or students who are otherwise ineligible for federal aid to apply for financial aid in Colorado. 

COF: Stands for College Opportunity Fund. This is a stipend that graduates of Colorado high schools are eligible to receive when attending a participating college in Colorado. A stipend is an amount of money per credit hour paid to the college by the state of Colorado on behalf of an eligible student. Students must apply to receive the stipend. 

College: Refers to any postsecondary educational institution, including 4-year colleges, universities, community colleges, junior colleges, and technical colleges. 

Colorado ASSET: Stands for “Advancing Students for a Stronger Tomorrow” (ASSET). Allows students to receive state financial aid and pay in-state tuition rates at Colorado’s public colleges if they meet certain eligibility requirements. 

The requirements are: (1) Attended a Colorado high school for at least one year before graduation or was physically present in Colorado for at least one year immediately prior to completing a GED in Colorado; AND (2) Has been physically present in Colorado for at least 12 consecutive months before enrolling in college.  

Students who meet the ASSET requirements need to: 

• Check with their college to complete the college’s ASSET application 

• Complete the CASFA to be considered for state and institutional financial aid  

 

Contributor: Any person who is required to provide information on the FAFSA and consents to release their Federal Tax Information to Federal Student Aid (this includes the student). Possible contributors (in addition to the student) include biological and adoptive parents, the student’s step-parent, and the student’s spouse.  

Cost of Attendance:  

• The total amount of college expenses for the year, including tuition and fees, room and board (if living on campus) or food and housing (if living off campus), books and supplies, and other living expenses.  

• The Cost of Attendance includes costs paid directly to the college and costs that the student pays to others (like rent or childcare) that are necessary for the student to be enrolled in college.  

• The Cost of Attendance is the highest dollar amount of financial aid that a student can receive.  

• Students can work with their college’s financial aid office to increase their Cost of Attendance if they have education-related needs that are not included, like a laptop. 

 

DACA: Deferred Action for Childhood Arrivals. It is a policy that allows certain individuals who meet program requirements to request a grant of deferred action and be eligible for work authorization. DACA students should complete CASFA.  

Eligible Non-Citizen: A student who is not a U.S. citizen or permanent resident but has an immigration status that allows them to apply for financial aid using FAFSA. See here for a list of eligible non-citizens. 

Dependency/Dependent Student: A dependent student is someone who must provide parent information on the FAFSA. Most students under the age of 24 are considered Dependent. See here to determine whether you are a dependent student. 

FAFSA: Free Application for Federal Student Aid. An online application that allows you to apply for financial aid.  

FAFSA Submission Summary: A document generated after submitting the FAFSA which summarizes the information provided on the application and provides and estimate of the student’s eligibility for federal financial aid, including their Student Aid Index (SAI). It also includes your answers from the FAFSA form, school information for the colleges/universities you included on the form, and next steps. 

Financial Aid: Includes grants, scholarships, and/or loans that are offered by a college to help a student cover the cost of attending that college. May be need-based or based on merit. 

Financial Aid Offer: A document sent by a college to a student (via email or mail to the address listed on your FAFSA/CASFA) that shows the amounts and details of the financial aid being offered to the student, which may include scholarships, grants, loans, employment, or other forms of financial assistance to pay for college expenses. You may also see this referred to as a financial aid award or financial aid package. 

Grant: Money that is given to you (usually by the federal or state government or by the college) to help cover college expenses that does not need to be paid back. Grants are generally need-based. 

Independent Student: An Independent student on FAFSA/CASFA is somebody who does not need to report their parent(s)’s information on the application. See here to determine if you are an independent student. 

Institutional Aid: Aid that is offered by a specific college (“institution”) from the college’s available funds. Can include grants, scholarships, and/or loans. 

Legal Guardian: Designation by a court that authorizes someone to care for an individual in place or absence of parents. Note: legal guardians will never be contributors on FAFSA. 

Loan: Money that you borrow and must pay back with interest. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. 

Merit Aid: Aid (money) that is offered based on the student’s accomplishments, such as GPA, test scores, leadership, or community service. 

Need-Based Aid: Aid (money) that is offered based on the student’s financial situation as calculated by the FAFSA or CASFA. Some selective colleges may use an additional financial aid application (CSS Profile) along with FAFSA or CASFA to determine financial need. 

Parent: Biological or adopted parent who will provide information on the FAFSA/CASFA 

Priority Deadline: The date a college sets for you to submit your financial aid application. You can usually submit after this date, but submitting before will give you a better chance of getting more aid. 

Scholarship: Money that do not have to be repaid and are given to help students pay for college. They can come from the college or from private organizations. 

Subsidized Loans: Type of federal student loans where you are not responsible for paying interest while you are in college. This type of loan is preferable to an unsubsidized loan because you pay less interest. 

StudentAid.gov Account: Formerly known as an FSA ID, this account allows you to add information to the FAFSA. 

Student Aid Index (SAI): A number calculated based on the financial information you provided on your FAFSA. Your SAI is calculated using the income, assets, and family size you reported on your FAFSA. The SAI is a number that ranges from -1500 to 999999. Lower numbers mean that you may be eligible for need-based aid. 

Student Portal: An online platform where students can access various academic and administrative services related to their education, such as financial aid, class registration, and more. You can usually find your portal login instructions in your acceptance email or a follow-up email from the college. You may also find it in the acceptance package mailed to the address you provided on the application. 

TPS: Temporary Protected Status. A temporary immigration status that allows people from certain countries to live and work in the United States if is unsafe for them to return home. TPS students should complete CAFSA. 

Unsubsidized Loan: Loan that is not based on financial need. If you take out this type of loan, you are responsible for paying the interest on the loan from the time it is given until it is paid in full.  

Verification: Process where a financial aid asks you to provide more information (such as documentation to support the information you reported on FAFSA or CASFA) before giving you your financial aid offer.  

Work-Study: Type of financial aid that requires you to work to earn money for college. Work-study jobs are generally more flexible than normal part-time jobs and will not impact the amount of financial aid you are eligible to receive in the future.