Financial Aid: Here’s How

Big FAFSA Changes!

No need to wait until January 1st to submit your FAFSA for the 2017/18 academic year!  Students and parents can submit a new or renewal FAFSA as early as October 1st at https://fafsa.ed.gov/ . If you and at least one parent (if a dependent student) have your FSA ID, you are ready to go!  If you have not yet obtained your FSA User ID and password, you can at: https://fsaid.ed.gov/npas/index.htm .

We are excited about this change and want to encourage you to start your 2017/2018 FAFSA at your earliest convenience, and don’t worry about having your taxes done.  Beginning now, FAFSA filers for the upcoming year will use tax information from 2 years ago as opposed to the prior year.  This means you don’t have to wait until your taxes are done to file your FAFSA.   UPDATE: Due to IRS security concerns, the Data Retrieval Tool (DRT) has been taken down until no earlier than October 1, 2017.  An IRS Tax Return Transcript of a 2015 signed  1040, 1040A, or 1040EZ is acceptable documentation to answer the financial questions on your FAFSA. For more information about these changes go to: https://studentaid.ed.gov/sa/sites/default/files/fafsa-changes-17-18.pdf .

We have many resources to help you fund your education

The pages in this section are designed to help you learn about all the types of financial assistance available and help you through all the forms and procedures. From federally funded grants and loans to scholarships funded by the Colorado Mountain Foundation, you’ll find many programs to help you on your way.

Use the information in this section to guide you through the process. Our staff is also available to answer questions if you get stuck. Let us know how we can give you a hand! We are here to help you get what you need to get your finances in order and get started on one of the most important investments of your life — your college education!

Caution: Some information may change as the U.S. Department of Education continues to issue new regulations. Stay in contact with the Office of Financial Aid.

Applying for Financial Aid and the Need Analysis Process

Complete your FAFSA on the Web and use the IRS Data Retrieval Tool (DRT) after October 1 as soon as possible (CMC school code: 00450600). The priority date for applying for financial assistance is March 31 each year. An FSA ID (Federal Student Aid ID) will be issued to you when you complete the FAFSA and will serve as your signature. If you are a dependent, your parent will also be assigned an FSA ID.

Within 5 to 7 days the Department of Education will send to you a Student Aid Report (SAR), which includes your Expected Family Contribution (EFC). If you provide your email address, you’ll receive an email with a link to your online SAR.

The financial aid office will use the information received from the processing agent to construct your Financial Aid Package. This package will be explained in the Award Notification you receive via email to your CMC issued email address (go to Basecamp to access student email) and you will be able to view/accept/reject your awards via Student Self-Service/Financial Aid, accessed through Basecamp.

Check with CMC by signing in to Basecamp, then into Self-Service/Financial Aid to determine whether there is any missing information, or any other forms you need to complete.

You must respond to the Award Notification immediately to notify CMC (through Basecamp, Self-Service/Financial Aid) that you accept all, part, or none of the Financial Aid Package offered.

If scholarships and grants are not sufficient to cover your expenses, a loan may fill your remaining financial need. If you indicated on the FAFSA that you would accept a loan, the Direct Loan amount for which you are eligible will be included as part of your Financial Aid Package.

In addition, you may use Federal Unsubsidized or PLUS Loans for part or all of your Expected Family Contribution. FAFSA completion determines your eligibility for financial aid. You must submit the FAFSA to be considered for most state-funded aid. If you are an undergraduate, federal law requires that your eligibility or ineligibility for a Pell Grant be determined before you can be considered for a loan.

*Note: access to Basecamp may be restricted if you have not yet submitted an application to CMC.  Please check with Admissions or the Help Desk if you cannot access Basecamp.

IMPORTANT: You must complete all other financial aid application forms that CMC may require. To prevent delays in processing your application, promptly provide any information or verification of income and expense data that your Financial Aid Office may request.

Sometimes the application process does not reflect a family’s real situation — due to special circumstances such as death, divorce or separation, disability, loss of employment, natural disasters, etc. In such a case, you should complete the Special Circumstances Form, follow all instructions, and fax to 970-947-8318 or email to finaid@coloradomtn.edu.