Student FAQ

What does the Colorado Promise cover? 

 The Colorado Promise is a refundable tax credit, which reimburses eligible students for any tuition and fee costs paid out of pocket, meaning the amount you paid after all scholarships, grants, and institutional aid have been applied.

Should a student enroll in college classes while in high school, or just wait? 

Yes, participation in programs such as concurrent enrollment, ascent, AP, or IB will help students earn college credits without those credits impacting the programs 65 credit hour limit. Students should talk to their high school counselor to learn more about opportunities to earn college credit while still in high school. 

How does the program apply to students who have earned concurrent enrollment credits? 

• The tax credit covers the first 65 postsecondary credits. Credits earned before postsecondary matriculation (i.e. enrolling in college) do NOT count towards the 65 credit limit. Credits such as concurrent/ASCENT, AP, IB, military, etc. do not count towards the 65 credit limit. For example, if a student starts higher education with 30 credits (or Sophomore status), earned from concurrent enrollment, then they still have 65 credits which will be covered by the program. Their institution will handle the calculation when determining eligibility.
• Students who participated in the ASCENT, or 5th year, program are still considered eligible since they have not completed high school until after they finish with ASCENT. 

Does a student have to apply for Colorado Promise?

No, students do not have to submit an application to be considered for the Colorado Promise tax credit. Each January a student's institution will determine eligibility based off the programs requirements. A student should do the following to help the process.

• Make sure to annually complete a FAFSA or CASFA (the links take you to CDHE pages to help guide you through each process, if you are not sure which one to complete click here)
• Make sure your institution has your high school transcripts and any college transcripts (if applicable)
• Focus on your academics, make sure each term you complete at least 6 credit hours and finish with a 2.5 GPA or better

How will a student know if they are eligible? 

Institutions are required to notify students by January 31st of each regarding eligible tax credit amount for the prior calendar/tax year. For example, by January 31, 2026, institutions must notify students if they receive a tax credit for the 2025 calendar year. 

If you transferred during a calendar year, each institution you attended will send you a notification IF you are eligible to receive a credit. 

For more information about eligibility requirements check out the Student Eligibility page.

How will I be notified if I am eligible and how much I am eligible for? 

Your institution will notify you by January 31 of each year (starting in 2026). They will most likely send you an email or communication. The email will tell you how much you are eligible to receive.  

How does a family determine their household income? 

• Household income is determined by utilizing a family adjusted gross income (AGI) as determined by the FAFSA/CASFA. The AGI comes from the tax return submitted two years before. (See Student Eligibility page for more details)
• For more information about eligibility criteria, see the Student Eligibility page.  

I graduated high school in 1993 and started higher education in 1994 but never completed. Does the Colorado Promise apply to me?  

Student’s must meet one of the following:

• Graduated or completed high school after January 1, 2024, or
• Have been a currently enrolled and active student for Fall 2024 

Is the program open to ASSET students? 

Yes, if a student is eligible to receive in-state tuition and they meet all other eligibility requirements.  

What does “starting within two years of high school completion” mean? 

A student must enroll at a Colorado public postsecondary institution within two (2) academic years. For example, if a student graduates in May 2025 they have until the Spring 2027 term, which would start in January 2027. 

When do students need to complete high school? 

Students need to have completed high school after January 1, 2024, to be eligible for Colorado Promise, unless they were a current/active student during Fall 2024.  

Are current college students eligible for Colorado Promise? 

Students must have been current, or active student, during the Fall 2024 semester, or have completed high school after January 1, 2024.  

Can a student take time off once they have enrolled in higher education (after from high school)? 

There is no current requirement of continuous enrollment once the initial matriculation (i.e. enroll within two (2) academic years of completing high school).  

Is someone starting a 2nd bachelor’s degree considered eligible for the Colorado Promise? 

No, Colorado Promise only covers the first 65 credit hours of Undergraduate enrollment. If a student already has a bachelor’s degree, they have already completed over 65 credit hours.

How many credits does a student need to be registered for to be eligible for Colorado Promise? 

A student must complete at least six (6) credits each semester and finish the semester (or term) with a 2.5 GPA or better. 

How do 529 plans impact CO Promise eligibility? 

529 Plans do not impact eligibility or the amount of an eligible refund. They are considered an outside source of funds and do not impact calculation of the potential refund amount students are eligible to receive. 

Does the tax credit cover reimbursement for student loans? 

Yes, if a student took out federal or private loans through their institution to pay any of their tuition and fees, then the tax credit would provide a reimbursement for the cost of those loans. The tax credit provides a reimbursement for all out-of-pocket costs paid for tuition and fees AFTER all “free aid” (grants, scholarships, institutional aid), or aid that does not have to be repaid.

How does someone actually receive the tax credit?  

The eligible student must file a State of Colorado income tax return. The notification letter/email developed by Colorado Department of Higher Education (CDHE) and Department of Revenue (DOR) has information to help students start the process of filing a state return. Parents/family members cannot file or claim the tax credit on a student’s behalf.  

How do I file a State of Colorado tax return?

Starting a federal tax return (IRS Form 1040) will help you to calculate your federal taxable income. You do NOT have to file a federal return, but you are required to report your federal taxable income on a Colorado return. You do not have to submit, or file, a federal return, but the information (federal taxable income) is needed to complete a Colorado return and receive the Colorado Promise tax credit.

Helpful links:

• Federal tax forms and instructions are available on the IRS website
• State of Colorado tax forms and instructions are available on the Colorado Department of Revenue's website
  • File your Colorado return for free - click here
  • Additional resources to help you file your Colorado return can be found here
• Many community groups and nonprofits offer tax filling support for low or no cost, check them out

Can a parent file the tax claim on behalf of their child/student? 

No, the tax credit is issued under the student’s tax ID (SSN or ITIN) and must be claimed by the student by filing a State of Colorado income tax return. Students are encouraged to talk with their parents/family to determine the best use of the funds, such as paying off student loans, repaying parents, or saving the money for future educational expenses.  

 

Is the tax refund going to impact my earnings for the year I receive the tax credit? 

The tax credit will not impact your State of Colorado return. You should consult a tax professional regarding federal returns to see if a student needs to file a return.  

Does the tax credit create a tax liability for students and/or parents? 

The tax credit will not impact your State of Colorado return. You should consult a tax professional regarding federal returns to see if the student needs to file a return.  

What if I do not want to receive the tax credit?

While you are highly encouraged to claim the reimbursement, you are not required to claim the tax credit. If you choose not to claim the tax credit your institution may want proof that you did not claim the tax credit. You can provide proof that you did not claim the credit in one of two ways. 

• You can provide your institution with your State of Colorado tax return which shows Colorado Promise was not claimed, or
• You can submit a request for proof of non-filing via DR 5714 and share the documents with your institution

What if my family's financial situation has changed, such as our annual household income has dropped from what is reported on the FAFSA? 

Visit your institution’s Office of Financial Aid. They can assist you with resources and processes meant to help. 

A student must “annually complete a FAFSA or CASFA”. What does this mean for the tax credit? 

Eligibility is determined on a term-by-term basis. A FAFSA/CASFA must be filed for the aid year associated with a given term.

Can a student complete both FAFSA and CASFA? 

A student needs to only complete ONE application. If a student has already completed a FAFSA, then the institution should receive an error code, or notification, that a FAFSA has already been completed. The FAFSA, if completed, should be the primary source used. When possible, a student should complete a FAFSA to access federal aid.  

Can a student receive an institutional promise program AND Colorado Promise? 

 Yes! Across Colorado’s public institutions, each institutional program was developed to support their campus and students. Institutional programs have different income thresholds and levels of support. For example, you could receive an institutional promise program which covers the cost of tuition and still have to pay student fees. If eligible, you can receive the tax credit for the cost of student fees that you paid. Consult your institution’s Office of Financial Aid or Bursars Office to get more details and information about what you are paying for out-of-pocket. 

If you have questions, check out our Student/Family FAQ, or shoot us a quick email and let us help! ColoradoPromise@dhe.state.co.us. 
The Department takes your personal information seriously, please do not include any personally identifiable information (PII), such as social security number, or date of birth, on emails.

CDHE staff also offer weekly office hours to help answer your questions, Mondays from 11 a.m. to 1 p.m. Book time to meet with Dr. Baccei