The 2024-2025 FAFSA/CASFA will open in December 2023!


Feb. 28, 2020

Funding Formula Update --- Mr. Jason Schrock, Ms. Emily Burns, and Ms. Emma Fedorchuk, CDHE, provided an update on the revisions to the funding formula. They discussed the proposed formula developed by institutions that has been submitted to the legislature, indicating that it met the goals set by the Commission and Governor for a new formula. In response to Commissioner questions, staff indicated that the specific dollar amounts in “step 1” of the formula were negotiated among the institutions and are amounts that will be used for overall budgetary needs as well as for specific initiatives. Staff also discussed a potential role for the Commission in recommending funding amounts through the formula to the legislature each year, particularly the targeted funding amounts in step 1 of the formula. The formula is intended to be utilized for the FY 2020-21 budget which will be set by the legislature by early April; legislation is currently being drafted.


FY 2020-21 Undergraduate Need-Based Financial Aid Allocation Models -- Ms. Emily Burns, CDHE, provided background information regarding the undergraduate need-based aid allocation methodology, indicating that it uses actual, vetted, institutional data on pell eligible undergraduate resident enrollment data to develop allocations for individual institutions. Staff also discussed the unique budget situation this year given that the November 1 budget request sought a 2% increase but that a 7% increase is also possible. Staff explained the impact this will have on the undergraduate need-based aid allocation scenarios. In response to commissioner questions, staff indicated that the budget request sought only to increase the need-based financial aid line, which also includes graduate need-based aid and that no increase was planned for the work-study, merit, and CTE grant lines. Staff also discussed the importance off guardrails in the allocation methodology, given the need for some stability in year-to-year allocations.