It is no secret to the students at DU that college is expensive and increasingly difficult to pay for, especially with high tuition costs. After completing a quick Google search on the cost of attendance at DU, the overwhelming number of $65 thousand dollars pops up in bold at the top of the screen. This number, though frequently offset by merit scholarships, is unmanageably large for just about anyone, let alone a prospective DU student or current first year who is multiplying that number by four to see how much debt they may walk away with after securing their undergraduate degree. There are, however, multiple ways for both prospective and current students, first year students and upperclassmen alike, to save money on tuition, housing, books and outside expenses.
DU offers four main types of financial aid: grants and scholarships, work-study awards, student loans and summer aid. In-state and out-of-state students can qualify for the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (SEOG) or the Iraq and Afghanistan Service Grant. Students who graduated from a Colorado high school are additionally eligible for the Colorado Student Grant and the Colorado Opportunity Fund. The first three grants are awarded based on need determined by the Expected Family Contribution scale created by the federal government.
To apply for these grants, students and their parents must complete the Free Application for Student Aid (FAFSA), which started accepting applications for the 2019-2020 aid year on Monday, Oct. 1. More information about federal aid grants can be found under the “Financial Aid and Scholarships” section of the DU website or on the federal government’s official FAFSA website, which also includes Colorado-specific aid information. The FAFSA also determines a student’s eligibility for a work-study award, which provides funds for students to hold an on-campus job, earning a wage that can be used for school-related expenses.
Also offered at DU are merit scholarships, automatically awarded to every student who applies to DU based on academic excellence in high school. Students receive a fixed amount that reoccurs for 12 quarters as long as they maintain good academic standing. Merit-based scholarship money does not, however, cover tuition costs for summer courses. This is where summer aid comes in, though the process for applying does not start until the Spring Quarter. Applications usually open in April, and undergraduate students are notified by email of their eligibility in March.
Students looking for more scholarship opportunities as they prepare for their second, third or final year at DU should contact the academic department their major is housed in for more information on gift and endowed scholarships. Students can only do this once they have taken classes in their chosen major and they must submit the Departmental Scholarship Application, which opens in February of each year and is accessible on PioneerWeb.
Private scholarships are another great way to cut down on costs, and a list of safe and reliable scholarship search websites can be found at the bottom of this page. After receiving a private scholarship, students must report it to DU, as it may affect the financial aid given out by the university.
Loans, while often seen as a last resort, are also widely available to college students. All students who complete the FAFSA will be eligible to receive a federal student loan, though these loans typically cap out around $5.5 thousand dollars. To cover leftover costs, parents of college students can take out a loan with the federal government as well, called the Parent PLUS loan.
DU offers drop-in advising at the Financial Aid office Monday through Friday, 8:30 a.m. to 4:00 p.m. Any questions can be emailed or answered in a phone call to the office, as well. Students should take the initiative to learn more about financial aid and stay on top of this process to make their college education continuously affordable during their time at DU.
