College Opportunity Fund ('Stipends')
The College Opportunity Trust Fund (COF), created by the Colorado Legislature in spring 2004, provides a stipend to eligible in-state (resident) undergraduate students. The stipend pays a portion of total in-state tuition while attending a Colorado public or participating private institution. To be eligible for COF funds, students (new and continuing) must submit an application to the College Access Network. Students will authorize the use of their stipend funds once they are enrolled at a participating institution. Here are answers to some questions students and parents have been asking about COF.
Frequently Asked Questions
- When does the stipend program begin?
- Who is eligible?
- Who is not eligible?
- Do I need to apply for the stipend program?
- What happens if I don't apply for the stipend program?
- How will the amount of the stipend be calculated?
- Will I receive a check?
- What will I pay? What if I have financial aid?
- Will the stipend cover the total amount of in-state tuition?
- Am I eligible for stipends for as long as I am an undergraduate in Colorado?
- How will the 145-hour cap work?
- Can I take courses after reaching the 145-hour cap and still receive COF?
- Will students enrolled before July 1, 2005, be eligible for the full 145 hours?
- Will the stipend program apply to Extended Studies?
- Where can I go for additional information?
When does the stipend program begin?
Eligible resident undergraduates attending the fall 2005 semester will be the first program recipients. The stipend program will not apply to the fall 2004, spring 2005, or summer 2005 terms.
Who is eligible?
In-state undergraduate students will be eligible for stipends. Degree-seeking, non-degree, and teacher licensure students classified as undergraduates will be eligible. Your age, your income, and your financial aid eligibility are irrelevant - students of all ages, all incomes, and all aid statuses will be eligible.
Who is not eligible?
Undergraduate non-residents and graduate students are not eligible for the stipend program. Tuition charges for courses offered by Western State College Extended Studies program will not be covered by COF because they are not currently subsidized by the State of Colorado.
Do I need to apply for the stipend program?
Yes. You will be required to apply for the College Opportunity Fund stipend program through the College Access Network web site. This application needs to be completed only once in your lifetime. The link to the College Access Network (CAN) application is: https://cofweb.cslp.org/cofapp.
The CAN application needs to be completed before Western can determine your eligibility to receive the stipend and before Western can credit your tuition bill with a stipend.
What happens if I don't apply for the stipend program?
If you do not apply for the stipend program, you will be responsible for paying the full tuition, including the portion that would have been covered by the College Opportunity Fund. For example, if your total tuition is $4400 for the year and COF would cover $2400 on your behalf, but you didn't apply for the stipend program, your tuition cost would be $4400. These amounts are for illustration purposes only.
How will the amount of the stipend be calculated?
Your stipend will be calculated based on the number of eligible credits you register for each term. The amount of money per credit has yet to be determined by the State of Colorado. It will be determined by the state legislature each spring for the upcoming academic year. The amount of the stipend per credit will be the same at all Colorado public institutions, including community colleges. For example, if the stipend was set by the state legislature at $80 per credit and you registered for 10 eligible credits, your total stipend for the term would be $800. These amounts are for illustration purposes only.
Will I receive a check?
No. Upon your authorization, your stipend amount will be sent by the state on your behalf directly to the institution you choose to attend. The stipend amount will be applied directly to the total tuition charge on your account. The stipend amount will not be mailed to your home or transferred to your bank account. As part of your registration process each term, you will authorize the use of the stipend funds to be used by the institution you are attending.
Will the stipend cover the total amount of in-state tuition?
No. The student's share of the cost for undergraduate education is not expected to decrease from today's current rates.
Do not assume that the total tuition amount for 2005-06 will be the same as current tuition amounts. For most Colorado institutions, the 2005-06 total tuition listed on the bill will amount to at least the 2004-05 tuition rate plus the amount of the COF stipend.
What will I pay? What if I have financial aid?
You will pay total tuition minus the portion paid on your behalf by the COF minus any financial aid. For example, if your total tuition is $4400 and COF pays $2400 on your behalf, and a scholarship pays $500, you will pay 4400 - 2400 - 500 = $1500. These amounts are for illustration purposes only.
Am I eligible for stipends for as long as I am an undergraduate in Colorado?
No. COF stipends will be capped at 145 cumulative attempted semester credits, with some exceptions. The Colorado Commission on Higher Education (CCHE) will track each student's credits over all Colorado institutions. CCHE will also estimate the number of COF credits remaining for students enrolled before fall term 2005. The cap does not include AP or IB credit earned while in high school.
How will the 145-hour cap work?
For students starting after July 1, 2005, it's a lifetime limit on attempted credits paid by COF. Credits taken outside Colorado or as an out-of-state student will not count towards the cap. Earned credits from AP or IB will not count towards the cap. For students starting after July 1, 2005, only credits paid by COF will count towards the cap. Students taking additional undergraduate work after receipt of a bachelor's degree may have 30 more undergraduate credits added to their limits. In addition, some waivers to the lifetime limit may be available.
For students enrolled before July 1, 2005, the lifetime hours limit will be set by CCHE based on credits taken as an undergraduate as of November 2004.
Can I take courses after reaching the 145-hour cap and still receive COF?
Under specific circumstances. Students taking additional undergraduate work after receipt of a bachelor's degree may have 30 more undergraduate credits added to their limits. In addition, some waivers to the lifetime limit may be available.
If you do not attain a bachelor's degree or receive a waiver for additional credits, you may still take credits above the 145 hour limit, but you will not receive a COF stipend and you will pay the full in-state tuition.
Will students enrolled before July 1, 2005, be eligible for the full 145 hours?
Not generally. The state is developing methods of calculating the lifetime limit for COF credits for each student, based on credits taken as an undergraduate as of November 2004. Some students enrolled before July 1, 2005, may have a full 145 credits.
Will the stipend program apply to Extended Studies?
No. Tuition charges for courses offered through the Extended Studies Program at Western will not be covered by COF because they are not currently subsidized by the State of Colorado.
Where can I go for additional information?
Details of the COF program are being determined by the Colorado Commission on Higher Education (CCHE) and the Colorado Access Network (CAN). See the CCHE Q&A on COF and the CAN site on COF, which also includes a Q&A. Be advised that the various Q&A's posted do not all agree because implementation details are still in process. Address any further questions to the CAN at askCOF@cslp.org. View the full text of Senate Bill 04-189.