Most state governments sanction an agency to administer and guarantee federal student loans, which are also called Federal Family Education Loans (FFEL), as well as any state-sanctioned student loan programs.
The College Invest program is sanctioned by the Colorado Department of Higher Education and administers an impressive range of educational finance options, including scholarships and must-have information and guides to help you plan ahead.
The College Invest site is also a great resource for friends and family who want to help a student reach their education goals, and even for school advisers who need access to financial aid time-lines and college savings calculators.
As the name of the website implies, one of the most important actions you can take is to start saving early, and let investment growth pay for as much tuition as possible. You can begin to save through CollegeInvest, which offers several 529 Savings Plan programs. You simply create an account at CollegeInvest, and they help you decide which plan is best for you.
For Colorado residents, College Invest also offers low-cost loans designed for undergraduates, graduates and professionals, non-traditional students and parent borrowers.
The federal loan options should always be your first choice—never consider a private loan until you’ve exhausted your federal options. To begin applying, your first step is to complete the FAFSA, the Free Application for Federal Student Aid.
Here are some guidelines for completing this step of the process:
Many families assume they won’t qualify for government aid, so they don’t even fill out the FAFSA. But in most cases, you will qualify for some amount of aid, and the FAFSA is your key to qualifying for any other type of financial aid, so it’s extremely important to fill it out.
Every little bit counts: don’t pass up your opportunity as a Colorado resident.
For more information on financial aid, planning for college, and specific student loans for Colorado students, visit the CollegeInvest website.