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CollegeInvest 529 Scholarship Program Terms and Conditions

Our Terms of Agreement

The 529 Scholarship Program for the 2019-20 school year opens on February 11, 2019 and closes on April 12, 2019.

The CollegeInvest 529 Scholarship is designed to award scholarships to Colorado residents of middle-income families who have planned for a higher education by saving with a CollegeInvest 529 College Savings Account.

General:

Any current owner of a CollegeInvest 529 College Savings Account who has been saving with CollegeInvest for 4 years may submit an application to CollegeInvest for the 529 Scholarship Program. (If the account has been open less than 4 years but the Beneficiary received an award in the past, they are eligible to apply.)  The Account Owner must meet certain eligibility criteria as outlined in the Program’s Terms and Conditions, and the Beneficiary of such CollegeInvest Account to which contributions have been made must also meet certain Program eligibility requirements.

The CollegeInvest 529 Scholarship is available for awards during the Program year.  There is no guarantee that funding for this program in subsequent years will be available.  If a determination has been made and funding established by CollegeInvest for subsequent years, current Participants might be eligible to re-apply for the 529 Scholarship for up to four (4) awards based on eligibility criteria applicable during those years.

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Defined Terms:

529 Scholarship Applicant or Applicant – A 529 Scholarship Applicant is an Account Owner applying for a CollegeInvest 529 Scholarship who meets the eligibility criteria outlined in these Terms and Conditions.

Account Owner – The Account Owner is an individual who owns a CollegeInvest Account and is a Colorado resident.

Beneficiary – The Beneficiary is the person named as Beneficiary of the Account Owner’s CollegeInvest Account who must meet the eligibility requirements specified in these Terms and Conditions.

CollegeInvest – CollegeInvest is a not-for-profit division of the Colorado Department of Higher Education, responsible for administering Colorado’s 529 college savings program.

CollegeInvest Account – A CollegeInvest Account includes an account or accounts in any plan offered under the 529 college savings program administered by CollegeInvest. These plans currently include the Direct Portfolio College Savings Plan, Scholars Choice College Savings Program, Smart Choice College Savings Plan, and the Stable Value Plus College Savings Plan.

CollegeInvest 529 Scholarship – A CollegeInvest 529 Scholarship is a scholarship of funds awarded under the Program by CollegeInvest to a 529 Scholarship Applicant. The Scholarship is the CollegeInvest 529 Scholarship described in these Terms and Conditions, as such Terms and Conditions may be amended from time to time by CollegeInvest.

Eligible – An Eligible applicant is a person that has met all the 529 Scholarship criteria and the Eligible Beneficiary has also met all the 529 Scholarship criteria that have the potential to receive the 529 Scholarship award funds permitting.

Enrollment Verification – The Enrollment Verification is an official document from the college or from the student clearing house at website http://www.studentclearinghouse.org/

529 Scholarship Funds – 529 Scholarship Funds are funds awarded as a 529 Scholarship.

Program Year – The period running February 11, 2019 through September 30, 2019.

Stages of Eligibility:

There are 3 stages of eligibility: After Stage 1 and 2, the applicant will receive an email stating whether or not they are eligible for the next stage and the next stage requirements.  After Stage 3, the applicant will receive an email stating whether or not they will receive an award.  (An award is not guaranteed for completing each stage of eligibility.)

  1. Stage 1 – Account Owner completes the on-line application and uploads the Beneficiary’s FAFSA report.
  2. Stage 2 – The Account Owners CollegeInvest savings account must have at least $2000 in the account as of the close of the application period.
  3. Stage 3 – The Account Owner must obtain an Enrollment Verification and upload it via the link in the 2nd Stages email link.

Stage 1:
To be eligible at this stage the Applicant must:

  1. Complete the CollegeInvest online application between February 11, 2019 to April 12, 2019.
  2. Be a Colorado resident
  3. Be the owner of an eligible CollegeInvest 529 College Savings Account. An eligible account must:
    • Have an account balance of at least $2,000 on April 12, 2019. Returning Scholars may apply for a one-time minimum account balance requirement waiver. By using the one-time minimum balance waiver, the beneficiary becomes ineligible to apply for the 529 Scholarship in the future.
    • Have been open and continuously maintained for a minimum of four years prior to April 12, 2019. If the account has been open less than 4 years but the Beneficiary received an award in the past, they are eligible to apply.
    • Have a parent or legal guardian as the account owner and the student as the beneficiary.
    • Be open at the time the Scholarship is disbursed.

To be eligible a beneficiary must:

  1. Complete the Free Application for Federal Student Aid (FAFSA) and have an EFC up to $45,000 for the school year applicable to the scholarship year.  (If the FAFSA has error or corrections that need to be made please do so before submitting the application.  Errors or corrections that are not fixed could result in the applicant not being eligible and moving to the next stage.  Example:  The FAFSA might say – “Be sure to review the items marked with a “h” and make any corrections if necessary by clicking “Make FAFSA Corrections’ on the ‘My FAFSA’ page”)
  2. Federal Pell Grant recipients are not eligible to receive this scholarship. If your FAFSA says you are Pell Grant eligible you are not eligible for this scholarship.
  3. Be the beneficiary of an account owned by a Colorado resident.
  4. Enroll in an accredited post-secondary institution (public or private college, university, trade or vocational school across the country) in an undergraduate or graduate degree, or certificate program.
  5. Attend school Full-time at the time the Scholarship is awarded. If the awardee drops out of school or reduces credit hours below Full-time status, they will not be eligible for additional/subsequent scholarships.

Stage 2:
To be eligible at this stage the Applicant must:

  1. Be the owner of an eligible CollegeInvest 529 College Savings Account and the account must:
    • Have an account balance of at least $2,000 on April 12, 2019. Returning Scholars may apply for a one-time minimum account balance requirement waiver. By using the one-time minimum balance waiver, the beneficiary becomes ineligible to apply for the 529 Scholarship in the future.

Stage 3:
To be eligible at this stage the Applicant must:

  1. Go to the link in the email from the 2nd stage and unload the Enrollment Verification for the beneficiary’s college registrars’ office or the student clearing house at website http://www.studentclearinghouse.org/
    • CollegeInvest must receive the Enrollment Verification by midnight Sept 30, 2019

COMPLETION OF ALL 3 STAGES DOES NOT GUARANTEE YOU WILL RECEIVE AN AWARD.   

Application Process:

The annual application period to apply for the CollegeInvest 529 Scholarship is February 11, 2019 through April 12, 2019.

Applicants will need to refer to the following items, when filling out the application:

  1. CollegeInvest 529 college savings plan account information
  2. Student Aid Report(SAR) at www.fafsa.gov

Only complete applications received by CollegeInvest February 11, 2019 through April 12, 2019 will be considered. CollegeInvest personnel, whose decisions shall be final, will conduct the selection.

An application is considered complete if all required information has been answered on the online application and a copy of the Beneficiary’s Student Aid Report (SAR) is attached from www.fafsa.gov. Receipt shall mean submitted via the online application process by midnight on April 12, 2019.

Eligibility Notification:

Applicants shall be notified by email of their eligibility for the Scholarship after processing of each stage.
Applicants must complete each stage by the dates listed in the Stage section to advance to the next stage and the final award.

FAILURE TO COMPLETE OR SUBMIT ALL OF THE REQUIRED INFORMATION BY EACH STAGES DEADLINE SHALL RESULT IN FORFEITURE OF THE SCHOLARSHIP.

Scholarship Disbursements:

Scholarship awards will not be disbursed until the 3rd stage is complete. Once 3rd stage is complete by the deadline and verified, and so long as the eligibility notice has not been withdrawn, Scholarship Award payments will be disbursed directly to the 529 college savings account listed on the application no later than October 31, 2019.

Release of Liability:

By applying for this Scholarship you agree to release and hold harmless CollegeInvest and its affiliates, agents, suppliers, distributors, and advertising or promotional agencies from any and all liability, claims, or actions of any kind whatsoever for injuries, damages, or losses to persons and property which may be sustained in connection with the receipt, ownership, or use/misuse of the Scholarship award. Except where prohibited by law, the submission of an application for a CollegeInvest 529 Scholarship constitutes permission to use an awardees name, hometown, likeness, comments or interviews without limitation, for promotional purposes, without further permission or compensation. Applicants also consent to receive information from CollegeInvest by email to the email address submitted within their Application form, but may opt out or unsubscribe at any time by following the directions at the bottom of any CollegeInvest email.

Except for information the applicant has consented that it may be disclosed (including based on the prior paragraph), CollegeInvest does not disclose, sell, rent, trade, or otherwise provide non-public personal information that we have about you or your Scholarship application. CollegeInvest will only disclose non-public personal information to third parties as is necessary to process your CollegeInvest 529 Scholarship.

Authorization Statement:

By submitting this application, I authorize CollegeInvest to release information provided by me to post-secondary institutions for the purpose of determining scholarship eligibility, and to third parties as is necessary to process my scholarship application and to conduct marketing and evaluation activities.

I recognize that records pertaining to students are generally required by the Family Educational Rights and Privacy Act, 20 U.S.C. § 1232g (FERPA) to be held confidential by post-secondary institutions, but that such records may be released upon consent or under certain limited exceptions which include release in connection with application for or receipt of financial aid, such as the CollegeInvest 529 Scholarship.

To the extent that my consent may be required, and to facilitate consideration of my application for the CollegeInvest 529 Scholarship, I hereby give my consent to the post-secondary institution I plan to attend, to release my education records as described below to CollegeInvest for the purpose of determining my eligibility for the CollegeInvest 529 Scholarship:

All documents/information regarding enrollment records, admissions records, financial aid and transcript records, which are in the possession of the post-secondary institution.

I understand that this information may be used only for the purposes for which the disclosure is made and that it will be protected in a manner that does not permit my personal identification to be accessed by anyone except authorized agents and representatives of CollegeInvest. I further understand that this consent will remain in effect until revoked by me, in writing, and delivered to CollegeInvest or the post-secondary institution. Should I revoke this consent, I acknowledge that I will no longer be eligible for a Scholarship award.

Furthermore, I acknowledge and accept that if I am awarded a CollegeInvest 529 Scholarship, the Scholarship shall be deposited into an account that I have no authority or control over how the funds are used unless I am the Account Owner. The Scholarship is for the purpose of paying my education expenses, and it is my understanding that the Account Owner of the CollegeInvest 529 account intends to use the Scholarship funds for this purpose.

These terms and conditions are subject to change without notice.