The 529 Scholarship Program is now closed.
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.
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 2016 or 2017, 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. Any 529 Scholarship awarded will be based on the EFC, length the account(s) have been open, dollar amount in the account on April 16th of that program year and enrollment verification from the college for the fall session.
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.
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.
CollegeInvest 529 Scholarship or Scholarship – 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.
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.
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 1, 2018 through September 28, 2018.
To be eligible an applicant must:
- Complete the CollegeInvest online application between February 1, 2018 to April 16, 2018
- Be a Colorado resident
- 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 16, 2018. 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 16, 2018. If the account has been open less than 4 years but the Beneficiary received an award in 2016 or 2017, they are eligible to apply.
- Account Owner must be a parent, legal guardian, or applicant and the applicant is the named Beneficiary on the account.
- Be open at the time the Scholarship is disbursed.
To be eligible a Beneficiary must:
- 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. Federal Pell Grant recipients are not eligible to receive this scholarship.
- Be the Beneficiary of an account owned by a Colorado resident.
- 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.
- 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.
The Scholarship award is for one year only. Students may reapply for each year they are enrolled in a post-secondary institution, and otherwise meet the eligibility requirements but may not receive more than $8,000 in total scholarships.
Only one Scholarship per Beneficiary per year, even if the beneficary is the Beneficiary of more than one account.
The annual application period to apply for the CollegeInvest 529 Scholarship is February 1, 2018 through April 16, 2018.
Applicants will need to refer to the following items, when filling out the application:
- CollegeInvest 529 college savings plan account information
- Student Aid Report(SAR) at www.fafsa.gov
Only complete applications received by CollegeInvest February 1, 2018 through April 16, 2018 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 Student Aid Report (SAR) is attached from www.fafsa.gov. Receipt shall mean submitted via the online application process by midnight on April 16, 2018.
Eligible Applicants shall be selected by the number of years the account owner has been saving with CollegeInvest regardless of account balance, if $2,000 or higher.
Eligibility Notification and Acceptance or Withdrawal:
Eligible Applicants shall be notified by email of the Scholarship eligibility no later than May 31, 2018. Eligible Applicants must complete their online verification of acceptance for the 529 Scholarship no later than midnight on September 28, 2018. Eligible Applicants must submit a copy of their college registration (from the college registrars’ office or the student clearing house), with the verification of acceptance.
FAILURE TO CONFIRM ACCEPTANCE AND SUBMIT ALL OF THE REQUIRED INFORMATION BY SEPTEMBER 28, 2018 SHALL RESULT IN FORFEITURE OF THE SCHOLARSHIP.
Scholarship awards will not be disbursed until Eligible Applicants send in their verification of acceptance along with a valid copy of the beneficiaries college registration. Once these items are received 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, 2018.
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.
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, that 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.