Colorado Promise Tax Credit
Disclaimer
The University of Colorado Colorado Springs is not qualified to provide legal and/or tax advice. The information provided may or may not reflect recent revisions in IRS regulations. For tax advice on your specific situation, contact a tax professional. For additional information regarding the Colorado Promise Tax Credit, please refer to the Other Resource and Helpful Links section below.
Please send Colorado Promise Tax Credit inquiries to bursar@uccs.edu
Colorado Promise Tax Credit
The Colorado Promise Tax Credit is a state program starting Fall 2024, providing a refundable tax credit to cover tuition/fees at public colleges like UCCS for qualifying Colorado residents with family incomes $90,000, after scholarships/grants, enabling debt-free first two years (or more!) by claiming it on your 2025 state tax return. Eligibility requires enrolling within two years of high school graduation, completing FAFSA/CASFA, and being a Colorado resident, with schools notifying you if you qualify and providing the necessary tax information.
Program Details
Students who begin their post-secondary education with enough dual or concurrent enrollment classes and/or Advanced Placement (AP) or International Baccalaureate (IB). IB credits could use the remaining 65 credits to cover an entire bachelor’s degree free of charge, after receiving the tax credit reimbursement.
Students must first enroll in post-secondary within two years of graduating from high school.
Student Eligibility Criteria
- Must have a valid SSN / ITIN on file with UCCS
- Complete FAFSA or CASFA
- Family Adjusted Gross Income of $90,000 or less, as determined by the FAFSA or CASFA
- Colorado resident with an in-state tuition classification
- Classified as degree or credential-seeking
- Initially enrolled in public post-secondary within two years of high school graduation or equivalent
Semester Eligibility Criteria
Eligible students can receive a tax credit for out-of-pocket tuition and fees paid at an eligible institution for terms or semesters in which they meet the following criteria:
- Have accumulated fewer than 65 credits at the start of term (excluding AP, IB, military credit, credit for prior learning and dual or concurrent enrollment)
- Completed at least six (6) credits at the end of the term
- Earned a 2.5 or higher GPA at the end of the term
- Student or family paid some amount in tuition and/or fees
FAQ's
Colorado Promise is a state tax credit, not a payment to your student account. It is calculated after other grants, scholarships, and other aid, such as COF, are applied and is meant to help offset remaining education costs.
Students are automatically eligible to receive the tax credit if they meet all eligibility criteria; there is no separate application. To ensure eligibility, (1) students can complete a FAFSA or CASFA each academic year, (2) complete at least six credits with a 2.5 GPA or higher per term, and (3) attend an eligible Colorado public college or university. Eligible institutions include community colleges, public four-year colleges and universities, area technical colleges and local district colleges.
This tax credit fully reimburses tuition and fees paid out-of-pocket by eligible students and their families. UCCS will notify students if they are eligible for the program and how much was paid in qualified educational expenses for a given tax year. To receive the credit, a student must file state income taxes and request the amount shared with the student by UCCS. Each year, students will file taxes and claim the credit for tuition and fees paid in the prior academic year, not the current academic year.
Eligible students can receive the tax credit reimbursement while working towards any undergraduate degree at an eligible Colorado public higher education institution, including a certificate, associate, or bachelor’s degree. For most eligible students, a certificate and/or associate degree is covered by the program.
If you are eligible for Colorado Promise and take time off from your degree program (such as not enrolling for one or more terms or semesters), you remain eligible for the tax credit when you return to your studies as long as you continue to meet eligibility criteria.
Yes, as long as you transfer to an eligible public institution in Colorado, such as a community college, area technical college, local district college, or public four-year college or university
Yes! Colorado Promise applies toward your first 65 credits for eligible students, regardless of whether you have completed a certificate, associate degree or another credential. You can continue to receive the tax credit until you reach the 65 credit cap.
Students should always request Colorado Promise, never their parents, guardians or through another individual. This is true for students considered independent and dependent on the FAFSA
Yes! This is a refundable tax credit, meaning eligible students will receive the full amount paid out-of-pocket for tuition and fees in eligible terms, even if that amount is larger than the student’s tax liability or total income in that tax year.
To claim the credit, you will file individual state income taxes for the tax year following the academic year(s) for which you were eligible. For example, if you were eligible in Fall 2024 and Spring 2025 but would not otherwise file taxes, you should file your taxes in early 2026 for the 2025 tax year to claim the credit.
Contact the UCCS Bursar Office to review your eligibility. 719-255-3391 or bursar@uccs.edu
Contact the UCCS Bursar Office to review your calculated benefits. 719-255-3391 or bursar@uccs.edu