For as little as $12 million extra a year, the state of Colorado could guarantee free college tuition for every low-income high school student in the state.
Top lawmakers are in the early stages of creating a statewide program they’re calling the “Colorado Promise.” Modeled after similar programs across the country, it would build on free tuition guarantees already offered by many of the state’s colleges and universities.
At first blush, even a limited guarantee of free tuition sounds ambitious — and expensive. Colorado ranks near the top of the country in tuition costs and near the bottom in public support.
But a staff report presented to the Joint Budget Committee this month found that it’s actually quite feasible. Many of the state’s universities do something similar already, using a mix of state scholarship grants, federal financial aid and their own funding.
If Colorado limited the promise to families making under $60,000 a year, JBC analysts estimate it would cost the state $12.4 million extra each year to cover the unmet tuition and fees of a little over 12,500 students.
On the one hand, that low price tag means the program might not have as large an impact as it sounds. But it could still be an effective marketing tool in a state whose high schoolers enroll in college at a lower rate than the national average, the report says.
Federal studies have found that many low-income high schoolers don’t believe college is an option because they overestimate the costs and underestimate how much financial assistance they qualify for.
Most Colorado seniors don’t even complete the Free Application for Federal Student Aid, better known as the FAFSA. The state ranks 46th in FAFSA application rates, the JBC report said.
Given the low price tag — less than 1% of the $1.4 billion general fund budget for higher education — JBC members suggested they could set their sights a little higher. For another $5 million, Colorado could waive tuition for families making up to $70,000.
Sen. Barbara Kirkmeyer, R-Brighton, noted that middle-income families making between $60,000 and $100,000 likely struggle the most with the cost of college, because they receive little in federal aid.
Even if lawmakers agree to fund it, they’ll face another challenge: Getting all of the state’s two- and four-year institutions to agree to a unified marketing effort around a statewide program.
Students can already qualify for a free ride at Colorado State University Pueblo if their families make up to $70,000, tied with Fort Lewis College for the most generous guarantee of any state college.
CU Boulder and Colorado Mesa University limit it to those making around $65,000 or less, while MSU Denver sets the bar at $60,000.