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Two Free Years of College: Colorado Launches Statewide Tax Credit for Low-Income Families

(photo: Colorado Public Radio)

Colorado has implemented a statewide tax credit aimed at covering two years of tuition and fees at public colleges for students from households earning $90,000 or less per year.

Colorado Launches Statewide Tax Credit to Expand College Access

Colorado launched the Colorado Promise tax credit for students from households earning $90,000 or less annually. Eligible students at public colleges receive rebates covering remaining tuition and fees after scholarships and grants. Colleges identify eligible students who must file tax returns for credit. It aims to broaden financial aid access potentially expanding eligibility in the future, according to the report of Chalk Beat.

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(photo: Yahoo)

Requirements and Implementation of the Colorado College Tax Credit

Colorado offers a tax credit to students who graduated from a Colorado high school, are enrolled in at least six credits at a public college, maintain a GPA of 2.5 or higher, and complete the FAFSA or CASFA. The credit refunds tuition and fees through state tax returns, aiming to enhance educational opportunities and workforce readiness for residents.

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