CO Promise Tax Credit

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Starting in Fall 2024, students who go to a public college or university in Colorado and have a family income of $90,000 or less may get back all the money they paid for tuition and fees – after scholarships and grants.

This money comes as a tax credit, not direct cash back. This credit covers what you paid out of pocket for tuition and fees in the past year, as long as you’re in your first two years of college after graduating high school.

Who Can Get This Credit?

You may qualify if you:

  • Started college within two years of graduating from high school.
  • Are working toward a degree or certificate.
  • Completed a Free Application for Federal Student Aid (FAFSA) or Colorado Application for State Financial Aid (CASFA).
  • Take at least 6 credits and have a GPA of 2.5 or higher each semester.
  • Have a family income of $90,000 or less, based on FAFSA or CASFA.
  • Have less than 65 credits when the new semester starts.
  • Are a Colorado resident and pay in-state tuition.
  • Paid some tuition and fees yourself (after grants and scholarships).

How Does It Work?

To get the refund:

  • File your state taxes.
  • For the 2024-25 school year (Fall 2024 to Summer 2025), file your taxes in 2025 (by April 2026).
  • You’ll get the refund in early 2026.

This is a refundable credit, so you can still get the money even if you didn’t earn income or pay federal taxes. If your parents claim you as a dependent on their taxes, you should file your own Colorado state tax return to get the credit.

You don’t need to apply separately for Colorado Promise or the tax credit. If you meet the requirements and file your Colorado state taxes, the credit will be added automatically. If you used a loan to pay for tuition or fees, you can still get the credit. It will cover what you paid, even if the money came from a student loan.

Important FAFSA/CASFA Deadlines:

To get the tax credit, you must complete the FAFSA or CASFA by:

  • 2024-2025 FAFSA/CASFA Deadline: June 30, 2025 (by 10:59pm Mountain Time)
  • 2025-2026 FAFSA/CASFA Deadline: June 30, 2026 (by 10:59pm Mountain Time)

If you miss the deadline, you won’t be able to get the tax credit for that year.

For more details, visit Colorado Department of Higher Education or this fact sheet.

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