Tax credit for college

The promise of a college education is within reach for more Coloradans, thanks to a new state program that reimburses the cost of tuition and fees for eligible students.

The Colorado Promise program, administered by the Colorado Department of Higher Education, offers a tax credit for the first two years of in-state students’ education if they enroll in an area technical college, local district college, community college or university within two years of completing high school.

Many colleges and universities, including Metropolitan State University of Denver, offer institutional “promise programs” that cover costs for lowincome students. MSU Denver’s Roadrunner Promise covers in-state tuition and published mandatory fees for up to four years for students from households earning $60,000 annually or less. Colorado Promise will reimburse tuition and fees for MSU Denver students for up to two years if their households earn $90,000 a year or less and they meet other eligibility requirements.

“MSU Denver’s mission is centered on making a high-quality education accessible,” said Long Huynh, DBA, the University’s chief enrollment officer. “These promise programs help us fulfill that mission, and now even more students can embark on the path to a college degree.”

MSU Denver students who don’t qualify for the Roadrunner Promise program and have annual family incomes of $90,000 or less could qualify for Colorado Promise. The program, which was approved during the 2024 legislative session, is meant to target middle-income families who make too much to qualify for many need-based financial aid programs but for whom the cost of college still seems high relative to their income.

It’s important for students to understand that Colorado Promise requires them to pay for tuition and fees up front and then file a state income tax return to claim the credit, Huynh said. The reimbursement will come months after students have paid tuition and completed classes.

“Gov. (Jared) Polis is dedicated to building a ‘Colorado for all,’ and this initiative advances that goal for our state,” said Angie Paccione, Ph.D., executive director of the Colorado Department of Higher Education.

Colorado Promise will reimburse tuition and fees for MSU Denver students for up to two years if their households earn $90,000 a year or less and they meet other eligibility requirements.