1. The College Opportunity Fund (COF)
The College Opportunity Fund (COF) went into effect fall 2005. This state of Colorado program (sometimes called vouchers or stipends) provides tuition vouchers to resident undergraduate students who apply for the program and authorize application of the credits to their accounts. For the academic year beginning Fall 2010, the voucher award rate is $62 per credit hour for eligible classes.
Sponsors of resident undergraduate students who base their awards in whole or part on tuition charges should notify the university whether the awards pertain to the entire tuition charge or to the tuition charge less the COF, if the student is eligible. Tuition less the COF is commonly referred to as the "student share" of tuition.
Unless the sponsor indicates otherwise, the university will assume that all tuition-based awards are meant to be tuition less eligible tuition vouchers without regard to whether the sponsored student has applied for the COF program and/or approved application of the credits to his/her account.
2. What is a 3rd party sponsor?
A 3rd party sponsor is a person or group not related to a student who pays educational expenses on behalf of a student when billed by the university. Sponsor payments are called 3rd party scholarships, and they are subject to the same federal reporting requirements as other financial aid.
Trusts should note whether they are related or unrelated parties. The Bursar's Office reserves the right to reject some sponsorships.
3. What are 3rd party sponsors requirements?
4. What is a letter of authorization?
A letter of authorization is a form authorizing the university to bill a sponsor for tuition or related expenses. Click here to download a general letter of authorization. The letter must be sent on letterhead paper and should include the following information:
5. When does the Bursar office need the letter of authorization?
The sooner we know the better, since early notification prevents late and service charges from accruing. It gives the students better information about what they personally will be expected to pay, and eliminates unnecessary concern and follow-up by students and their families.
A letter of authorization should be sent in by the first payment due date. If a letter of authorization is not sent by this date the student will need to make other payment arrangements with the Bursar office until the letter of authorization arrives.
6. Where should the letter of authorization be sent?
7. What is the 3rd party billing process?
The process is initiated when the university receives a letter of authorization from the sponsor. Upon receipt of the letter, the student's bill is credited conditionally for the expected amount of the sponsor payment. If a sponsor commitment is tied to the number of credits a student is taking or other factors that may vary during the course of the term, the student's account is adjusted to reflect the changes. Credits are not final until the sponsor has made payment in full. The university bills sponsors at the close of the add/drop period.
8. When do sponsors get billed?
The university bills 3rd party sponsors when the add/drop period is over. Whenever possible, we prefer to send bills electronically to minimize costs and expedite payment. Terms are "Due Upon Receipt." The university will make reasonable efforts to accommodate specific billing requirements of sponsors, but we expect students to provide any documentation, corroborations, or notifications required by their sponsors.
9. When are payments due and what payments does UCCS accept?
Payment is due upon receipt of the bill.
Payments can be remitted by mail, wire transfer, or ACH transmission. Remittance information is as follows:
By Electronic Funds Transfer:
By Credit Card:
10. How do sponsors revoke sponsorship?
A sponsor may revoke current financial support for any student by sending the university an official notification by mail or e-mail. Revocation does not apply retroactively. Upon notification, the student will be expected to pay outstanding charges. Until the charges are paid, the student may be subject to late payment sanctions including assessments of late and service charges, inability to register for future terms, and inability to obtain transcripts.
11. What happens when a student withdraws?
When a sponsored student withdraws before the end of a semester, the sponsor will be billed for sponsored expenses in accordance with the university's withdrawal policy. The withdrawal policy and the Refund/Assessment Schedule can be found on the online schedule of courses.
12. How do sponsors get students' grades, transcripts, etc.?
The student is responsible to provide the sponsor with required information. The sponsor agrees to abide by the Family Educational Rights and Privacy Act of 1974 and not disclose this information to others without the express written approval of the student.