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Colorado Promise Tax Credit

What is the Colorado Promise Tax Credit?

Beginning in Fall 2024, students who attend public institutions and have family incomes of $90,000 or less are eligible for a complete reimbursement of any out-of-pocket tuition and fees paid for their education.  

students at commencement

Eligibility Requirements

To qualify for the Colorado Promise Tax Credit, you must: 

  • Have completed a Free Application for Student Federal Aid (FAFSA) for U.S. residents, or Colorado Application for State Financial Aid (CASFA) for eligible non-residents
  • Complete at least 6 credits with a 2.5 GPA or higher
  • Have accumulated fewer than 65 credits at the beginning of the term they are enrolled
  • Enroll in college within two years of graduating from high school 
  • Have a Family Adjusted Gross Income of $90,000 or less, as determined by the FAFSA or CASFA
  • Be a Colorado resident with an in-state tuition classification
  • Be classified as degree or credential-seeking
  • Have paid some amount in tuition and/or fees (after scholarships, grants, etc.) 

How Does It Work?

Starting in the Fall 2024 semester, students who enroll will have tuition and fees covered, after scholarships and grants, via a tax credit. Students can begin claiming the credit on their 2025 taxes. 

The Colorado Promise Tax Credit offers qualifying students the opportunity to graduate debt-free with certificate(s), an associate degree, or half of a bachelor's degree. Students with substantial concurrent enrollment credits may be able to complete an entire bachelor's degree with this tax credit. 

To claim the credit, you should make sure you meet eligibility criteria. If you do, you will be automatically eligible to receive the tax credit - there is no separate application. The tax credit fully reimburses tuition and fees paid out-of-pocket, even if you take out a loan to cover out-of-pocket expenses. 

If you enroll at PPSC, you will be notified if you are eligible for the program and how much was paid in expenses for a given tax year. To receive the credit, you must file state income taxes and request that amount. As the student, you must request the Colorado Promise Tax Credit - not your parents, guardians, or others.
students working together