(AP) -- DENVER -- The Colorado Department of Higher Education is considering changes to the way it allocates $70 million for need-based college grants.
A proposed new formula would increase the amount of money colleges and universities receive for students in their sophomore, junior and senior years to provide an incentive to improve retention and graduation rates.
Currently, financial aid is distributed under a three-tiered system that has made it difficult to predict student attendance.
According to the Denver Post the new system would provide about $600 for each eligible freshman. That money would increase by $200 each year through the student's senior year.
If a student needs to continue working on an undergraduate degree after that, the allocation would drop by half.
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