Financial Aid Options -- Other

Other Financial Aid Includes:

·   military service ·   government service ·   tax credits ·   other aid options

IRS Publication on Education Credits:

·   publication 970

The IRS allows students and parents who file and owe taxes to claim one of two educational credits:

1. Hope Scholarship Tax Credit
2. Lifetime Learning Tax Credit

Tax credits reduce your overall taxes paid dollar-for-dollar

Hope Scholarship Tax Credit

• provides for a maximum $1500 per year per dependent student
  
  
• is available only for the first two years of post secondary education
  
  
• student must be enrolled at least 1/2 of the full-time workload in a program that leads to a degree, certificate or other educational credential
  
  
• the credit can only be taken for expenses covering tuition, fees, and and books (if the book expense was paid to the institution on condition of enrollment) minus any scholarships and grants received. Room and board, personal expenses and transportation are non-eligible expenses
  
  some restriction apply
  view the IRS topic for more information:
  http://www.irs.gov/...pubs
  
  

Lifetime Learning Tax Credit

• provides for a maximum $1000 per year per family
  
  
• is available for any year of post secondary education including graduate work
  
  
• student must be enrolled at an eligible educational institution
  
  
• the credit can only be taken for expenses covering tuition, fees, and and books (if the book expense was paid to the institution on condition of enrollment) minus any scholarships and grants received. Room and board, personal expenses and transportation are non-eligible expenses
  
  some restriction apply
  view the IRS topic for more information:
  http://www.irs.gov/...pubs

Quick Links:

·   navy ·   army ·   air force ·   marines ·   national guard ·   coast guard

Reserves Officer's Training Corps (ROTC):

• federal-merit scholarship program that will pay for college and provide a monthly allowance; program available at approximately 600 colleges nationwide.
  
  
• you must meet specific academic or physical fitness requirements to join.
  
  
• you will be required to complete a period of military service after you graduate.
  
  
• you will receive a commission as a U.S. military officer upon successful graduation.
  
  
• link for information:
  
  Navy: https://www.nrotc.navy.mil/
  Army: http://www-rotc.monroe.army.mil/
  Air Force: http://www.afoats.af.mil/rotc.htm
  Marines: http://www.marines.com
  National Guard(general information): http://www.ngb.army.mil/
  Coast Guard: http://www.uscg.mil/
  

Service Academies:

• military academies pay for college and provide a monthly allowance.
  
  
• appointees to the academy are nominated by a member of Congress.
  
  
• you will receive a commission as a U.S. military officer upon successful graduation.
  
  
• link for information:
  
  Navy: http://www.nadn.navy.mil/
  Air Force: http://www.usafa.af.mil/
  US Military Academy: http://www.usma.edu/
  Coast Guard: http://www.cga.edu/
  Merchant Marine: http://www.usmma.edu/
  
  others: http://www.defenselink.mil/

Veterans Benefits:

• Department of Veterans Affairs (VA) offers several programs administered by its Education Services.
  
  
• aid is available for veterans, reservists, National Guard persons, widows, and orphans.
  
  
• programs detailed on the VA Education Service Web site include the Montgomery GI Bill (for Active and Selected Reserves personnel), Veterans Educational Assistance Program, Survivors' and Dependents' Educational Assistance Program, Work-Study, and Tutorial Assistance:
  
  http://www.gibill.va.gov/
  

AmeriCorps:

• service program administered by the Corporation for National and Community Service.
  
  
• AmeriCorps allows people of all ages and backgrounds to earn help paying for education in exchange for a year of service:
  
  http://www.americorps.org/
  
  

Loan Forgiveness:

• volunteer for public service after college and have some of your student loan debt forgiven
  
  
• programs include:
  
  AmeriCorps
  http://www.americorps.org/
  
  Peace Corps
  http://www.peacecorps.gov/
  
  Volunteers in Service to America (VISTA)
  http://www.friendsofvista.org/
  
  

U.S. Public Health Service:

• variety of loans, scholarships, and faculty loan repayment programs available for students in the health professions.
  
  
• help in several areas, including dentistry, public health, optometry, and veterinary medicine:
  
  http://www.hrsa.gov
  
  

Job Training Partnership Act:

• Department of Labor program of tuition and free assistance for job training for the economically disadvantaged, dislocated workers, and others facing employment barriers:
  
  http://www.doleta.gov/programs/factsht/
  
  

Other Aid:

• detail list of other available aid from grants, scholarships and loans:
  
  http://www.finaid.org/otheraid/