Financial Aid Options -- Other

Support Links

Other Financial Aid Programs

Other Financial Aid Includes:

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

 

Types and Sources of Other Financial Aid

1 Federal (and State) Financial Aid Programs:
federal grantswork studyloansstate programs
2 Private Financial Aid Programs:
loanshome equityinvestmentscollege aid
3

Other Financial Aid Programs:
tax creditsmilitaryloan forgivenessother

Support Links

Eligible Tax Credits for Higher Education

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

Support Links

Military Service

Quick Links:

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

 

 

Reserves Officer's Training Corps (ROTC):


Service Academies:

Support Links

Other Special Financial Aid Assistance

 

 

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:

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:

Other Aid Options
tax credits
military service
loan forgiveness
other aid programs
options: federal aid
options: private aid
 Financial Aid Steps
 Financial Aid Charts
 Financial Aid Path
 Print Guide
Apply for Student Aid
Financing Notes
link: about credit reports
link: prevent ID theft
link: budget planning
link: lower your bills
link: student income ideas
link: prepaid credit cards
Before You Exit

 

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