College Planning & Financial Aid

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College Planning & Financial Aid

When must contributions to an Educational IRA be completed by ?

Asked Tuesday, January 16, 2001 by an anonymous user
Contributions to an Educational IRA must be completed by the due date of the return 4/15/XX , NOT including extensions.
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College Planning & Financial Aid

Can I deduct the amounts I pay for Law School ?

Asked Wednesday, December 20, 2000 by an anonymous user
No. The IRS does not allow a deduction for law school because they consider the costs of law school to qualify the student for a new profession.
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College Planning & Financial Aid

What is the tax consequences of taking money out of my IRA and paying for my daughters college education ?

Asked Wednesday, December 13, 2000 by an anonymous user
Withdrawals from a regular IRA that are used for higher educational expenses at a post secondary school are not subject to the 10% penalty on early withdrawals that is reported on IRS Form 5329. Qualified expenses include tuition, books, fees, supplies and room and board if student is at least a half-time student.
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College Planning & Financial Aid

What are some websites for College Rankings ?

Asked Wednesday, November 22, 2000 by an anonymous user
(US News = ww.usnews.com/usnews/edu) (Princeton Reviews list = www.review.com/college) (Rankings Issues = www.library.uiuc.edu/edx/rankings.htm)
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College Planning & Financial Aid

What are some websites for SAT and ACT Online access ?

Asked Wednesday, November 22, 2000 by an anonymous user
www.collegeboard.org/sat/html/satform.html is SAT on line forms access) (www.act.org/aap/regist/index.html is ACT on line forms access) (www.collegeboard.com is the College Boards site with advice and explanations and SAT review questions.) (www.college.com includes free SAT and ACT practice tests) (www.number2.com includes free SAT practice tests)
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College Planning & Financial Aid

What are some websites for finding College Home pages ?

Asked Wednesday, November 22, 2000 by an anonymous user
www.fastweb.com/fastsearch/college is FastSearch website. dir.yahoo.com/education/higher_educationcolleges_and_universities is Yahoo's website.
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College Planning & Financial Aid

Are my Work Study earnings taxable on my tax return ?

Asked Thursday, November 16, 2000 by an anonymous user
The money you earn from Federal Work Study is generally subject to Federal and State income tax but exempt from Social Security taxes. This is provided you are enrolled full time, and work less than half-time.
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College Planning & Financial Aid

Do I have to report the outside scholarship I receive to the financial aid office ?

Asked Thursday, November 16, 2000 by an anonymous user
Yes. If you are receiving any kind of financial aid from the university or college or government sources, you must report the scholarship to the financial aid office. Generally, the university or college will adjust your financial aid package to compensate.
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College Planning & Financial Aid

Why is the Family Contribution listed on the student aid report ( SAR ) different from the Family Contribution expected by the college ?

Asked Thursday, November 16, 2000 by an anonymous user
The Federal formula for computing the "expected family contribution" is different from those used by many colleges and universities. Specifically, the Federal formula does not consider home equity as part of the assets formula.
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College Planning & Financial Aid

Are my parents responsible for the Educational Loans I have taken out ?

Asked Thursday, November 16, 2000 by an anonymous user
No. Parents will only be responsible for your educational loans if you are under 18 and they cosign your loan. In general you and you alone are responsible for repaying your educational loans. Parents are responsible for the Federal PLUS loans only. If your parents want to help pay off your education loans, you can have your billing statements sent to their address. Also, if your lender provides an electronic payment service where the monthly payments are automatically deducted from a bank account, your parents can agree to have the payments deducted from their account. Your parents are under no legal obligation to repay your loans. If they forget to pay the bill on time or decide to cancel the electronic payment agreement, you will be held responsible for the payments, not them.
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