Education

Federal Subsidized Stafford Loans are low interest loans for students who demonstrate financial need. While in school the interest is paid by the government. Repayment of interest and principal is deferred until 6 months after graduation or when the student leaves school. The repayment term is up to 10 years. Currently, undergraduates may borrow up to $3,500 for the 1st year, $4,500 the second year and up to $5,500 for each undergraduate year thereafter. Graduate and professional students can borrow up to $20,500 per year. Currently, new Stafford loans interest rates are at 3.4%. Origination fees of up to 3% may apply. Federal Unsubsidized Stafford Loans are low interest loans for students not based on financial need. While in school you may choose to make interest payments or let the interest build up and pay it with the principal upon 6 months after graduation or leaving school. The repayment terms and maximum loan amounts and

Federal PLUS loans are low interest rate loans for parents or guardians of dependent, undergraduate students. Loans are based on credit worthiness. Parents may borrow up to the cost of attending school, minus any financial aid received. Repayment of the loan begins within 60 days of receipt of full disbursement of the loan with a repayment term of up to 10 years. A 3% origination fee may apply.

Federal Perkins loans are low-interest, federally-funded loans for undergraduate and graduate students. The loans are available on a limited basis to students with very high financial need. Nine months after graduation or leaving school, the interest and principal repayment commences. The repayment term is up to ten years with a $40 minimum payment due.

Grants, Scholarships or Awards are monies given to students and are not repaid. They may be given for academics, (athletics in Division 1 schools only), demographics or special talent potential. Scholarships, also called "merit aid", are given for academic excellence. Federal government grants, such as the Pell and Federal Supplemental Educational Opportunity Grants, are given based on financial need. There are state grants available based on various criteria. There are specific school grants available based on specific school criteria.

College work-study programs are either federally or school specifically funded. Campus jobs in such areas as the library, food service, bookstore or administrative and academic departments are given to students who will work a limited number of hours.

Some examples of essay topics are; Tell us why you want to come to our college?; Briefly describe how you envision your first year in college; Tell us about yourself; How will your presence be known on campus?; Describe your "first experience"; Tell us about an academic or extracurricular interest, activity or idea; Tell us about your contributions to your community; What kind of contribution will you make to our college?; Write a page from your own life journal that reports something in precise honesty and accuracy?; Recall an occasion when you took a risk that you know now was the right thing to do; Write about two objects that would give the admissions selection committee insight into who you are; Think about something you never did in high school, but wish you did. Now, think about something new you are considering taking in college and write about it? Tell us your intended major and how our college will meet this need in this area. A website that provides essay samples and essay analysis tools is www.myessay.com.

Qualified scholarships and fellowships are treated as non-taxable amounts if the following 3 criteria are met: Amounts you receive as a scholarship or fellowship are used for tuition and fees required for enrollment or attendance at the institution or for supplies, books and equipment required for courses of instruction.
The amount you receive is not payment for your services, since you are a candidate for a degree at a educational institution.

No. If you make a contribution to a college and receive the right to buy football tickets, then the amount of the contribution is limited to 80% of the contribution to the school. The deduction is allowed only to the extent that you received the right to purchase the tickets rather than the ticket costs themselves.

No. Scholarships received by full time students do not count in the 50% dependency support test. In this case, a full-time student would be one that is in school for at least 5 calendar months.