Education
The most frequently asked tax questions related to Education
College Planning & Financial Aid
Can I apply for the SAT or ACT on line ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
Yes. SAT address is www.collegeboard.org/sat/html/satform.html,
ACT is www.act.org/aap/regist/index.html
College Planning & Financial Aid
In relation to the FAFSA form , how much aid am I eligble for ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
How much aid you are eligible for depends on your Expected Family Contribution, your year in school, and the cost of attendance at the school you will be attending. For more information, see the financial aid administrator at your school or see The Student Guide at http://www.ed.gov/prog_info/SFA/StudentGuide or call 800/4-FEDAID (800/433-3243)/TTY: 800/730-8913 or 319/337-5665 to request a free copy of the Student Guide.
College Planning & Financial Aid
If I want to apply to more than one college , should I fill out another FAFSA form ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
No. You can select up to six schools to receive your FAFSA data by listing them on your application.
College Planning & Financial Aid
How do I apply to more than 4 colleges using the FAFSA form ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
If you are completing a paper FAFSA, you can only list four colleges in the school code step.
You may add more colleges by doing one of the following:
1. Use the Federal Student Aid PIN you will receive after your FAFSA has been processed and go to FAFSA on the Web at www.fafsa.gov. Click the “Start Here” button to log in and then select the “Make FAFSA Corrections” link. 2. Use the Student Aid Report (SAR), which you will receive after your FAFSA is processed. Your Data Release Number (DRN) verifies your identity and will be listed on the first page of your SAR. You can call 1-800-4-FED-AID and provide your DRN to a customer service representative, who will add more school codes for you. 3. Provide your DRN to the financial aid administrator at the college you want added, and he or she can add their school code to your FAFSA. Note: Your FAFSA record can only list up to ten school codes. If there are ten school codes on your record, any new school codes that you add will replace one or more of the school
codes listed.
College Planning & Financial Aid
If I have transmitted my Renewal FAFSA over the Web , should I also send in my paper Renewal FAFSA ?
Asked Monday, November 13, 2000 by an anonymous userCPA Answer:
No. Wait for the Student Aid Report (SAR) that contains the results of your first application. FAFSA will mail you this document once we have finished processing your application, usually within two weeks. At that time, if you need to make any corrections to your application, you can use FAFSA Corrections on the Web to update your information. To access FAFSA Corrections on the Web, select the "Entering a FAFSA Online" link from the FAFSA on the Web home page at http://www.fafsa.ed.gov, and select "Make Corrections." Choose the Corrections" option, make the necessary corrections, and submit your changes. You can check the status of your application by calling the Federal Student Aid Information Center at 800/4-FEDAID (800/433-3243)/TTY: 800/730-8913 or 319/337-5665, or by selecting "Entering a FAFSA Online" from the FAFSA on the Web home page, and choosing the "Check My Submitted FAFSA" option.
College Planning & Financial Aid
How do I apply for a Student Loan for my child ?
Asked Tuesday, November 07, 2000 by an anonymous userCPA Answer:
The first step in the college loan process is to fill out the FAFSA form. This form can be obtained from your child's high school guidance office and can also be obtained on the web at www.fafsa.ed.gov. Once you complete the application, you will find out what loan programs you are eligible for. Please speak to a CPA in your area for other loan options.
College Planning & Financial Aid
Is there a website for college crime statistics ?
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
Yes. www.ope.ed.gov/security/ is the U.S. Department of Educations Office of Postsecondary Education. It includes Campus Security Statistics for over 6000 colleges and universitiies in the U.S. The websites goal is to help potential college students and their parents research criminal offenses on college campuses. It also has other campus security related links.
Can I claim both the Lifetime Learning tax credit and a American Opportunity credit in the same tax year?
Asked Thursday, October 19, 2000 by an anonymous userCPA Answer:
For the same student, you cannot claim the Lifetime Learning Credit and the American Opportunity credit in the same year. You may claim each of the credits for a different student in your family.
College Planning & Financial Aid
In the college application process, what is a school's ( COA ) Cost of Attendance report ?
Asked Tuesday, October 17, 2000 by an anonymous userCPA Answer:
Colleges prepare a budget, known as their Cost of Attendance, (COA), to help students plan their educational expenses and apply for financial aid. Generally, the budget includes tuition, fees, books and supplies, room and board, travel, personal and miscellaneous expenses.