Year End Review Part 1

It's time, I think for a year-end review. Once January rolls around, many aid programs implement rectification policies and procedures, due to the ending tax season on April 15th. What this means for you, is that now is the time to begin gathering together your papers, forms, and information requested to re-apply or apply for the first time. So this week, I am going to begin giving you a review on where to find aid, and what to do once you have found it.

The best place to start (and I know that I always say this) is Federal Aid. Two-thirds of college aid generates from the Federal Government, and normally theirs is the standard by which all private aid forms are drafted. So if you begin here, you can pretty much never go wrong. One of the best sources for researching Federal aid in particular is the U.S. Department of Education. You can call them at 1-800-4-FED-AID or 1-800-433-3243, and they can give you a rundown of each program, the qualification requirements and the information required to apply.

Another great place to research aid for college is an individual school's financial aid administrator. It's their job to know all of the ins and outs of aid for that particular school. So, once you have complied a listing of the schools you would like to attend, make a point of contacting one of the financial aid administrators for that school. You can normally access them through the administration office, or the admissions office. You will find that most administrators are eager to help and are very people-oriented, so don't be afraid to ask questions.

Another good thing to be informed about on the financial aid front are the new tax credits-dollar for dollar reductions in tax liability-that are available to help families offset the high costs of attendance. One of the newer implemented programs is called the HOPE scholarship, which is an allowance up to $1,500.00 for students attending college. The HOPE scholarship hopes to accomplish availability for everyone to attend college or vocational school for at least two years. Students receive a 100% tax credit for the first $1,000.00 of tuition and 50% for each thousand thereafter, and is available to all families or students that made tuition payments after December 31, 1997.

The other tax credit now available is called the Lifetime Learning Credit. This is a program implemented to give a tax credit to families equal to 20% of tuition expenses up to $5,000.00 for virtually any type of post-secondary education. The wonderful thing about this program is that nearly anyone can use it. As a matter of fact, this credit is targeted for adults who are going back to school. It can be implemented for just a few courses in an attempt to upgrade educational status, or it can be used for an entire degree program. This gives adults a second chance to attend college, and find a better paying job.

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