Student Loans

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There are many federal grant and loan programs as well as tax credits that can help you significantly offset the cost of a college education. I hope the resources below will be helpful for you in planning to finance your or your children’s education.


Department of Education Federal Student Aid Assistance:

  • The Department of Education’s federal student aid programs provide over $80 billion a year in grants, loans, and work-study assistance.
  • All students wishing to apply for federal aid must complete the Free Application for Federal Student Aid (FAFSA), the qualifying form that is used by virtually all two and four-year colleges, universities and career schools for awarding federal student aid and most state and college aid.
  • The website will guide you through the process of completing the FAFSA. It also provides helpful resources for planning to fund your education and links to state aid and scholarship programs.

Website: www.studentaid.ed.gov
Toll Free: 1-800-433-3243


Tax Credits and Education Savings Accounts:

  • Hope Credit and Lifetime Learning Credit - Education credits you can subtract in full from your federal income tax, not just deduct from taxable income.
  • Student Loan Interest Deduction - If your modified adjusted gross income is less than $65,000 or $135,000 if filing a joint return, there is a special deduction allowed for paying interest on a student loan used for higher education.
  • Coverdell Education Savings Accounts - May be established to finance the education expenses for a beneficiary who is under the age of 18 if your modified adjust gross income is below the established amount. The contribution may be up to $2,000 per year.

Website: http://www.irs.gov/individuals/article...
Toll Free: 1-800-829-1040


Pell Grant Information:

  • The Federal Pell Grant Program provides need-based grants to low-income undergraduate students and students in graduate programs that lead to teacher certification.
  • The College Cost Reduction and Access Act that was signed into law in 2007 will boost maximum Pell Grant scholarships to $5,400 over the next five years, up from $4,050 in 2006.

Website: www.ed.gov/programs/fpg/index.html


Federal Government Information for Students:

  • Students.gov is an official U.S. Government website designed for college students and their families to provide access to information and resources from the U.S. Government on planning your education, paying for your education, career development, campus life, and military service.

Website: www.students.gov