Transcript BeyondFinancialAid
Beyond Financial Aid – Other Aid Resources
Presented by Dr. James Theeuwes Lock Haven University
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Other Aid Sources • Mom and Dad are tapped out, Uncle Louie is out of change, and Grandma gave her last nickel. NOW WHAT??
Other Aid Sources
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There are many aid sources:
• VA Benefits • Outside scholarship agencies • High School Guidance Offices • Business and local clubs and organizations • OVR and other official agencies • Work, Internships, Co-ops, Fellowships, Americorps • Employer benefits, Affinity groups • Tuition free schools • Tax benefits and tax deductions • Community service for debt reduction • Family Savings • Other off the Wall ways
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VA Education Benefits Programs
VA Education Benefits Programs
Below is a brief description of current VA education benefit programs. For a detailed description of VA education benefits, please contact the Department of Veterans Affairs (DVA) or visit them on the web at
www.gibill.va.gov/GI_Bill_Info/benefits.htm
Montgomery GI Bill - Active Duty - Chapter 30 Montgomery GI Bill - Post 9/11 Chapter 33 Montgomery GI Bill - Selected Reserves - Chapter 1606 Montgomery GI Bill - Selected Reserves - REAP/Chapter 1607 Dependents Education Assistance Program - Chapter 35 Veterans Vocational Rehabilitation Program - Chapter 31
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Scholarship Sources
Scholarships are another form of financial assistance. Scholarship information is available via the internet. You may find the following web sites helpful: • • • • •
www.collegenet.com
www.fastweb.com
www.brokescholar.com
www.educationplanner.org
www.finaid.org
BUYER BEWARE.
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Scholarship Sources
American Indian College Fund American Indian Science and Engineering Society American Institute of Certified Public Accountants Association of American Indian Affairs, Inc.
Elks National Foundation Fred S. Bailey Scholarship Fund Gates Millennium Scholars Golden Apple Foundation Harry S. Truman Scholarship Foundation Hispanic Association of Colleges and Universities Hispanic College Fund Hispanic Scholarship Fund Paul & Daisy Soros Fellowship for New Americans Woodrow Wilson National Fellowship Foundation American Society of Women Accountants The John Gyles Education Awards U.S. Bank Internet Scholarship Program
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Guidance Counselors
• High school seniors should check with their high school guidance counselors for additional scholarship sponsors. • Each year many students do not take advantage of this resource. • WHY? Because they don’t bother to fill out a form or write a letter. • Students need to focus and become intelligent consumers.
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Business and Other Organizations
Many organizations offer scholarships based on a variety of criteria, such as: area of study; academic or athletic ability; residence; or need. Possible sources include the: • • • • • • • • Eagles Elks Rotary Clubs Kiwanis Lions Knights of Columbus Unions Churches
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OVR
What is OVR?
OVR is the Pennsylvania Office of Vocational Rehabilitation, a State Agency that helps persons with disabilities help themselves to prepare for, start, and maintain a career. OVR has fifteen offices located around the State with over 400 professional vocational rehabilitation counselors. These counselors work every year with thousands of persons who have physical, mental, and emotional disabilities.
http://www.cwds.state.pa.us
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OVR
OVR provides many services, one of which is training.
OVR will help pay for an education to prepare students for jobs, including but not limited to basic academic, vocation/technical, college, on-the-job, independent living skills, and personal and work adjustment training. It may be necessary to leave home to get this training.
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Work – Self Help
Student Internship Programs with the Federal Government
The federal government is interested in finding people from diverse backgrounds who have the skills needed to meet its future employment needs. While some federal agencies have developed agency-specific programs, this internship listing is limited to special programs that can be used for hiring in all federal agencies. http://www.studentjobs.gov/EI-13.asp
Work – Self Help
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Summer Experience
Some students may be looking for a summer experience that allows them to work along side people who manage the day-to-day business of our nation. The Federal Government may have the right opportunity for them. Summer job opportunities are available in federal agencies throughout the United States and cover a wide variety of positions. http://www.studentjobs.gov/EI19.asp
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Work – Self Help
Examples
Student Educational Employment (STEP) Student Career Experience Program (SCEP) The Student Educational Employment Program provides federal employment opportunities to students who are enrolled or accepted for enrollment as degree seeking students taking at least a half-time academic, technical, or vocational course load in an accredited high school, technical, vocational, 2 or 4 year college or university, graduate or professional school. The Student Educational Employment Program, established in 1994, is a streamlined program which replaces the old Federal Student Employment Program by consolidating four programs including the Federal Junior Fellowship Program, Stay-In-School Program, and Harry S. Truman Scholarship Program.
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Internships
Earn While you Learn
These websites offer ideas on internships. Check to see if paid or unpaid.
• http://www.summerinternships.com/ • http://www.idealist.org/if/as/Internship • http://www.internjobs.com/
Fellowships
15 Fellowships are usually for graduate work. Students get paid while going to school. Teaching may be required.
Examples:
• • Nationally Coveted College Scholarships, Graduate School Fellowships & Postdoctoral Awards http://scholarships.fatomei.com/college-scholarships-graduate-fellowships.html
UNESCO Fellowships Training and fellowship schemes constitute for UNESCO a strategic means for attaining sustainable human development and for fostering of international understanding and a culture of peace. UNESCO fellowships contribute towards the genuine sharing of knowledge and expertise in which each party, whether teacher or student, gives and learns.
http://portal.unesco.org/en/ev.php URL_ID=7972&URL_DO=DO_TOPIC&URL_SECTION=201.html
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Co-operative Education
What is Cooperative Education?
Cooperative education is a structured educational strategy integrating classroom studies with learning through productive work experiences in a field related to a student's academic or career goals. It provides progressive experiences in integrating theory and practice. A co-op is a partnership among students, educational institutions, and employers, with specified responsibilities for each party.
Co-operative Education
17 • Need to have agreement among the school, employer, and the student on: Job description and new learning opportunities • Specified minimum work periods (equivalent in length to an academic term (quarter, semester or trimester). In alternating programs, students work approximately 40 hrs/wk, full-time during the term. In parallel programs, students work approximately 20 hrs/wk, part-time during the term.
• • Work monitored by the school and supervised by employers Official school enrollment during employment • Recognition as a co-op employee by the employer • Evaluations by the student, the school, and the employer, with guided reflection by the student • Remuneration for work performed
Co-operative Education
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An Example
The Cooperative Education Program at Johnson Space Center is open to graduate and undergraduate students from around the country. As a Co-op, students regularly alternate semesters at school with semesters at JSC working in a paid, full-time position directly related to their fields of study. This supplements lessons learned at school and gives students valuable real-world experiences they won't get in a classroom! http://coop.jsc.nasa.gov/index.html
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Other Aid Sources
There are many other types of Aid sources:
• Staff Benefits • Union benefits • Employee benefits • Working benefits • School benefits
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AmeriCorps
What is AmeriCorps?
• AmeriCorps is an opportunity for students to make a big difference in their lives and the lives of those around them. It’s a chance to apply one’s skills and ideals toward helping others and meeting critical needs in the community. • Each year, AmeriCorps offers 75,000 opportunities for adults of all ages and backgrounds to serve through a network of partnerships with local and national nonprofit groups.
• Whether service makes a community safer, gives a child a second chance, or helps protect the environment, volunteers get things done through AmeriCorps!
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AmeriCorps
What do AmeriCorps members do?
AmeriCorps members address critical needs in communities all across America. As an AmeriCorps member, one can: • • • • • • • • • Tutor and mentor disadvantaged youth Fight illiteracy Improve health services Build affordable housing Teach computer skills Clean parks and streams Manage or operate after-school programs Help communities respond to disasters Build organizational capacity
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AmeriCorps
What are the benefits of service?
• As AmeriCorps members, students gain new skills and experiences — and find the tremendous satisfaction that comes from helping others.
• In addition, full-time members who complete their service earn a Segal AmeriCorps Education Award of $4,725 to pay for college, graduate school, or to pay back qualified student loans; members who serve part-time receive a partial Award. Some AmeriCorps members may also receive a modest living allowance during their term of service. http://www.americorps.gov/for_individuals/why/index.asp
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Education Loyalty and Affinity Programs
Education Loyalty and Affinity Programs
These programs involve shopping at certain stores, buying particular products, or using special debit or credit cards. Such programs are good options to supplement college savings and financial aid. Below are some examples.
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Upromise
Upromise members can automatically earn a percentage of everyday purchases at participating grocery, drug, retail, online, and restaurant locations nationwide. Learn more at www.upromise.com
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Baby Mint
By shopping at a participating BabyMint retailer, students can earn a contribution toward their college savings. Learn more at www.babymint.com
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Claim tax credits and deductions for education
Tax Credits
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Hope Scholarship Tax Credit
– For the 2008 tax year, families may receive a tax credit for expenses paid for the student’s first two years of college (based on tuition and fees paid for education expenses): • Up to $1,800 per student for most families • Up to $3,600 for students in a midwestern disaster area – Available for students who are enrolled at least half time in a degree or certificate program, have not completed the first two years of a postsecondary education, and who do not have any felony drug convictions.
– Only tuition and certain education expenses that must be paid to the institution as a condition of enrollment or attendance can be counted toward this credit.
– Students must be listed as dependents on the tax return to be eligible to claim the Hope Tax Credit.
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Claim tax credits and deductions for education
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Lifetime Learning Tax Credits
– For tax year 2008, one may claim a tax credit for education expenses incurred after the first two years of postsecondary education: • Up to $2,000 for most families • Up to $4,000 for students in a midwestern disaster area – Eligible students must be enrolled in at least one postsecondary course, but do not need to be pursuing a degree.
– Equal to 20 percent of the first $10,000 of qualified expenses paid.
– Tuition and related fees are included, but excluded are room, board, books, supplies, and other living expenses.
– The student must be listed as a dependent on the tax return of the individual who is claiming the credit.
– This credit is figured on the basis of one credit per tax return, regardless of how many dependent students are involved. – To assist with determining the credit, students receive a 1098-T from the postsecondary school.
Claim tax credits and deductions for education
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The American Opportunity Tax Credit
New for 2009 Offsets cost of tuition, fees, course related books, supplies, equipment Partially refundable - $1,000, maximum credit $2,500
College Tuition and Fees Deduction
– Reduce taxable income by up to $4,000 for higher education expenses, depending on modified adjusted gross income.
– Contact the IRS or a tax advisor for more information.
Student Loan Interest Deduction
– Allows eligible student loan borrowers to deduct up to $2,500 of interest paid.
– Loan must have been used to pay for tuition and/or other higher education expenses, which may include fees, room & board, books, supplies, or equipment.
– Student must have been enrolled at least half-time in a program that led to a degree, certificate, or other recognized educational credential.
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Claim tax credits and deductions for education
• • • • Other ways of receiving tax credits or tax deductions on the cost of higher education include Education IRA withdrawals and educational assistance provided by an employer (tuition reimbursement programs). Check with your employer or a tax advisor for further details.
Taxpayers cannot claim the Hope or Lifetime Learning credit when taking a tax-free distribution from an Education IRA, so weigh your choices carefully. For more information, contact a tax advisor or visit the Internal Revenue Service (IRS) website . Also available online is IRS Publication 970 , which outlines all of the current education tax benefits.
Borrowing from home equity – Proceeds of a home equity line of credit do not count as income.
– Interest on a home equity line of credit is often fully tax-deductible.
– The interest rate on a home equity line of credit could be lower or higher than the rates on federal education loans. Borrowing from 401(k) – Less-favorable option than educational loans, which offer low interest rates and tax deductibility.
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Tuition-Free Schools
Some students, overwhelmed by tuition prices and the prospect of paying massive student loans after they graduate, choose to attend a tuition-free school to get a college education without a hefty price tag. The catch? They may have to work. Some schools require students to work 10 to 15 hours a week on campus and in jobs related to their majors. • Tuition-free colleges include: The Cooper Union in New York, NY; Webb Institute in Glen Cove, NY; Berea College in Berea, KY; College of the Ozarks in Point Lookout, MO; and Alice Lloyd College in Pippa Passes, KY.
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Work off Debt with Community Service
• The National Health Service Corps offers loan-forgiveness programs to physicians, nurse practitioners, physician assistants, midwives, dentists, dental hygienists, psychologists and therapists who work for two years in communities in great need of health professionals.
• Similar programs are available to attorneys who pursue public interest careers. About 50 law schools offer loan-forgiveness or loan-repayment assistance programs. The National Association of Public Interest Law has a list of the schools on its Web site. The site also lists state and employer loan-repayment-assistance programs. • Several volunteer organizations also provide assistance with student loan debt. Peace Corps volunteers who complete a two-year term can wipe out 30 percent of their Perkins Loan balance. Student loan payments may also be deferred while serving in the Peace Corps.
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Family Savings
Family Savings
• Although the investment markets' meltdown may have eroded family savings, many parents find that they can free up hundreds of extra dollars once their student moves to campus. • The federal government estimates teenagers cost parents more than $6,000 a year in food, clothing, transportation, and other extras.
• Parents who stop allowances and take away the keys to the family car (and suspend expensive teen car insurance) can reduce their costs by perhaps $4,000 during the nine months the student is at school.
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Self- Help Books
To Find more Ways:
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1001 Ways to Pay for College: Practical Strategies to Make Any College
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501 Ways for Adult Students to Pay for College
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The Price of Admission: Rethinking how Americans Pay for College
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The Complete Idiot's Guide to Financial Aid for College (page 258)
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Paying for College Without Going Broke
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Off Beat Ideas
Really step outside the box.
• Below are some offbeat ways students have used to finance their education. – – – – – – – Become a PCA (personal care assistant). Braid hair. Sell items on eBay. Become an RA (a resident advisor, a student who builds community within the on-campus residence halls). On many campuses, some part of room, board, and/or tuition is part of the compensation package. Participate as a “control” in medical experiments (controls don't actually have anything done to them). Coach a high-school sport. Participate in focus groups.
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County Services
• • • • • • • • • Child Protection Services Child Safety Seats Child Support Children's Health Insurance Constituent Liaison Services Economic Assistance Energy and Weatherization Assistance Fair Hearings Foster Parenting
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County Services
• • • • • • • • • • • • Hospital Information for Counties Indian Child Welfare Act Long-Term Care Partnership Program Medical Eligibility Medical Services Medicare Part D Recoveries and Benefit Fraud Sales Tax on Food Refund Supplemental Nutrition Assistance Program (SNAP) Temporary Assistance for Needy Families Victim Services Well-Child Care
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TANF and Food Stamps
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Temporary Assistance To Needy Families (TANF) / Work First New Jersey (WFNJ)
Temporary Assistance to Needy Families is a time limited federal program designed to provide temporary cash payments to families with minor children who have little or no income. A block of money is appropriated to each state, which may design its own program.
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Food Stamp Program
Provides monthly benefits that help low-income households buy the food they need for good health. Students may qualify for food stamps if they: (1) work for low wages; (2) are unemployed or work part-time; (3) receive welfare or other assistance payment.
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Example of What You Can Do
University Of Minnisota’s office of Student Affiars has developed a Student Parent Help Center (SPHC).
• The SPHC provides many services designed to encourage the student parent success at the University. The center offers a warm, academically oriented facility where parents can study and develop community with other students facing the many challenges and rewards that parenting as a student offers.
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