There are many potential tax benefits that are available to most tax payers. These include Section 529 college tuition savings plans. Additionally the interest on student loans is sometimes tax deductible. While we are not attorneys or CPAs, and hence do not wish to dispense tax advice, we have included some general information on the tax ramifications of financing a college education. This should certainly help you get on your way to optimizing your tax situation.
Historically underrepresented groups, such as African-Americans, Native-Americans, Asian-Americans and Hispanics, are often eligible for higher education grants. Funding for these grant programs comes from a variety of sources, both public and private. Many grant programs are dedicated to increasing diversity in the traditionally white male dominated fields of science and business.
Loan programs – Such programs need to be paid back but offer help with low interest rates.  The Stafford Guaranteed Loan offers up to $6,625 per year.  The Perkins Loan program offers up to $3,000 and $5,000 a year for undergraduate and graduate students respectively. These loan programs come at very low interest rates so it is highly recommended you apply for them if you need the money for your education. The updated 2015-2016 fixed interest rate on these loans for undergrads is 4.29%; and the combined borrowing totals for direct loans can be up to $12,500 per year depending on your school year and degree.
Loan programs – Such programs need to be paid back but offer help with low interest rates.  The Stafford Guaranteed Loan offers up to $6,625 per year.  The Perkins Loan program offers up to $3,000 and $5,000 a year for undergraduate and graduate students respectively. These loan programs come at very low interest rates so it is highly recommended you apply for them if you need the money for your education. The updated 2015-2016 fixed interest rate on these loans for undergrads is 4.29%; and the combined borrowing totals for direct loans can be up to $12,500 per year depending on your school year and degree.
Few college-bound students have the financial resources to pay for their post-secondary education entirely out of pocket. Even students with substantial college savings plans typically find that they are left with sizable amounts of unmet need. The average total cost of attending a public four-year college is more than $20,000 per academic year. Students planning to attend a private college or university can expect to spend more than $30,000 per academic year. A college education is a costly proposition, and all indications are that those costs are only going to increase.

African-American students will find a wide range of grants designed to help them pursue their dreams of a college education. For too long African-Americans were under-represented in the halls of academia. But with the help of publicly and privately funded grant programs, they are beginning to take their rightful place on college campuses across the country. Over the last decade, the number of African-Americans graduating with a four-year degree has risen sharply, and dedicated grant programs for African-American students are helping more and more students of color pursue their dreams of a higher education.
Begin your grant search early, to allow yourself plenty of time to find, and apply to, the various grant programs for which you may be eligible. As you begin to search for possible education grants, you will find that they come in all shapes and sizes. You will also find that many grant programs may be found in the most unlikely of places. Look deeply, leave no stone unturned, and you may find the necessary education grants that will help meet your college costs.
If you qualify for financial aid at the federal level, there is a good chance you are in line for similar treatment from your home state. The Federal Pell Grant Program is an iconic tuition initiative that provides financial needy students with college money that doesn’t require repayment.  States run similar programs, so if you’re eligible for a Pell Grant, you might also qualify for state grant money.
Students searching for non-government funded college grants should begin by combining their status as a student (undergraduate or graduate), their field of interest and their personal background (minority status, gender, etc). Many grant programs can be found with a focused search of the internet, or through the financial aid offices of colleges and universities. This can be time consuming, but the rewards can be substantial.
The majority of students applying and receiving college grants are low income students, also called need-based grants. Need based college grants are to give everyone a fair opportunity to get an education. Some common need-based grants are the Pell Grant, a Scholarship for Disadvantaged Students, and several others. The first place you should apply is called the FAFSA.
There are many potential tax benefits that are available to most tax payers. These include Section 529 college tuition savings plans. Additionally the interest on student loans is sometimes tax deductible. While we are not attorneys or CPAs, and hence do not wish to dispense tax advice, we have included some general information on the tax ramifications of financing a college education. This should certainly help you get on your way to optimizing your tax situation.
Every state maintains its own college grant programs, and they are typically only available to student residents. While it would be impossible to list every education grant from each state in the union in the space available here, the following examples will give students an idea of the types of programs that may be available through their own state governments. College-bound students are encouraged to visit their state’s higher education website for detailed information on any and all merit-based and need-based grant programs which may be available.

Once you receive your SAR, you must contact the Financial Aid Office to see if any information is needed to complete your financial aid file. The information from your SAR will be forwarded electronically to EFSC but it may be necessary to submit additional documentation. Your SAR is not a financial aid award. EFSC will send you an Award Notice informing you of the aid for which you are eligible.
×