Expected Family Contribution
What is parental assets owned by?
Parents
Name one of the 4 forms of education the U.S. Department of education offers federal grants to?
Iraq and Afghanistan Service Grants
TEACH grants
Education Supplement grants
ETC
What are scholarships granted towards?
Granted for academics or athletics
What is the American Opportunity Tax Credits main goal?
To help families pay for postsecondary education for their children.
When can you clam this credit?
May be claimed for an unlimited number of years while the student is pursuing their education
Define Expected Family Contribution (EFC)?
Determines how much money a student will receive for their family.
What is one source of Financial Aid?
College
Nonprofits
State Government
Private Organizations
What are Perkin Loans Funded by?
Federal Government
What is the maximum amount of credit allowed?
$2500
What is the maximum amount of credit aloud?
$2000
For Student Income, how much allowance is protected?
$6840
Why do parents develop a savings plan for their Childrens education?
Most students are not able to earn enough money to cover the cost
Parents must pay back the Parent Loan within how many days after distributed?
60
What must the student be pursuing to be eligible for this tax credit?
Undergraduate degree
When is Lifetime learning Credit available?
Available for all years of postsecondary education and courses
What does Parental Income include?
A two-year lookback of both taxable and nontaxable income
What cost is rising faster than the rate of inflation?
College
Who is eligible for Pell Grants?
Undergraduates only
What is one of the three reasons why the credit isn't refundable?
Child under 18
Has at least one living parent
Does not file a joint tax return
How many courses is the Credit available for?
One or more
What does Student Assets include?
Includes everything owned and saved on their behalf
List two of the six requirements for Federal Student Aid Eligibility?
Citizen or eligible noncitizen of the U.S.
Valid SSN
Have High School Diploma or GED.
Enrolled in an eligible program as a regular student seeking degree or certificate.
Maintain Satisfactory academic progress.
Registered with Selective Service Systems
What does the Federal Work Study Program Provide?
Employment
When is the American Opportunity Tax credit available?
First four years of postsecondary education
What does a student not need to pursue for this credit?
Undergraduate degree