In order to receive any federal, state, or institutional aid, students must first fill out a FAFSA. For more info, see Applying for Aid.
Federal Direct Stafford Loans:
Stafford loans can be awarded to all Corban students, with Subsidized Staffords going to students with financial need. The Federal Direct Loan program eliminates the need for loan applications, outside lenders, guarantee agencies, and paper loan checks. Corban will provide the student with everything needed to receive a Federal Direct Stafford Loan. The maximum loan amounts depend on the student's year in school and total financial need. For more info click here.
Federal Pell Grants:
Awarded to the neediest students. They range in size from $400 to $4,050 for the full year. Click the following links for more information about these grants:
Federal Perkins Loans:
Loans made directly by Corban. There are no loan fees for this low interest loan. All interest and payments are deferred while the student is enrolled at least half-time. Perkins loans range from $500 to $4,000 and are awarded to students with a high financial need. This is a limited fund award.
Federal Supplemental Educational Opportunity Grants (FSEOG):
Awarded only to Pell recipients at Corban, and range from $200 to $4,000. This is a limited fund award.
Federal Work-Study:
FWS is aid to students who have financial need and work on campus. FWS must be earned, and will be paid out as work is completed. FWS students can claim their FWS earnings as income exclusions on the FAFSA the following year. If you are eligible for FWS, you will be notified on your award letter of your eligibility. If you choose to work and find a job, you can notify us and we will add the award to your financial aid package. In addition to on campus jobs, you can tutor school children in reading and receive FWS money.
Education Tax Credit:
The Hope Scholarship credit provides a $1,500 tax credit per student per year for during the first two years of college. The amount of the credit is 100% of the first $1,000 of qualified tuition expenses and 50% of the second $1,000 of qualified tuition expenses. It can be claimed for each student in the family.
The Lifetime Learning Credit provides a tax credit of up to $2,000 per taxpayer for education expenses during any year.The amount of the credit is equal to 20% of the first $10,000 of qualified tuition and related expenses paid by the taxpayer no mater how many students are in the family.
An eligible taxpayer must file a tax return and owe taxes to claim one of the credits.The taxpayer must claim the student as a dependent unless the credit is for the taxpayer or the taxpayer's spouse. This means the taxpayer may be the student.
You cannot claim either credit if your AGI is $52,000 or more (if single) or $105,000 or more (if married).
For additional information visit www.finaid.org/otheraid/tax.phtml.
This is just an overview of the programs and is not tax advice. Please contact a tax professional for complete details or visit www.irs.gov. |
