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Employer-provided
Tuition Assistance
Many companies and government agencies offer tuition
assistance programs. Check with your company's human resources
department.
Federal
Income Tax Credits
Two tax benefits help families with qualifying incomes
meet the cost of higher education. Education expenses paid
with tax-free grants, scholarships, and employer education
assistance are not eligible for either tax credit. Education
expenses paid with loans are eligible for these tax credits.
The
lifetime learning credit applies to tuition, fees and
books for undergraduate and graduate courses. A family can
claim a tax credit equal to 20 percent of $10,000 of educational
expenses, so the maximum annual credit is $2,000.
The
Hope credit may be claimed only for two tax years
and applies to the first two years of postsecondary education.
A tax credit up to $1,500 of tuition and fees is available
to parents of dependent students or to students who are
not claimed as dependents on their parents’ return.
Iowa
State University students can get their tuition summary
report and IRS form 1098-T through AccessPlus
on the Web. You'll find calendar year information---tuition
and fees assessed, payments, and grants and scholarships
received.
Other
tax benefits
include deductions for continuing education that helps you
in your current type of work and for student loan interest.
For complete information, consult your tax adviser or Internal
Revenue Service publication 970, Tax Benefits for Higher
Education. The publication may be printed from www.irs.ustreas.gov
Financial
Aid
To qualify for financial aid, you must be formally admitted
to Iowa State University, be in a degree program, and be
taking six or more undergraduate credits, five or more if
you are a graduate student. Taking as few as three credits
may qualify you for a Pell Grant if you do not have an undergraduate
degree and your financial need is high.
To
apply for all forms of aid based on financial need, complete
the Free Application for Federal Student Aid (FAFSA)
after January 1 for the following fall semester. Use Iowa
State’s Title IV School Code, 001869. Submit the FAFSA
no later than February 14. (To receive priority consideration
for all forms of financial aid, your application must arrive
at the processing center by March 1.)
Apply
even if you miss the priority deadline. Some funds are available
after March 1. It is a good idea to complete a FAFSA at
least six weeks before the start of classes. The FAFSA paper
application form is available at community colleges, the
ISU Financial Aid office, and local high schools.
Scholarships
To get a complete listing of ISU scholarship opportunities
and other information including scholarship search engines,
visit the ISU
Financial Aid Web site.
Apply
for the Mobil Delvac Agricultural Scholarship, open
to all students enrolled in an accredited U.S. agricultural
university or college. Scholarships will be awarded to three
students attending an agricultural university in the fall
of 2007. Details are at www.mobil.com/agri.
Agricultural
Foundation Scholarships
Scholarships covering tuition and fees up to a maximum of
$500 are available fall and spring semesters for students
admitted to the Professional Agriculture Bachelor of Science
or the Master of Agriculture degree program. For an application
form, call (515) 294-1862 or (800) 747-4478 or complete
the form on the Web.
Veterans
Educational Assistance
You may qualify for tuition assistance if you are a
veteran or active in the National Guard. Call the Office
of the Registrar (515) 294-1840 and ask to speak with a
veteran’s clerk to determine if your course work will
qualify for Veterans Administration (VA) benefits.
If you are planning to receive Veterans Educational Assistance,
provide enrollment information to the VA clerks in 214 Alumni
Hall when registration is completed, or veterans enrollment
certification will be canceled.
Financial
Counseling
Iowa State has a financial counseling clinic that offers
free, confidential help with budget development and management.
This service also helps students who are in severe financial
crisis. Call (515) 294-9533 to make an appointment. Visit
the Iowa State University Financial Counseling Clinic site.
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