1040 Form: The standard Internal Revenue Service (IRS) form that individuals use. to file their annual income tax returns.

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1 1040 Form: The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns.

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3 1040A Form: A simplified version of the 1040 form for individual income tax. To be eligible to use a 1040A form, an individual must fulfill certain requirements: 1. not itemizing deductions, 2. not owning a business and 3. Having a taxable income of less than $100,000.

4 1040EZ Form unofficially known as the easy form for single and joint filers with no dependents shortest version of the Internal Revenue Service's (IRS) Form 1040, and it offers a faster and easier way to file income taxes for taxpayers with basic tax situations. 1. must have taxable income of less than $100,000, 2. Interest income of $1,500 or less and 3. no dependents.

5 Need-based federal student aid 1. Federal Pell Grant programs: 2. Federal Supplemental Educational Opportunity Grant (FSEOG) 3. Federal Perkins Loan 4. Federal Work Study 5. Subsidized Stafford Loan

6 Federal Pell Grant For the award year (July 1, 2016, to June 30, 2017), the maximum award is $5,815. Amounts can change yearly. Does not need to be repaid

7 Federal Supplemental Educational Opportunity Grant (FSEOG) A grant for undergraduate students with exceptional financial need. Does not need to be repaid. Administered directly by the financial aid office at each participating school and is therefore called campus-based aid. Check with school's financial aid office to find out if the school offers the FSEOG.

8 Federal Perkins Loan Fixed interest rate loan of 5% for undergraduate and graduate students with exceptional financial need. No origination charges Interest is paid (subsidized) by the federal government until nine months after the student leaves college. Maximum Loan Amounts: Undergraduate - up to $5,500 a year (maximum of $27,500 as an undergraduate)

9 Federal Work-Study Part-time jobs for undergraduate and graduate students with financial need Allows them to earn money to help pay education expenses. Administered by schools participating in the Federal Work-Study Program. Check with your school's financial aid office to find out if your school participates.

10 Subsidized Stafford Loan Fixed interest Rate of 3.76% The Federal Government pays the interest while the student is in college or while the loan is in deferment. Meaning that any interest that accrues during your college career and six months afterward is completely paid for. Paid over 10 years The loan origination fee for all Direct Stafford loans (subsidized and unsubsidized) is 1.068%. These loan fees are deducted proportionately from each loan disbursement. You have a six-month grace period after graduation

11 Non-need-based federal student aid: 1. Unsubsidized Stafford Loan 2. Federal PLUS Loan 3. Teacher Education Access for College and Higher Education (TEACH) Grant

12 Unsubsidized Stafford Loan: Interest rate is 3.76% The loan origination fee for all Direct Stafford loans (subsidized and unsubsidized) is 1.068%. The loan fees are deducted proportionately from each loan disbursement. Paid over 10 years Interest begins from the date of your first loan disbursement, though you are not required to pay that interest until you finish school. When you graduate, the amount of money that accrued during the period is added to the principal loan amount and you begin paying off that new amount.

13 PLUS Loans (Parents Loans for Undergraduate Students) Loans for parents of undergraduate students and for graduate/professional students. Interest Rate of 6.31% Loan origination fee is 4.276% and deducted proportionately from each disbursement. Interest is charged, and you pay, from the first disbursement. The maximum PLUS loan amount you can borrow is the total cost of attendance (COA determined by the school) minus any other financial assistance received. Example: If the COA at a college was $25,000 and the amount of financial aid offered was $12,000, the parents would be eligible for a $13,000 PLUS loan. However, if the student was offered no financial aid the parents would be eligible for a $25,000 PLUS loan. A credit check will be performed.

14 PLUS Loans letter:

15 Teacher Education Access for College and Higher Education (TEACH) Grant: Requires you to take certain kinds of classes and Perform a certain type of job to keep the grant from turning into a loan.

16 Private Education Loans: Variable interest rates of 3% to 12%, and include higher origination fees and other charges. Federal education loans also offer better repayment and forgiveness options, therfore students should exhaust their eligibility for federal education loans before resorting to private student loans.

17 State grants: This is a website to view SC state sponsored grants and scholarships yingforcollege/financialassistanceavailable/scholars hipsgrantsforscresidents.aspx Nonprofits or Private organizations

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19 Other Loans:

20 Award letters and comparisons:

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26 There are various types of repayment plans for federal loans: Standard Repayment Plan Extended Repayment Plan Graduated Repayment Plan Income Contingent Repayment Plan Income Sensitive Repayment Plan

27 Standard Repayment Plan: Fixed payment amount each month--at least $50--for up to 10 years.

28 Extended Repayment Plan: Extended loan repayment over a period that is generally 12 to 30 years Minimum monthly payment is $50. Monthly payment may be lower than it would be if the same total loan amount were repaid under the Standard Repayment Plan. However, the total amount of interest, over the life of the loan, may be higher because the repayment period may be longer.

29 Graduated Repayment Plan: Payments are lower at first and then increase generally every two years. length of the repayment period generally ranges from 12 to 30 years Monthly payment may range from 50% to 150% of what it would be if the same total loan amount were repaid under the Standard Repayment Plan. However, a higher total amount of interest is paid because the repayment period is longer than it is under the Standard Repayment Plan.

30 Income Contingent Repayment Plan: Bases the monthly payments on yearly income, family size, and loan amount. As income rises or falls, so do the monthly payments. After 25 years, any remaining balance on the loan can be forgiven, but taxes may have to be paid on the amount forgiven.

31 Income-Sensitive Repayment Plan: Bases monthly repayment on yearly income and loan amount. As income rises or falls, so do the monthly payments. Each of the payments must at least equal to the interest accrued on the loan between scheduled payments

32 Automated Payments (Electronic Debit): Have your bank automatically make your monthly loan payments for you from your checking or savings account. There is a 0.25% reduction in the interest rate on your loans during any period when your payments are made through EDA.

33 Should I Consolidate My loans?

34 Fixed interest rate for the life of the loan. Based on the weighted average of the interest rates on the loans being consolidated. Simplify loan repayment by centralizing your loans to one bill, and can lower monthly payments by giving you up to 30 years to repay your loans. However, if you increase the length of your repayment period, you will also make more payments and pay more interest. Be sure to compare your current monthly payments to what monthly payments would be if you consolidated your loans. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. You apply through StudentLoans.gov.

35 Loan Deferment: You do not need to make payments Depending on the type of the loan (Subsidized) the federal government may pay the interest during the deferment period On loans the government does not pay (Unsubsidized), interest will still accrue and will be added to the loan amount when you start to repay. The student qualifies when the student meets one of the following six criteria: 1. enrolled, at least half time, at an institution that meets the eligibility requirements 2. enrolled in a graduate program 3. unemployed (for up to three years) 4. economic hardship (for up to three years). 5. During a period of active duty military service during a war, military operation, or national emergency. 6. During the 13 months following the conclusion of qualifying active duty military service, or until you return to enrollment on at least a half-time basis, whichever is earlier. Request should be submitted to the organization to which you make your loan payments.

36 Loan Forbearance: If you cannot make your scheduled loan payments, but do not qualify for a deferment, your loan servicer may be able to grant you a forbearance. You may be able to stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue on your subsidized and unsubsidized loans (including all PLUS loans). Must apply by making a request to your loan servicer. You can pay the interest during forbearance or allow the interest to accrue (accumulate) and added to your balance when forbearance is over.

37 Public Service Loan Forgiveness (PSLF) Program? Forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. 1. Government organizations at any level (federal, state, local, or tribal) 2. Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code 3. Other types of not-for-profit organizations that provide certain types of qualifying public services

38 Loan Bankruptcy: A borrower may be able to bankrupt out of a federal education loan ONLY if the court allows it, because of excessive hardship of repayment. This is very tough to show and most courts will not let the borrower bankrupt out of an education loan.

39 Tax strategies: 1. Student Loan Interest Deduction 2. American Opportunity Credit 3. Lifetime Learning Credit

40 Student Loan Interest Deduction: A deduction to adjusted gross income for interest paid on qualified student loans. The loans do not have to be federal interest subsidized loans. The maximum interest deduction allowed is $2,500. Parents are able to deduct education interest expense on PLUS loans during college years.

41 American Opportunity Credit: A credit against an individual's federal income tax liability. Calculated by taking 100% of the first $2,000 of "qualified tuition and related expenses" plus 25% of the excess of these expenses up to a maximum credit of $2,500. Example: If the qualified expenses of an individual student were $2,500, the AOC would be $2,125 (100% x $2,000 plus 25% x $500). If the expenses were only $1,600, the American Opportunity Credit would be $1,600 (100% x $1,600). Can be claimed for each student claimed on tax return for four years For example, if there are two "eligible students" who have qualified expenses, a maximum American Opportunity Credit of $5,000 (2 students x $2,500) can be claimed. Phased out when the taxpayer reaches certain levels of "Modified Adjusted Gross Income. After $90,000 for single or head of household and $180,000 for married taxpayers.

42 Lifetime Learning Credit: Calculated by taking 20% of up to a maximum of $10,000 in "qualified tuition and related expenses." Limit is $2,000 per taxpayer tax return not per eligible student. The qualified expenses for all eligible students can be combined to reach the maximum credit of $2,000. Example: If there are two eligible students that each have qualified expenses of $10,000, the maximum Lifetime Learning Credit that could be claimed is $2,000 per that taxpayer return. If the same family only had combined expenses of $8,000, the Lifetime Learning Credit would be $1,600, 20% x $8,000. The Lifetime Learning Credit is phased out when the taxpayer reaches certain levels of Modified AGI.$62,000 for Single or Head-of-Household and $124,000 for Married filing jointly).

43 College Savings Plans

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