Financial Aid News April 2007 Issue
A Publication of the Student Loan Network
Welcome to all the new members of the Student Loan Network community. Whether you're a longtime friend or just found us through sites like StaffordLoan.com, welcome. We're pleased to have you be a part of our community, and encourage you to explore what we have to offer, including this newsletter, our many financial aid blogs, our podcast, and more. If you have any questions at all about what we can do for you, please don't hesitate to give us a call, toll-free, at (877) 328-1565.
This month, we present 5 tax tips for financial aid, lots of scholarships from StudentScholarshipSearch.com, and more.
If you have comments or questions about the newsletter, please email me at:
FinancialAidPodcast@GMail.com and I'll do my best to respond as quickly as I can. Please call our toll-free number if you have a specific question about your account with us.
Christopher Penn, Editor
http://www.FinancialAidNews.com
http://www.FinancialAidPodcast.com
Featured SLN Announcement
Before long, graduation will be here, and with it, the opportunity to consolidate your federal or private student loans. Consolidating your student loans can reduce your payments up to 54%, simplify your monthly budget, and improve your credit reputation. Learn more at our student loan consolidation site, StudentLoanConsolidator.com or give us a call toll-free at (877) 328-1565 to talk with one of our loan counselors.
Visit:
http://www.StudentLoanConsolidator.com/
Featured Article: 5 Financial Aid Tax Tips
April 15, 2007 is the deadline for filing your IRS 1040 federal tax return, and we want to make sure you take as many deductions as possible for college. Here's a quick rundown of the various tax breaks you can take for education.
Student Loan Interest Deduction
Deduction: Up to $2,500
Notes: Eligibility declines as income rises
Hope Education Credit
Deduction: Up to $1,650 per eligible student
Notes: Available for only first 2 years of undergraduate education; half time or greater enrollment; no felony drug conviction on record; cannot file as married filing separately; cannot be claimed in the same tax year as the Lifetime Learning Credit
Lifetime Learning Credit
Deduction: Up to $2,000 per tax return
Notes: Cannot be claimed in the same tax year as the Hope Credit; cannot file as married filing separately
Tuition and Fees Deduction
Deduction: Up to $4,000
Notes: Eligibility declines as income rises
Telephone Excise Tax Refund
Deduction: Up to $60
Notes: Not an actual education credit, this is a one time tax refund for federal telephone excise tax. If you've had a phone in the last three years, you're eligible for the tax refund - even if you have no income. An easy way to get $30 more from the government.
For detailed tax information, please check out IRS Publication 970, Education Tax Benefits. It's long, but a worthwhile read. You will probably want to consult with a qualified tax preparer as well to work out the details of your particular financial situation. (especially since I'm not a certified financial planner or public accountant)
Finally, nearly 20 companies are offering free electronic filing to taxpayers whose 2006 adjusted gross income was $52,000 or less. That means 70 percent of all taxpayers, 95 million individuals, can take advantage of the IRS-sponsored Free File program. A link to Free File offerings is located on the IRS.gov homepage.
Last Words: Selections from Student Loan Network Experts
FAFSA expert Lee Hannula talks about deadlines for the FAFSA:
http://www.financialaidnews.com/read/07/4/1/
Grad student expert Lee Hannula talks about the Graduate PLUS Loan:
http://www.financialaidnews.com/read/07/4/2/
Geoffrey Willison and Brooke Rickard talk about the ongoing investigations and lawsuits in the financial aid industry:
http://www.financialaidnews.com/read/07/4/3/
Stafford Loan expert Kristin Popsie talks about the difference between subsidized and unsubsidized Stafford loans:
http://www.financialaidnews.com/read/07/4/4/
Student loan consolidation expert Jonathan Rudy talks about how student loan consolidation relates to paying for grad school:
http://www.financialaidnews.com/read/07/4/5/
Parent financial aid expert Monique Leonard talks about a new tool for estimating the amount of financial aid you're eligible for:
http://www.financialaidnews.com/read/07/4/6/
This month, I kicked in a piece about how we don't really have any privacy online, and demonstrate by putting together a large profile of a college student:
http://www.financialaidnews.com/read/07/4/7/
Scholarships
This month, lots of scholarships and scholarship directories, including a massive directory of grants from the NSF, loan forgiveness for teachers, and some full tuition awards as well.
Be sure you've registered for Scholarship Points, our free college scholarship awards site. Every 3 months, we draw 3 winners for $1,000, $500, and $250 scholarships. Visit: http://www.ScholarshipPoints.com
- American Federation of Teachers Scholarship and Loan Forgiveness Directory
- The Golden Brick Awards
- Warren L. Davis Scholarships
- Winston Churchill Scholarships
- Hitachi Foundation Yoshiyama Community Service Awards
- University of Washington Scholarships Directory for Disabled Students
- Cardinal Joseph E. Ritter Memorial Endowed Scholarship
- Elks National Foundation's Most Valuable Student
- American Statistical Association Gertrude M. Cox Scholarships
- National Science Foundation Funding Search Engine
- BPW Foundation Career Advancement Scholarship
- Association of California Water Agencies Scholarships
- Kohl's Kids Who Care Scholarship Program
- Scholarships for students and families with disabilities
- CWA Joe Beirne Foundation Scholarship Program
- International Scholarships
- American Association Of Candy Technologists National Candy Technologists Scholarship Program
- McNally Smith College of Music Ben Sidran Award for Excellence in Music Production
Remember, you can get daily scholarship updates by listening to the Financial Aid Podcast and visiting the Student Scholarship Search web site!
http://www.StudentScholarshipSearch.com
http://www.FinancialAidPodcast.com
A Word from our Sponsors
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The Financial Aid Podcast is financial aid radio whenever you want it - for free! On your PC, on a CD, on your iPod, at school, home, or work. Learn about student loans, scholarships, how to get a job, and more. Make sure you have the latest copy of iTunes from www.Apple.com and then visit:
http://www.FinancialAidPodcast.com/itunes/
Looking for a career change in 2007? Visit our new jobs site at:
The Very Last Word
Missed an issue? Did you remember a scholarship but can't find the back issue? Want to tell a friend about the newsletter? You can always find back issues of the Financial Aid Newsletter at:
http://www.FinancialAidNews.com
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