The HOPE Scholarship is a type of tax credit scholarship that can be filed against federal income taxes. The HOPE Credit can only be claimed for a maximum of 2 years per qualified student who is enrolled on at least a half-time basis for any portion of the applicable tax year. Students can get as much as $1,500 HOPE Scholarship that is equivalent to 100% of the first $1,000 of tuition and fees and 50% of the second $1,000.
The credit will be available on a per-student basis for net tuition and fees paid for college enrolment. However, taxpayers cannot claim for a tax credit if their Modified Adjusted Gross Income (MAGI) is $53,000 or more for a single taxpayer and $107,000 or more for married taxpayers. Also, students will not be eligible to take the HOPE credit unless they are pursuing a certificate degree or an undergraduate degree.
You can read the details and availment of HOPE tax credit here.
Aside from the standard scholarships which are available for people who wish to pursue college education, there is also known as tax cuts or credits for education that can be used to return a portion of your educational expenses. The two types of tax credits that have educational benefits are HOPE Tax Credit and Lifetime Learning Tax Credit.
I can say that this is a type of indirect scholarship since you will not have any actual discounts from the cost of your tuition but this can be useful in reducing the taxes that you should pay hence, it has an effect of giving back portion of the amount you have paid for college tuition that reflect as tax credits.
Each eligible student is entitled to claim one type of tax credit scholarship per year. For parents who are paying for the expenses of more than one college student, they can use Hope Credit for the first student and apply the Lifetime Learning Credit for the second student.
But one cannot take either tax credit if he/she has deducted the same educational expenses on the same return. This also means that if one decides to take the tuition and fees deduction, they would not be eligible to claim for the Hope Credit or the Lifetime Learning Credit anymore.
If you are a student who would like to pursue a career in public service or among those individuals who are aspiring a career in any government office, you may be qualified in applying for Truman Scholarship that is annually given by The Harry S. Truman Scholarship Foundation.
This type of scholarship is very challenging and requires nomination by your school but I can tell you that the reward is excellent. Truman is a national award scholarships to 70 to 75 qualified students from more than 600 applicants annually. Truman scholars are given up to $30,000 to use for their education. And as a Truman scholar, you should commit to work in the government or public service for at least three years after completing your degree.
The Truman scholarship application for the 2007 school year is still ongoing and will run until February 6, 2007. This is still ample time to seek nomination from your school or faculty representative and try your best to one of the Truman scholars. Read here for more info on how to become a Truman scholar.
Federal Grants may sound unfamiliar with us but this thing can make us pursue educational degree without worrying for so much financial expenses. Imagine this grant once awarded to you will not require you to pay them back when you finish your chosen study. No more repayment unlike loan or mortgage.
If you are wondering where it came from well based on my research it is only provided by state agencies and federal government. But you must also take note that federal grants are awarded only to needy students who have no means to support their education. If you think your one of this you must check the net now and complete the application form in FAFSA. The earlier you submit the application the more chances you will be considered as one of the awardees because they only provide limited slot for the grants.
Furthermore, in case you have chosen or qualify to federal grant it is also important to remember that it does not mean that all the expenses shall be covered. But rest assured that it may cover big percentage when you chose local colleges within your vicinity. So be prepared and make the best out of you application and with a little prayer I guess you can win it too.
During the time that my friend was looking for a college scholarship, the first thing that comes into my mind when she asked for my help is to tell her about the college grants offered by the government.
So we looked up to the net and complete the Free Application for Federal Student Aid (FAFSA). We found out that the earlier you submit the application the more chances you will qualify for the grant. My friend was so excited accomplishing the form hoping that she could be one of the lucky scholarship awardees. She wishes to have the Federal Supplemental Education Opportunity because among all other this one can give her aid of up to $ 4,000. Enough support to get the degree and pursue her dreams.
And we also found out that there are several forms of college grants like Institutional, State and Federal Pell. I have noticed too that most of these grants including the one she have chosen look for the most unfortunate student to qualify as their awardees other than the eagerness to pursue the college education. Some grants like ACG and National SMART requires that it must be your first time to pursue the undergraduate degree.
And because of this, my friend unfortunately did not qualify for any college grant because there are other students that are less fortunate than her. Oh well, sometimes, its hard to be on the average status.