If your financial aid funding has not been received, or you experience a true emergency due to fire or natural disaster, medical emergency costs, or other unforeseen circumstances, short-term loans are available at no interest. For additional information on short-term loans, or to apply contact the Student Accounts Office.
These funds are only used to assist students with true emergencies such as emergency medical or health costs; transportation breakdowns; costs associated with fire or natural disaster; or travel costs due to the death of an immediate family member.
For additional information on short-term loans, or to apply contact the Student Accounts Office.
It’s never too early to start thinking about saving for college. A 529 college savings program is a tax-advantaged savings plan that enables you to invest for college free of federal and, sometimes, state income taxes.* You can use this investment to pay for tuition, room and board, books, supplies, and other qualified higher education expenses. To learn more about the 529 College Savings Program, go to the New York State Higher Education Services Corporation (HESC) at www.hesc.com. *Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
American Opportunity and Lifetime Learning are nonrefundable federal
tax credits created during the Taxpayer Relief Act of 1997. None of
these tax benefits are traditional scholarship or financial aid
programs. However, for families who qualify, these tax benefits can
assist with the affordability of a education. The
parent who claims the student on a tax return and pays the qualified
tuition costs within that tax year may be eligible to qualify for the
tax benefit. The actual amount of the credit depends on the taxpayer’s
income, the amount of qualified tuition paid, and the amount of certain
other scholarships, grants, and allowances subtracted from the tuition.
The American Opportunity Tax Credit allows taxpayers to claim a
maximum credit of up to $2,500 for tuition and fee expenses paid on
behalf of the taxpayer, taxpayer’s spouse, or a dependent. The Lifetime
Learning Credit allows taxpayers to claim a maximum credit per family of
$2,000, which equals 20 percent of up to $10,000 of expenses incurred
during the taxable year for qualified tuition and fees for eligible
students for post-secondary education. Family income limits apply.
Federal tax law allows tax filers to reduce the amount of income
subject to tax by up to $4,000 for qualified education expenses paid
during the tax year. This deduction is not available in combination with
the American Opportunity or Lifetime Learning tax credit for the same
person, or in combination with certain other tax benefits available for
higher education. Family income limits apply.
We urge families to consult with their tax advisers for specific information. The IRS Web site at http://www.irs.gov and IRS Publication 970 provide more information on the tax laws affecting the financing of higher education.
Onondaga Community College
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