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What is Financial Need?. A Community foundation of grant county scholarship story. What is a Scholarship?. A scholarship is tax-free if: 1 . Awarded to a candidate for a degree at an eligible educational institution, and 2 . Used to pay qualified education expenses. - PowerPoint PPT Presentation
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What is a Scholarship?
A scholarship is tax-free if:
1. Awarded to a candidate for a degree at an eligible educational institution, and
2. Used to pay qualified education expenses.
IRS Publication 970, “Tax Benefits for Education”.
IRS Publication 525, “Taxable and Nontaxable Income”.
What is a Scholarship?
Qualified Educational Expenses (Tax-Free; no 1099 needed)
Tuition and fees required to enroll at or attend an eligible educational institution, and
Course-related expenses, such as fees, books, supplies and equipment that are required for the courses at the eligible educational institution. These items must be required of all students in the course of instruction.
What is a Scholarship?
Non-Qualified Expenses
Room and board
Travel
Research
Clerical help
Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution.
Scholarship
Financial Need Considerations
Tuition Waivers
21st Century Scholarships
Purdue Promise & IU Covenant
Funding Before Scholarships
Tuition Waivers
Parent Income Parent AssetsStudent Income EFC
21st Century Scholar Pell Grant
21st Century/ Public State
Grant
21st Century Purdue
Promise & IU Covenant
IWU or Taylor Tuition Waiver
Total Available BEFORE
Scholarships
$48,095 $4,200 $795 $3,17
1 No $2,400 $0 $0 $28,088 $30,488
Needed: Taylor University Tuition - $28,088
21st Century Scholarship
Parent Income
Parent Assets
Student Income EFC
21st Century Scholar Pell Grant
21st Century/ Public State
Grant
21st Century Purdue
Promise & IU Covenant
IWU or Taylor Tuition Waiver
Total Available BEFORE Scholarships
$0 $0 $0 $0 Yes $5,550 $3,354 $0 $0 $8,904
Needed: Ivy Tech Tuition - $3,454
Purdue Promise & IU Covenant
Programs developed to supplement 21st Century Scholars costs outside of tuition, which is already covered by the 21st Century Scholarship.
Applicable to Purdue’s Lafayette campus and Indiana University’s Bloomington campus.
Funds that cover unmet direct costs including room and board, books, etc.
Purdue Promise/IU Covenant
Parent Income
Parent Assets
Student Income EFC
21st Century Scholar Pell Grant
21st Century/ Public State
Grant
21st Century Purdue
Promise & IU Covenant
IWU or Taylor Tuition Waiver
Total Available BEFORE Scholarships
$23,799 $0 $0 $0 Yes $5,550 $9,900 $6,625 $0 $22,075
IU Bloomington Annual Costs - $18,888Purdue – Lafayette Annual Costs - $20,278
Funding Before Scholarships
Parent Income
Parent Assets
Student Income EFC
21st Century Scholar Pell Grant
21st Century/ Public State
Grant
21st Century Purdue
Promise & IU Covenant
IWU or Taylor Tuition Waiver
Total Available BEFORE Scholarships
$1,865 $2,160 $653 $0 No $5,500 $3,912 $0 $0 $9,412
Ball State Tuition - $8,980Purdue Tuition - $9,900IU Tuition - $10,034Ivy Tech Tuition - $3,455
Goose Eggs
Parent Income
Parent Assets
Student Income EFC
21st Century Scholar Pell Grant
21st Century/ Public State
Grant
21st Century Purdue
Promise & IU Covenant
IWU or Taylor Tuition Waiver
Total Available BEFORE Scholarships
$50,191 $500 $8,488 $5,282 No $0 $0 $0 $0 $0
NEEDED: Indiana University Kokomo Tuition - $6,542
Goose Eggs
Parent Income
Parent Assets
Student Income EFC
21st Century Scholar Pell Grant
21st Century/ Public State
Grant
21st Century Purdue
Promise & IU Covenant
IWU or Taylor Tuition Waiver
Total Available BEFORE Scholarships
$59,308 $3,500 $5,342 $6,389 No $0 $0 $0 $0 $0
NEEDED: IUPU Fort Wayne Tuition - $7,639
Goose Eggs
Parent Income
Parent Assets
Student Income EFC
21st Century Scholar Pell Grant
21st Century/ Public State
Grant
21st Century Purdue
Promise & IU Covenant
IWU or Taylor Tuition Waiver
Total Available BEFORE Scholarships
$67,561 $0 $5,497 $7,321 No $0 $0 $0 $0
NEEDED: Ball State Tuition - $8,980
College Cost Estimator (CCE)
LILLY PROMOTIONAL FUNDSPurpose: To support scholarship program
administrative costs.
BENEFIT OF CCE TO ALL APPLICANTSOnce a student has complete the CCE, they are in the National Center for College Costs (NCCC) database and that student, PLUS anyone in their family, has NCCC client services for life…for free.
College Cost Estimator (CCE)
Parent Income Parent Assets EFC
21st Century Scholar Pell Grant
21st Century/ Public State
Grant
21st Century Purdue
Promise & IU
Covenant
IWU or Taylor Tuition Waiver
Total Available BEFORE
Scholarships
$965,639 $2,994,932 $244,192 No $0 $0 $0 $0
$542,643 $3,257,500 $341,032 No $0 $0 $0 $0
$517,000 $200,000 $71,444 No $0 $0 $0 $0
Not donors…YET.