College Access: Why use the College Cost Estimator*? 1 COMMUNITY FOUNDATION OF GRANT COUNTY SCHOLARSHIPS BY THE NUMBERS P RESENTED BY D AWN B ROWN E XECUTIVE D IRECTOR C OMMUNITY F OUNDATION OF G RANT C OUNTY , I NDIANA , I NC.
[email protected] ~ WWW.GIVETOGRANT.ORG ~ 765 - 662- 0 0 6 5 *HTTPS://WWW.INDIANACOLLEGECOSTS.ORG What is a Scholarship? 2 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? 3 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? 4 Non-Qualified Expenses (Taxable Income; 1099 needed) Room and board Scholarship Travel Research Clerical help Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. Scholarship Considerations 5 21st Century Scholarships Purdue Promise & IU Covenant Scholarships State and Federal Scholarships (not loans) Tuition Waivers (Scholarships available if parents work at the student’s college of choice or potentially a sister college.) 21st Century Scholarship 6 21st Century Total Available 21st Century/ Public Purdue Promise & IWU or Taylor BEFORE 21st Century Scholar Federal Pell Grant State Grant IU Covenant Tuition Waiver CF Scholarships Yes $5,550 $4,324 $0 $0 $9,974 NEEDED— Ivy Tech Tuition - $4,324 Books - $1,000 TOTAL SCHOLARSHIP NEED $5,324 Purdue Promise & IU Covenant 7 Programs developed to supplement 21st Century Scholar costs outside of tuition, which is already covered by the 21st Century Scholarship.