The Income Contingent Repayment Plan (ICR) is designed to help students destined for low salaries (because of careers in nonprofit organizations or public service) pay off their student loans. The ICR plan tailors your monthly payment based on your income, family size and amount borrowed, but here are some additional points you might want to take note of when trying to understand the ICR.
Friday, December 9, 2011
Tuesday, August 30, 2011
Offset Bypass
I found out about something called Offset Bypass Refunds; under certain limited circumstances where "significant financial hardships" exsist manual refunds may be issued without first satisfyingt outstanding tax liabilities. I found out that you use forms 5792 and 3753 and provide proof of your hardship. I could not find the forms and I do not know how to do it so I will gather my proof and go to a tax professional.
Tuesday, February 15, 2011
Update
It has been a long time since my last post. I have good news. My new employer pays tuition! Yeah!
Wednesday, August 11, 2010
Saturday, June 19, 2010
Dang Recession!
I could not make my student loan rehabilitation payment this month. A representative from the program said it would work with me...I hope so.
Sunday, May 16, 2010
Good News
I got a call from the loan rehabilitation company and they told me I would be eligible for pell grants in three months! yea!
Thursday, April 1, 2010
Should Have Gotten It In Writing
I was told when I signed up for my student loan rehabilitation program that after my first payment that the offset on my tax return would be lifted. I was also told that I would receive a packet in the mail that outlined the program...I should have called when I didn't receive it but I naively thought it had just been delayed. When I finally did call after my first payment I was made aware that the offset would be removed after nine months of being on the program.Getting my refund at all is good news and worth being on the program, and the program has other good benefits as well, but if you decide to sign up for a program get everything in writing before you make any payments.
Friday, March 26, 2010
Show Me The Money
My first payment was made for the rehabilitation loan program I entered into. I will wait a day or two and then start checking to see when the offset is taken off of my IRS account
Wednesday, March 24, 2010
Have You Ever Seen a Grown Woman Cry?
I can't say it was a total surprise; I knew I had defaulted on my student loan but when I called and found out my income tax refund would be offset it really hurt my feelings. Income tax refunds can be offset to repay federal debts such as student loans, child support etc. The number you can call to find out if your income tax refund will be offset is 1- 800–304–3107. After finding out my income tax refund was scheduled to be offset I used wisdom and did not file right away in order to find a way to still get my refund. I entered into a student loan rehabilitation program it was $400.00 down and $314 a month and after my first payment they said they would remove the offset from my IRS account. I know that $400 down and $314 is steep but it sure beats the alternative (no income tax and the holder of the loan can have payments deducted from your pay check). I had about two weeks to come up with the down payment and then another month before my first payment. After six months I will be eligible to receive financial aid and I can defer my loan if needed. My income tax is more than enough to pay for six months of payments so it was well worth it to me. I have wanted to return to school for my masters along time now too.
Thursday, February 4, 2010
Innocent Spouse Relief
Innocent Spouse Relief
By requesting innocent spouse relief, you can be relieved of responsibility for paying tax, interest, and penalties if your spouse (or former spouse) improperly reported items or omitted items on your tax return. Generally, the tax, interest, and penalties that qualify for relief can only be collected from your spouse (or former spouse). However, you are jointly and individually responsible for any tax, interest, and penalties that do not qualify for relief. The IRS can collect these amounts from either you or your spouse (or former spouse).
The IRS will figure the tax you are responsible for after you file Form 8857. You are not required to figure this amount. But if you wish, you can figure it yourself. See How To Allocate the Understatement of Tax, within the Publication 971.
You must meet all of the following conditions to qualify for innocent spouse relief.
1. You filed a joint return which has an understatement of tax due to erroneous items (defined below) of your spouse (or former spouse).
2. You establish that at the time you signed the joint return you did not know, and had no reason to know, that there was an understatement of tax (See Actual Knowledge or Reason To Know, defined below).
3. Taking into account all the facts and circumstances, it would be unfair to hold you liable for the understatement of tax. (See Indications of Unfairness for Innocent Spouse Relief, later).
4. A request for innocent spouse relief will not be granted if the IRS proves that you and your spouse (or former spouse) transferred property to one another as part of a fraudulent scheme. A fraudulent scheme includes a scheme to defraud the IRS or another third party, such as a creditor, ex-spouse, or business partner.
By requesting innocent spouse relief, you can be relieved of responsibility for paying tax, interest, and penalties if your spouse (or former spouse) improperly reported items or omitted items on your tax return. Generally, the tax, interest, and penalties that qualify for relief can only be collected from your spouse (or former spouse). However, you are jointly and individually responsible for any tax, interest, and penalties that do not qualify for relief. The IRS can collect these amounts from either you or your spouse (or former spouse).
The IRS will figure the tax you are responsible for after you file Form 8857. You are not required to figure this amount. But if you wish, you can figure it yourself. See How To Allocate the Understatement of Tax, within the Publication 971.
You must meet all of the following conditions to qualify for innocent spouse relief.
1. You filed a joint return which has an understatement of tax due to erroneous items (defined below) of your spouse (or former spouse).
2. You establish that at the time you signed the joint return you did not know, and had no reason to know, that there was an understatement of tax (See Actual Knowledge or Reason To Know, defined below).
3. Taking into account all the facts and circumstances, it would be unfair to hold you liable for the understatement of tax. (See Indications of Unfairness for Innocent Spouse Relief, later).
4. A request for innocent spouse relief will not be granted if the IRS proves that you and your spouse (or former spouse) transferred property to one another as part of a fraudulent scheme. A fraudulent scheme includes a scheme to defraud the IRS or another third party, such as a creditor, ex-spouse, or business partner.
Wednesday, February 3, 2010
Injured Spouse Relief
Innocent Spouse Tax Relief Eligibility Explorer
Equitable Relief
All the facts and circumstances are considered in determining whether it's inequitable to hold you liable. Some of the factors considered include:
The taxes owed are your spouse's or ex-spouse's.
You are no longer married to that spouse.
You thought your spouse would pay the taxes on the original return.
You didn't know about the items changed in the audit.
You would suffer a financial hardship if you were required to pay the tax. You would not be able to pay for basic living expenses like food, shelter, and clothing.
You did not significantly benefit (above normal support) from the unpaid taxes.
You suffered abuse during your marriage.
If you meet the requirements contact IRS to talk with a representative or go to the website and print out the form/
Equitable Relief
All the facts and circumstances are considered in determining whether it's inequitable to hold you liable. Some of the factors considered include:
The taxes owed are your spouse's or ex-spouse's.
You are no longer married to that spouse.
You thought your spouse would pay the taxes on the original return.
You didn't know about the items changed in the audit.
You would suffer a financial hardship if you were required to pay the tax. You would not be able to pay for basic living expenses like food, shelter, and clothing.
You did not significantly benefit (above normal support) from the unpaid taxes.
You suffered abuse during your marriage.
If you meet the requirements contact IRS to talk with a representative or go to the website and print out the form/
Monday, February 1, 2010
Where's My Refund?
Did you know that your federal income tax can be taken from you to pay debts owed such as student loans? Failure to Pay Child Support, Federal Non–Tax Debts, State Income Tax Obligations and Unemployment Compensation Debts
The Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your refund or overpayment may be reduced by FMS and offset to pay any past–due child support, Federal agency non–tax debts, state income tax obligations or certain unemployment compensation debts owed a state (namely debts for compensation that was paid due to fraud or for contributions due to a state fund that were not paid due to fraud).
You can contact the agency with which you have a debt, to determine if your debt was submitted for a tax refund offset. You may call FMS at the number below for an agency address and phone number. If your debt was submitted for offset, FMS will take as much of your refund as is needed to pay off the debt and send it to the agency you owe. Any portion of your refund remaining after offset will be issued in a check to you or direct deposited for you.
FMS will send you a notice if an offset occurs. The notice will reflect the original refund amount, your offset amount, the agency receiving the payment, and the address and telephone number of the agency. FMS will notify the IRS of the amount taken from your refund. Contact the agency shown on the notice if you believe you do not owe the debt or you are disputing the amount taken from your refund. If a notice is not received contact FMS at 800–304–3107 or TDD 866–297–0517. The available hours are Monday through Friday 7:30AM to 5:00PM CT. Contact the IRS only if your original refund amount shown on the FMS offset notice differs from the refund amount shown on your tax return.
The Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your refund or overpayment may be reduced by FMS and offset to pay any past–due child support, Federal agency non–tax debts, state income tax obligations or certain unemployment compensation debts owed a state (namely debts for compensation that was paid due to fraud or for contributions due to a state fund that were not paid due to fraud).
You can contact the agency with which you have a debt, to determine if your debt was submitted for a tax refund offset. You may call FMS at the number below for an agency address and phone number. If your debt was submitted for offset, FMS will take as much of your refund as is needed to pay off the debt and send it to the agency you owe. Any portion of your refund remaining after offset will be issued in a check to you or direct deposited for you.
FMS will send you a notice if an offset occurs. The notice will reflect the original refund amount, your offset amount, the agency receiving the payment, and the address and telephone number of the agency. FMS will notify the IRS of the amount taken from your refund. Contact the agency shown on the notice if you believe you do not owe the debt or you are disputing the amount taken from your refund. If a notice is not received contact FMS at 800–304–3107 or TDD 866–297–0517. The available hours are Monday through Friday 7:30AM to 5:00PM CT. Contact the IRS only if your original refund amount shown on the FMS offset notice differs from the refund amount shown on your tax return.
Monday, January 25, 2010
Discuss Repayment With Your Lender
Discuss a repayment plan with your lender. -- You have several ways to repay your loan by making monthly installment payments on your account
.
Standard Repayment – fixed monthly payments of at least $50 with up to 10 years to repay in full.
Graduated Repayment – monthly payments will begin low and increase gradually over time.
Extended Repayment – lowers monthly payments over a longer period of time and has a predictable payment schedule.
Income Contingent and Income-Sensitive Repayment – monthly payments are calculated as a percentage of your income
.
Standard Repayment – fixed monthly payments of at least $50 with up to 10 years to repay in full.
Graduated Repayment – monthly payments will begin low and increase gradually over time.
Extended Repayment – lowers monthly payments over a longer period of time and has a predictable payment schedule.
Income Contingent and Income-Sensitive Repayment – monthly payments are calculated as a percentage of your income
Thursday, January 21, 2010
Payment Relief
Get Payment Relief
If you have trouble making your student loan payments, contact your loan servicer immediately. You may qualify for some form of payment relief. And it's important to take action before you incur late fees or your credit is affected.
Types of relief
A deferment is a temporary suspension of loan payments for specific situations such as returning to school, unemployment, disability, or military service. You have a right to defer repayment for certain defined periods.
Forbearance is a temporary postponement or reduction of payments for a period of time, as you and the lender or holder of your loan may agree, because you are experiencing financial difficulty.
Graduated payment plans provide short-term relief through low, interest-only payments followed by standard principal and interest payments.
Income-sensitive or income-contingent payment plans offer payment relief with payments that are a specific percentage of your gross monthly income.
For more information on graduated, income-sensitive, or income-contingent payment plays,
Federal interest subsidies
These options will provide you with payment relief and help you maintain a good credit rating. If you qualify and apply for federal interest subsidies on your loan during deferments, you loan balance will not increase during the deferment period because the government will be making interest payments on your behalf. However, if you do not qualify for federal interest subsidies on your deferment, or if your loan is in forbearance, your loan balance will increase by the amount of unpaid accrued interest.Issues in obtaining relief
It is import to act quickly if you find your student loan payments hard to handle. If you default, or fail to make your loan payments as scheduled, you risk very serious consequences. Your school, the financial institution that made or owns your loans, your state education loan guarantor, and the federal government can all take action to recover the money you owe. They may notify national credit bureaus of your default, negatively affecting your credit record. You could find it difficult to borrow money to buy a car or a house, and you would be inellible for additional federal student aid if you decided to return to school. The financial institution that owns your loans may ask your employer to deduct loan payments from your paycheck (garnish your wages), and your state and federal income tax refunds could be withheld ( tax offset) and applied toward the amount you owe. Also, delayed payment and collection activities could increase the cost of your loan.
So, if you’re having trouble with loan payments, don’t wait! Contact your loan servicer immediately.
If you have trouble making your student loan payments, contact your loan servicer immediately. You may qualify for some form of payment relief. And it's important to take action before you incur late fees or your credit is affected.
Types of relief
A deferment is a temporary suspension of loan payments for specific situations such as returning to school, unemployment, disability, or military service. You have a right to defer repayment for certain defined periods.
Forbearance is a temporary postponement or reduction of payments for a period of time, as you and the lender or holder of your loan may agree, because you are experiencing financial difficulty.
Graduated payment plans provide short-term relief through low, interest-only payments followed by standard principal and interest payments.
Income-sensitive or income-contingent payment plans offer payment relief with payments that are a specific percentage of your gross monthly income.
For more information on graduated, income-sensitive, or income-contingent payment plays,
Federal interest subsidies
These options will provide you with payment relief and help you maintain a good credit rating. If you qualify and apply for federal interest subsidies on your loan during deferments, you loan balance will not increase during the deferment period because the government will be making interest payments on your behalf. However, if you do not qualify for federal interest subsidies on your deferment, or if your loan is in forbearance, your loan balance will increase by the amount of unpaid accrued interest.Issues in obtaining relief
It is import to act quickly if you find your student loan payments hard to handle. If you default, or fail to make your loan payments as scheduled, you risk very serious consequences. Your school, the financial institution that made or owns your loans, your state education loan guarantor, and the federal government can all take action to recover the money you owe. They may notify national credit bureaus of your default, negatively affecting your credit record. You could find it difficult to borrow money to buy a car or a house, and you would be inellible for additional federal student aid if you decided to return to school. The financial institution that owns your loans may ask your employer to deduct loan payments from your paycheck (garnish your wages), and your state and federal income tax refunds could be withheld ( tax offset) and applied toward the amount you owe. Also, delayed payment and collection activities could increase the cost of your loan.
So, if you’re having trouble with loan payments, don’t wait! Contact your loan servicer immediately.
Sunday, January 17, 2010
Rehabilitating Your Loan
Rehabilitate a Loan
Under the loan rehabilitation program you and your loan holder (or the Department of Education if you have a defaulted Direct Loan) agree on a reasonable and affordable payment plan for nine (9) payments over a ten month period (Perkins Loan requires nine (9) consecutive monthly payments). In most cases, you sign a rehabilitation agreement specifying payments and responsibilities. A loan is rehabilitated only after you have voluntarily made the agreed-upon payments on-time and the loan has been purchased by a lender. Outstanding collection costs may be added to the principal amount.
Loan rehabilitation offers the following:
The 9 voluntary on time payments you make while rehabilitating your loans will be subtracted from the maximum repayment term of your loan.
Rehabilitating your loan(s) removes the default status of previously defaulted loans at completion of the process. National credit bureaus are notified when the loan is no longer considered in a default status.
Title IV Program including any remaining eligibility for deferment or forbearance, from the date of the rehabilitation.
Repayment plans available to other borrowers with the same loan type may be available to you, depending on your qualifying status.
Please keep in mind:
The amount of your monthly payment after rehabilitation may be more than the amount you paid while you were rehabilitating your loans.
Any interest outstanding at the time your loan is rehabilitated will be added to your current outstanding principal balance, increasing the total amount you owe. Collection costs may also be added to your principal balance, increasing the total amount you owe.
Delinquencies reported before the loan(s) defaulted will not be removed from your credit report.
Make sure that you understand the differences in loan rehabilitation for the different loan programs. For questions on rehabilitation of Perkins loan, please contact your school directly to establish an agreement. Please keep in mind that schools often contract with companies to service Perkins Loans. In those instances, the servicing agreement will be made with the borrower by the company acting on behalf of the school. It takes 9 consecutive loan payments to rehabilitate a Perkins loan. For FFEL loans, at the completion of the schedule of rehabilitation payments, a participating lender must agree to purchase the defaulted loan and assume servicing of your loan. You must continue making payments during this time.
Under the loan rehabilitation program you and your loan holder (or the Department of Education if you have a defaulted Direct Loan) agree on a reasonable and affordable payment plan for nine (9) payments over a ten month period (Perkins Loan requires nine (9) consecutive monthly payments). In most cases, you sign a rehabilitation agreement specifying payments and responsibilities. A loan is rehabilitated only after you have voluntarily made the agreed-upon payments on-time and the loan has been purchased by a lender. Outstanding collection costs may be added to the principal amount.
Loan rehabilitation offers the following:
The 9 voluntary on time payments you make while rehabilitating your loans will be subtracted from the maximum repayment term of your loan.
Rehabilitating your loan(s) removes the default status of previously defaulted loans at completion of the process. National credit bureaus are notified when the loan is no longer considered in a default status.
Title IV Program including any remaining eligibility for deferment or forbearance, from the date of the rehabilitation.
Repayment plans available to other borrowers with the same loan type may be available to you, depending on your qualifying status.
Please keep in mind:
The amount of your monthly payment after rehabilitation may be more than the amount you paid while you were rehabilitating your loans.
Any interest outstanding at the time your loan is rehabilitated will be added to your current outstanding principal balance, increasing the total amount you owe. Collection costs may also be added to your principal balance, increasing the total amount you owe.
Delinquencies reported before the loan(s) defaulted will not be removed from your credit report.
Make sure that you understand the differences in loan rehabilitation for the different loan programs. For questions on rehabilitation of Perkins loan, please contact your school directly to establish an agreement. Please keep in mind that schools often contract with companies to service Perkins Loans. In those instances, the servicing agreement will be made with the borrower by the company acting on behalf of the school. It takes 9 consecutive loan payments to rehabilitate a Perkins loan. For FFEL loans, at the completion of the schedule of rehabilitation payments, a participating lender must agree to purchase the defaulted loan and assume servicing of your loan. You must continue making payments during this time.
Thursday, January 14, 2010
Ways to Prevent Loan Default
Top Ten Ways to Prevent Defaulting on a Student Loan
1. Understand your rights and responsibilities regarding your re.payment obligation as well as your repayment options.
2. Borrow for college expenses only. Borrow only the amount you need and only what you can reasonably expect to be able to repay.
3.Keep all records regarding your loan. Make copies of all letters, canceled checks, and any forms you sign.
4.Notify your lender or servicer when you have a change of address, phone number, or name, or if you change schools or your enrollment status.
5.Seek help as early as possible if you have any difficulty maintaining your student loan repayment arrangement.
6.If you have any questions, talk to your lender or student loan guarantor about the particular terms of your loan.
7.Keep credit card debt to a minimum or avoid credit card debt completely.
8.Create and maintain a budget that is within your monthly income.
9.Consider making nominal student loan payments while in school. This will reduce the amount you owe after graduation.
10.Make loan payments on time.
1. Understand your rights and responsibilities regarding your re.payment obligation as well as your repayment options.
2. Borrow for college expenses only. Borrow only the amount you need and only what you can reasonably expect to be able to repay.
3.Keep all records regarding your loan. Make copies of all letters, canceled checks, and any forms you sign.
4.Notify your lender or servicer when you have a change of address, phone number, or name, or if you change schools or your enrollment status.
5.Seek help as early as possible if you have any difficulty maintaining your student loan repayment arrangement.
6.If you have any questions, talk to your lender or student loan guarantor about the particular terms of your loan.
7.Keep credit card debt to a minimum or avoid credit card debt completely.
8.Create and maintain a budget that is within your monthly income.
9.Consider making nominal student loan payments while in school. This will reduce the amount you owe after graduation.
10.Make loan payments on time.
Sunday, November 15, 2009
Student Loan Consolidation
Consolidating your student loans may help you to manage loan repayment; here are the pros and cons: Why Consolidate?
The Advantages and Disadvantages
Consolidation brings benefits and costs. Consider the following before you decide whether consolidation is right for you.
Some Advantages of Consolidation
– Your loans will have a fixed interest rate based on the rates of the underlying loans (see chart at “Interest Rates”).
– You’ll have 1 convenient payment per month to 1 lender, instead of multiple payments to different lenders.
– Your new maximum repayment term is based on the total loan amount and may be from 10 to 30 years, depending on the repayment plan you choose.
– You may be eligible to benefit from Public Service Loan Forgiveness or additional subsidies available to some active duty military personnel.
Some Disadvantages of Consolidation
– Due to the fixed interest rate, you will not benefit if the variable interest rate goes down.
– You may repay your loans for a longer period of time.
– You may accrue and pay greater interest over the long term. This greater interest may increase the total balance of your loan, potentially by thousands of dollars (see charts at “Interest Rates”).
– If you are looking for a lower monthly payment, you may want to consider other repayment options before consolidation.
– Your weighted interest rate will be rounded up to the nearest ⅛ of a percent (0.125).
– You may lose some existing benefits on your loans, including Perkins loans, that you choose to consolidate.
The best way to understand how consolidation will change your loan is to look at the way interest accumulates and how it impacts your repayment.
Parent PLUS borrowers can also take advantage of federal loan consolidation. In addition to consolidating the PLUS loans you have taken for your children, you can also consolidate your own student loans with your Parent PLUS loans or Grad PLUS loans. However, you may not consolidate your loans with your child’s loans
The Advantages and Disadvantages
Consolidation brings benefits and costs. Consider the following before you decide whether consolidation is right for you.
Some Advantages of Consolidation
– Your loans will have a fixed interest rate based on the rates of the underlying loans (see chart at “Interest Rates”).
– You’ll have 1 convenient payment per month to 1 lender, instead of multiple payments to different lenders.
– Your new maximum repayment term is based on the total loan amount and may be from 10 to 30 years, depending on the repayment plan you choose.
– You may be eligible to benefit from Public Service Loan Forgiveness or additional subsidies available to some active duty military personnel.
Some Disadvantages of Consolidation
– Due to the fixed interest rate, you will not benefit if the variable interest rate goes down.
– You may repay your loans for a longer period of time.
– You may accrue and pay greater interest over the long term. This greater interest may increase the total balance of your loan, potentially by thousands of dollars (see charts at “Interest Rates”).
– If you are looking for a lower monthly payment, you may want to consider other repayment options before consolidation.
– Your weighted interest rate will be rounded up to the nearest ⅛ of a percent (0.125).
– You may lose some existing benefits on your loans, including Perkins loans, that you choose to consolidate.
The best way to understand how consolidation will change your loan is to look at the way interest accumulates and how it impacts your repayment.
Parent PLUS borrowers can also take advantage of federal loan consolidation. In addition to consolidating the PLUS loans you have taken for your children, you can also consolidate your own student loans with your Parent PLUS loans or Grad PLUS loans. However, you may not consolidate your loans with your child’s loans
Sunday, November 1, 2009
Some Companies Help Pay for College Tuition
Disney- The number 1 spot according to BusinessWeek for the “Best Place to Launch a Career”. Disney’s solid benefits and culture makes it great for any college graduate. Many college students have been hired in here to get promoted throughout the company with tuition assistance.
Ernst + Young – Ernst and Young is a big recruiter when it comes to college campuses and one of the main reasons this financial giant is so big is because of their benefits and atmosphere. At Ernst + Young, they care about your education and are willing to reimburse you for certifications, etc.
Google – Google not only offers a great search engine, they also have one of the best benefit programs in the world. Rated as one of the top 100 companies to work for by Fortune, Google will reimburse their employees up to $8,000 per year as long as you get a “B” or better.
Nike – Home of the world’s most popular shoes and top 100 place to work for and launch a career, Nike does more than just offer tuition assistance. They also offer great health care packages, scholarship potential for your families, adoption assistance, and so much more!
UPS - When you think of UPS, you think of delivery but believe it or not, UPS offers a very nice tuition assistance program for all employees. At UPS, you can potentially earn up to $20,000 with their program. The nice thing about this is that they also offer it to part-time employees.
Wawa – If you haven’t heard of Wawa, it’s probably because they don’t have one in your area. Wawa’s are located mainly on the east coast that are like your typical grocery store. Here, some of the benefits you’re going to receive is getting some of your tuition reimbursed.
College Full-Time – When you’re attending college, see what kind of jobs they have on campus. Most of the time, you’ll find that full-time jobs on campus will help pay for your schooling. Sometimes, you may even get your college paid for 100%. This varies school to school.
These are just a few of the companies that help to pay for college tuition, do your homework it could be well worth it.
Ernst + Young – Ernst and Young is a big recruiter when it comes to college campuses and one of the main reasons this financial giant is so big is because of their benefits and atmosphere. At Ernst + Young, they care about your education and are willing to reimburse you for certifications, etc.
Google – Google not only offers a great search engine, they also have one of the best benefit programs in the world. Rated as one of the top 100 companies to work for by Fortune, Google will reimburse their employees up to $8,000 per year as long as you get a “B” or better.
Nike – Home of the world’s most popular shoes and top 100 place to work for and launch a career, Nike does more than just offer tuition assistance. They also offer great health care packages, scholarship potential for your families, adoption assistance, and so much more!
UPS - When you think of UPS, you think of delivery but believe it or not, UPS offers a very nice tuition assistance program for all employees. At UPS, you can potentially earn up to $20,000 with their program. The nice thing about this is that they also offer it to part-time employees.
Wawa – If you haven’t heard of Wawa, it’s probably because they don’t have one in your area. Wawa’s are located mainly on the east coast that are like your typical grocery store. Here, some of the benefits you’re going to receive is getting some of your tuition reimbursed.
College Full-Time – When you’re attending college, see what kind of jobs they have on campus. Most of the time, you’ll find that full-time jobs on campus will help pay for your schooling. Sometimes, you may even get your college paid for 100%. This varies school to school.
These are just a few of the companies that help to pay for college tuition, do your homework it could be well worth it.
Friday, October 23, 2009
Alternatives to Student Loans
Federal Supplemental Educational Opportunity Grants (FSEOG) are for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFCs will be the first to get FSEOGs. Just like Pell Grants, FSEOGs don't have to be paid back.
How much can I get?
You can receive between $100 and $4,000 a year, depending on when you apply, your financial need, the funding at the school you're attending, and the policies of the financial aid office at your school.
If I am eligible, how will I get the FSEOG money?
If you're eligible, your school will credit your account, pay you directly (usually by check), or combine these methods. Your school must pay you at least once per term (semester, trimester, or quarter). Schools that do not use semesters, trimesters, or quarters must disburse funds at least twice per academic year.
Federal Work-Study TOPFederal Work-Study (FWS) provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient's course of study.
Will I be paid the same as I would in any other job?
You'll be paid by the hour if you're an undergraduate. No FWS student may be paid by commission or fee. Your school must pay you directly (unless you direct otherwise) and at least monthly. Wages for the program must equal at least the current federal minimum wage but might be higher, depending on the type of work you do and the skills required. The amount you earn can't exceed your total FWS award. When assigning work hours, your employer or financial aid administrator will consider your award amount, your class schedule, and your academic progress.
What kinds of jobs are there in Federal Work-Study?
If you work on campus, you'll usually work for your school. If you work off campus, your employer will usually be a private nonprofit organization or a public agency, and the work performed must be in the public interest.
Your school might have agreements with private for-profit employers for Federal Work-Study jobs. This type of job must be relevant to your course of study (to the maximum extent possible). If you attend a career school, there might be further restrictions on the jobs you can be assigned.
How much can I get?
You can receive between $100 and $4,000 a year, depending on when you apply, your financial need, the funding at the school you're attending, and the policies of the financial aid office at your school.
If I am eligible, how will I get the FSEOG money?
If you're eligible, your school will credit your account, pay you directly (usually by check), or combine these methods. Your school must pay you at least once per term (semester, trimester, or quarter). Schools that do not use semesters, trimesters, or quarters must disburse funds at least twice per academic year.
Federal Work-Study TOPFederal Work-Study (FWS) provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient's course of study.
Will I be paid the same as I would in any other job?
You'll be paid by the hour if you're an undergraduate. No FWS student may be paid by commission or fee. Your school must pay you directly (unless you direct otherwise) and at least monthly. Wages for the program must equal at least the current federal minimum wage but might be higher, depending on the type of work you do and the skills required. The amount you earn can't exceed your total FWS award. When assigning work hours, your employer or financial aid administrator will consider your award amount, your class schedule, and your academic progress.
What kinds of jobs are there in Federal Work-Study?
If you work on campus, you'll usually work for your school. If you work off campus, your employer will usually be a private nonprofit organization or a public agency, and the work performed must be in the public interest.
Your school might have agreements with private for-profit employers for Federal Work-Study jobs. This type of job must be relevant to your course of study (to the maximum extent possible). If you attend a career school, there might be further restrictions on the jobs you can be assigned.
Friday, September 25, 2009
THE ARMED FORCES CAN HELP YOU REPAY YOUR LOANS
Student Loan Repayment Program
Are you worried about paying off student loans? With the cost of a college education on the rise, many students and recent college graduates are finding themselves overwhelmed by debt. The Armed Forces can help you manage your college debt with special loan repayment programs for qualified students.
Many people are not aware that the Army, Navy and Air Force recruiters can offer you special programs for repaying student debt.
Army
The Army's Loan Repayment Program (LRP) is a special enlistment incentive that the Army offers to highly qualified applicants at the time of enlistment. Under the LRP, the Army will repay up to $65,000 of a soldier's qualifying student loans.
Huge Education Discounts
Your GI Bill and Tuition Assistance can get you huge discounts on college tuition. Find out how much money you can save while using the benefits you've earned!
Army Eligibility
To be eligible for the Army LRP you must:
Decline enrollment in the Montgomery GI Bill in writing, using DD Form 2366
Have LRP guaranteed in writing in the enlistment contract (DA Form 3286-66).
Be a non-prior service accession.
Enlist with a high school diploma.
Have an Armed Forces Qualification Test score of 50, or higher on the Armed Services Vocational Aptitude Battery (ASVAB).
Enlist in one of the critical military occupational specialties (MOS). These MOS change quarterly. The local Army recruiter will have the current list.
Possess a loan that was made, insured, or guaranteed under the Higher Education Act of 1965, Title IV, Part B, D, or E prior to entering active duty.
To get up to date information on which career fields (MOS) qualify contact your nearest Army recruiting office today. See this page for more details.
Navy
The Navy's Loan Repayment Program (LRP) will also pay for up to $65,000 of loans acquired from a post-secondary education. The LRP is available to all active Navy enlisted positions! See this page for more details.
Navy Eligibility Requirements
You should talk to your Navy recruiter to see if your situation qualifies for the loan repayment program. Your recruiter can also help you explore other opportunities the Navy has to offer.
Air Force
The College Loan Repayment Program (CLRP) is a program created for all non-prior service persons considering enlistment in the Air Force. If you have taken some college courses and have accumulated debt, this great program may be for you. Participants must sign up for this program when signing the enlistment contract. Under CLRP repayment maximum is $10,000 per recruit. Go to the "Education" section of the Air Force site for more details.
Air Force Eligibility Requirements
To find out how you can earn money for college with the Air Force, contact an advisor today.
Here is how it works:
After each completed year of active duty your service branch will make a payment of 33-1/3 percent or $1,500, whichever is greater, on the total remaining original unpaid principal balance.
Are you worried about paying off student loans? With the cost of a college education on the rise, many students and recent college graduates are finding themselves overwhelmed by debt. The Armed Forces can help you manage your college debt with special loan repayment programs for qualified students.
Many people are not aware that the Army, Navy and Air Force recruiters can offer you special programs for repaying student debt.
Army
The Army's Loan Repayment Program (LRP) is a special enlistment incentive that the Army offers to highly qualified applicants at the time of enlistment. Under the LRP, the Army will repay up to $65,000 of a soldier's qualifying student loans.
Huge Education Discounts
Your GI Bill and Tuition Assistance can get you huge discounts on college tuition. Find out how much money you can save while using the benefits you've earned!
Army Eligibility
To be eligible for the Army LRP you must:
Decline enrollment in the Montgomery GI Bill in writing, using DD Form 2366
Have LRP guaranteed in writing in the enlistment contract (DA Form 3286-66).
Be a non-prior service accession.
Enlist with a high school diploma.
Have an Armed Forces Qualification Test score of 50, or higher on the Armed Services Vocational Aptitude Battery (ASVAB).
Enlist in one of the critical military occupational specialties (MOS). These MOS change quarterly. The local Army recruiter will have the current list.
Possess a loan that was made, insured, or guaranteed under the Higher Education Act of 1965, Title IV, Part B, D, or E prior to entering active duty.
To get up to date information on which career fields (MOS) qualify contact your nearest Army recruiting office today. See this page for more details.
Navy
The Navy's Loan Repayment Program (LRP) will also pay for up to $65,000 of loans acquired from a post-secondary education. The LRP is available to all active Navy enlisted positions! See this page for more details.
Navy Eligibility Requirements
You should talk to your Navy recruiter to see if your situation qualifies for the loan repayment program. Your recruiter can also help you explore other opportunities the Navy has to offer.
Air Force
The College Loan Repayment Program (CLRP) is a program created for all non-prior service persons considering enlistment in the Air Force. If you have taken some college courses and have accumulated debt, this great program may be for you. Participants must sign up for this program when signing the enlistment contract. Under CLRP repayment maximum is $10,000 per recruit. Go to the "Education" section of the Air Force site for more details.
Air Force Eligibility Requirements
To find out how you can earn money for college with the Air Force, contact an advisor today.
Here is how it works:
After each completed year of active duty your service branch will make a payment of 33-1/3 percent or $1,500, whichever is greater, on the total remaining original unpaid principal balance.
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