Paying for College
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Additional Financial Aid Resources

Tax Information

Current federal tax laws have made some financial aid taxable income. Financial aid received (other than loans) above the cost of tuition, fees, and books are considered taxable income. You should contact the IRS or a tax preparer for additional information.

Educational Income Tax Credits

There are three educational income tax credits that can reduce you or your family's federal taxes. They are based on your university’s tuition and fee charges. The Hope tax credit can be claimed during the first two years of college, up to a maximum of $1,650 per year. The Lifetime Learning tax credit is available for any level of post-secondary study, up to a current maximum of $2,000 per year. Note that only one type of credit (Hope or Lifetime Learning) may be claimed for a student in a given year. The third is the American Opportunity Credit. For more info about tax credits, you can visit the IRS website, or you may contact a tax preparer.

Student Loan Interest Deduction

Benefit: You may be able to reduce your taxable income for interest paid during the tax year on your student loans.

Income limits: Please check IRS publication (for the current tax year), Tax Benefits for Education.

Other Information: Deductible interest includes loan origination fees, capitalized interest and voluntary interest payments on loans taken out solely to pay qualified educational expenses for a student enrolled at least half-time. Interest paid on loans from a relative or made under a qualified employer plan does not qualify for the deduction. You can claim this deduction even if you don’t itemize deductions.

Useful Links

Free Application for Federal Student Aid (FAFSA)
Federal Student Aid
National Student Loan Data System
Federal Student Aid PIN website
StudentLoans.gov
USA Funds Life Skills
Net Price Calculator
FinAid
College Board
FastWeb
USA Funds
Student Advantage
ECMC
ACT-Financial Aid Need Estimator
US Department of Education
Selective Service System
Internal Revenue Service (IRS)
Career One Stop
Hawaii Community Foundation
Kamehameha Schools
Hawaii Education Association
Alu Like
Liko A‘e
International Scholarships.com
Army Emergency Relief
Military.com
Fisher House Foundation
National Military Family Association
Thanks USA

 

 

 

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