The Installment Payment Plan has been established to help students manage tuition and fee payments for fall and spring terms by dividing payments into multiple installments, but equal installments.
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.
There are educational income tax credits that can reduce you or your family's federal taxes. The Lifetime Learning Credit is available for any level of post-secondary study, up to a current maximum of $2,000 per student per year. The American Opportunity Credit is available for up to a current maximum of $2,500 per student per year for the first four years of school towards a degree. For more info about tax credits, you can visit the IRS website, or you may contact a tax preparer.
You may be able to reduce your taxable income for interest paid during the tax year on your student loans. This benefit applies to loans used to pay for higher education expenses. For more information about tax credits, you can visit the IRS website or you may contact a tax preparer.
If you or your family have experienced major changes in income this year since completing your FAFSA, a Financial Aid administrator may be able to consider your special circumstance and re-evaluate your application which could result in additional aid. Some examples include: loss or change in employment, death, divorce or separation of parents and unusual medical expenses. Your situation may or may not be COVID-19 related to be considered. Please visit this page for more information.