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Paying for a college education can sometimes be challenging. There are many sources for financial aid beyond those that the government and individual colleges offer. Don't forget to look into options such as Community Scholarships, Scholarship Searches and Alternative Loans. Additionally, it is important to be aware of the Tax Credits and deductions for which, as a student, you might qualify.
Community Scholarships
Community Scholarships are provided by various organizations in local communities. Criteria vary according to the organization. Interested students should contact the local organization offering the scholarship. Foundations, religious organizations, fraternities or sororities, town or city clubs, and community and civic groups such as the American Legion, YMCA, 4-H club, Elks, Kiwanis, Jaycees, Chamber or Commerce, and the Girl or Boy Scouts may all be sources of scholarship money.
Often, high school counselors will have a list of local community scholarships and who to contact. The public library is another source of information on private sources of aid.
Students should also try to contact organizations connected with their field of interest (for example, the American Medical Association or the American Bar Association). These organizations are listed in the U. S. Department of Labor's Occupational Outlook Handbook and are also listed in various directories of associations available at your public library. Also, if you (or your spouse) are a veteran or the dependent of a veteran, veterans educational benefits may be available. Check with your local Veterans' Affairs office.
Deadlines for these community and organizational scholarship applications and amounts of awards will vary according to the organization.
Scholarship Searches
After applying for admissions to Barton, students will have access to Scholarship Universe on their Financial Aid card located in their MyBarton portal. Scholarship Universe houses all of our internal Barton Scholarships and external privately funded scholarships.
Students can answer questions about themselves within Scholarship Universe and the system will narrow down a list of suggested scholarships to consider. For instructions on how to use Scholarship Universe, please click here.
Alternative Student Loans
Alternative student loans, used for educational expenses, are taken through private lenders. If you have exhausted all federal, state, and institutional forms of financial aid eligibility, but you are still in need of additional financial resources for your educational expenses, and alternative student loan may be a viable option for you.
Lender Search
If you are considering using an alternative student loan, we recommend visiting https://finaid.org/loans/privatestudentloans-2/ and carefully reading about these loans and your lender options before entering into a borrower/lender relationship. Barton has no relationship with and does not endorse any of the lenders listed as part of our Barton Code of Conduct for Alternative Student Loan policy.
Alternative Student Loan Considerations
Applying for Federal Student Loans is a Better Option: If you have not completed a FAFSA application, it is recommended. The terms and conditions of alternative student loans are typically less attractive than those associated with Federal Direct Loans through the FAFSA application.
It is the responsibility of the borrower to know their rights under the Truth in Lending Act. If you are considering a private loan make sure that you read and understand this information: Truth in Lending Act.
Tax Credits
To claim any of the following three tax credits, you must report the amount of your qualified expenses (less certain scholarships, grants, and untaxed income) on IRS Form 8863-Education Credits. Complete instructions for using this form and more details are available from the IRS. Learn more information about these programs on the NASFAA website.
American Opportunity Act
For your 2021 taxes, the American Opportunity Tax Credit can be claimed in amounts up to $2,500 per student. For current information regarding this available tax credit and others, please visit the IRS website or consult your tax professional.
American Opportunity Tax Credit
Lifetime Learning Tax Credit
The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and proessional degree courses - including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
For current information regarding this credit and others, please visit the IRS website or consult your tax professional.
Student Loan Interest Deduction
The Student Loan Interest tax deduction can reduce your taxable income by as much as $2500. It is taken as an adjustment to income, which means you can claim this deduction even if you do not itemize deductions on Schedule A of Form 1040.
You can deduct interest paid on a student loan for yourself, your spouse, or your dependents. You are eligible to take the deduction if your modified adjusted gross income is $75,000 or less ($150,000 if filing a joint return). The amount of the Student Loan Interest deduction you are eligible for depends on the amount of interest paid and your income.