offers qualified part-time undergraduate students several financial assistance options and payment plans. For more on any of the programs listed below, please contact the Office of Student Financial Assistance at 203-371-7980 or email Linda Kirby at kirbyl@sacredheart.edu.Federal Sources | Eligibility Requirements | Award Ranges |
Federal PELL Grant |
U.S. citizen or permanent resident alien enrolled as a college undergraduate
| $400 - $4,310 a year |
Federal Supplemental Educational Opportunity Grant (SEOG)
| U.S. Citizen or permanent resident alien enrolled as an undergraduate with exceptional financial need | $100 - $4,000 a year. |
Federal Perkins Student Loan | U.S. Citizen or permanent resident alien enrolled as an undergraduate with exceptional financial need | $1,000-$4,000 a year |
Federal Stafford Loan Subsidized Program |
Students who have demonstrated financial need beyond what financial aid covers are eligible to borrow under this program. The government will pay all interest during the in-school period, and principal repayment is not required while the student is in school.
| Up to: $3500 - year 1 $4500 – year 2 $5500 – yr 3 & 4 |
Federal Stafford Loan Unsubsidized Program
| Students who do not have demonstrated need may borrow under this program. Interest will be paid by the borrower while borrower is in school. However, student may opt to defer payment until they leave school. | For dependent students the amounts are same as above.
For independent students up to:
$4000 - yr 1 & 2$5000 – yr 3 & 4 |
Federal Parent Loan Program (PLUS) | An unsubsidized federal loan program for parents of dependent undergraduates. |
May borrow up to cost of attendance less financial aid award.
|
For additional information regarding federal funding please visit: www.studentaid.ed.gov
Alternative Loans
If a student needs to borrow more than the maximum allowed under the Stafford Loan Program, there are numerous alternative loan programs from which to choose. Alternative loans provide an additional funding option often at an interest rate lower than other lines of credit.
Additional Sources of Private Gift Aid
Both the Office of Student Financial Assistance (SFA) and University College (UC) provide information for external financial assistance opportunities. SFA has a bulletin board that lists opportunities and posts updates to the Scholarship Bulletin Board through the University's email system. UC has compiled resources for all part-time adult students as well. This resource book includes descriptions and requirements for numerous scholarships. Resource books are available at all of the UC advisor's offices. Students are encouraged to see their academic advisors for more information.
Tax Incentives and Deductions
Federal tax credits and deductions are the newest forms of federal aid. A tax credit is money which can be subtracted from the amount of taxes you owe. In order to receive a tax credit, you must complete a federal tax return, meet certain federal guidelines, and pay taxes. Tax credits are subtracted directly from the tax a family owes. Tax deductions differ from tax credits in that deductions are subtracted from your taxable income.
Hope Scholarship Tax Credit: The Hope Scholarship is not a scholarship but a tax credit. Each eligible student is qualified for up to $1,500 per year. An eligible student must be enrolled at least half-time, for at least one academic period beginning in 2007 in an eligible program, leading to a degree or certificate at an eligible school and can not have completed the first two years of undergraduate study. You may claim the credit yourself if you are not claimed as a dependant by another taxpayer.
Lifetime Learning Tax Credit: A family may claim this tax credit of up to $2,000 per tax year for the taxpayer, taxpayer's spouse, or any eligible dependants for an unlimited number of tax years. The amount of the Lifetime Learning tax credit is 20% of the first $10,000 of qualified educational expenses paid for all eligible students. Therefore, the maximum amount of a Lifetime Learning tax credit is $2,000. The Lifetime Learning credit is available for all years of postsecondary education and for a wide variety of educational programs, including non-degree programs. You may claim the credit yourself if you are not claimed as a dependant by another taxpayer.
Student Loan Interest Deduction: Taxpayers who have taken out loans to pay for the cost of attending an accredited college, for themselves, a spouse, or a dependant may be eligible for this deduction. The maximum reduction to taxable income is capped at $2,500 and is based on the amount of interest paid each year on student loans for qualified expenses. To claim the deduction, the taxpayer enters the allowable amount on their federal income tax form. You may claim the deduction if you are not claimed as a dependent by another taxpayer.
Tuition and Fees Deduction: Taxpayers can educt up to $4,000 of tuition and fees paid to colleges. The deduction is beneficial for individuals or families who earn too much money to qualify for the Hope Scholarship and the Lifetime Learning tax credits. You cannot claim the tuition and fees deduction if you claim either the Hope or Lifetime Learning tax credits.