The annual February Fee Application for Federal Student Aid frenzy, a series of financial aid workshops, kicks off this week. Frenzy events are held across University of Alaska campuses. FAFSA Frenzy is designed to educate students about financial aid options and to encourage completion of the applications during the month.
This allows students to receive award information earlier to better plan for college costs. To determine eligibility for financial aid such as grants, loans and scholarships, students must complete the FAFSA.
A table will be set up in the commons at 10 a.m. and 2 p.m. Fridays in February. Attendees will need to bring their 2007 completed tax documents or all 2007 untaxed income benefit statements to the session. For more information, call 262-0332 or e-mail firstname.lastname@example.org.
Tax credit for education related expenses possible
According to Carrie Burford, KPC financial aid advisor, many students and parents who claim student dependents, are not aware that there are education tax credits available that may reduce their income taxes.
As an eligible educational institution that participates in a student aid program administered by the Department of Education, KPC, like virtually all accredited, public, nonprofit, and proprietary postsecondary institutions, must send a 1098-T form to each enrolled student by Jan. 31. The 1098-T gives students the information they need to determine whether they are eligible for an education credit.
According to Burford, students should have received their 1098-T in the mail. If for any reason a student did not receive this form, they can get a reprint by accessing UAOnline from the KPC Web site. Once there, students select Student Services, Financial Aid, and Account Information, then Student Account, Tax Notification.
There are two tax credits available that help offset education costs by reducing the amount of income tax working students have to pay. They are the Hope credit and the Lifetime Learning credit.
There are several differences between them. For example, students can claim the Hope credit based on their expenses for no more than two years. However, there is no limit on the number of years for which a student can claim a lifetime learning credit based on the same student's expenses.
Both tax credits are based on qualified education expenses paid for the student themselves, their spouse, or a dependent for which a parent claims an exemption on their tax return. Qualified education expenses are tuition and certain related expenses.
As with most IRS related issues, there are many exceptions and special circumstances that must be factored in when applying education tax credits. It is important to reference the IRS publication that covers these issues and/or check with a tax professional before filing the paperwork.
KPC students, as well as the general public, should also be aware of the earned income credit (EIC.) It can reduce the amount of tax due or generate a tax refund. To determine eligibility for the EIC, visit the IRS Web site.
KPC/UAA chancellor's list 4.0 grade point average: John C. Anaver, Ryan G. Bowlin, Eric M. Burton, Justin M. Cabeen, Kevnea Cain, Sean A. Champion, Anika M. Chase, Robin C. Coursen, Roy D. Craft, Simeon S. Daigle, Crystal C. Dosser, Travis T. Dosser, Rebecca L. Edmondson, Donna D. Edmunds, Ashley L, Engebretsen, Jenna L. Evans, Katharine E. Evans, Hardy D. Faircloth, Robin M. Fisk, Rhonda L. Foster, Stephen P. Geddes, Joshua D. Geibe, Einar M. Gonder, Robert S. Greenberg, Ruth A. Griess, Amber J. Hall, Michael C. Hedrick, Allison N. Hulst, Jordan E. Ikerd, Hans L. Iverson, Brandon W. Judy, Tani D. Kron, Christine M. Lagoutaris, Harley W. Maxson, Laurence E. McKenna, Thomas M. Musgrove Jr., Justin W. Oleson, Lisa M. Orth, Molly A. Palm, Joseph A. Pazar, Pamela J. Phipps, Ellie M. Plate, David Ratky, Brian P. Reith, Jeffrey W. Risch, Roman M. Schilling, Jon A. Smith, Tyler Smith, Marlena H. Spencer, Remy K. Spring, John W. Stenglein, Robert R. Swan, Rhonda R. Torkelson, Roy A. Williams and Yi Xie.
KPC/UAA Dean's List 3.5 grade point average: Amy J. Alford, Glenn R. Anderson, Celeste A. Angleton, Rachel E. Atkinson, Mark P. Baker, Jonathon Baldwin, Jeffery R. Biermann, Alic W. Boggs, Shawnacee L. Brooks, Emily L. Chalup, Elizabeth A. Chatham, David M. Colby, Zachary S. Cowan, Brandon W. Cox, Katherine A. Cox, Harrison K. Deveer, Vickie A. Edelman, Patricia L. Estrada, Heidi M. George, Robin M. George, Burton R. Gregory, Brian J. Grieser, Donna J. Handley, Eric D. Hart, Brandi E. Henry, James W. Hilbish, Leona Holien, Jessica M. Jaen, Brian D. Jarrett, Julia R. Johnson, Kennaty J. Kerley, Andrew S. Kircher, Anthony T. Krikoriantz, George A. Kulhanek, Ellen R. Landess, Mario Latona, Kyle J. Latz, Evgeniya S. Malakhova, Rosanne E. McAuliffe, Desiree T. Merculief, Sandy K. Miller, Sheresica J. Myers, Lake R. Nash, Charlotte A. Nicolet, Katarzyna B. Pacyna, Seth T. Payfer, Christian H. Pepper, Joseph R. Perkowitz, Rose Pyatt, Livia W. Reutov, Eric W. Rodgers, Jenny D. Rozak, Steven J. Sanders, Robert A. Saxton, Jason W. Shack, Britni L. Smith, Desirae A. Steenken, Meraiah L. Sullivan, Paul J. Tornow, Mandy A. Vedder, Stacy E. Whiteley and Taddieann M. Wilson.
This column is provided by Suzie Kendrick, community relations coordinator at Kenai Peninsula College.
Peninsula Clarion ©2014. All Rights Reserved.