Frequently Ask Questions

The Pell Grant program provides grants to low-income undergraduates to help them pay for college. In 2002-03, this program provided $11.6 billion in grants to 4.8 million undergraduate students at 5,900 postsecondary education institutions. Individual grants ranged from $400 to $4,000; the average grant was $2,411. The average family income of Pell Grant recipients who were dependent on their parents for financial support in 2000-01 was $21,599. The average income for financially independent students was $13,658.

Hope Scholarship Tax Credit:
The Hope Scholarship tax credit allows students, or their parents or guardians, to claim up to $1,500 per student per year for out-of-pocket tuition and fee expenditures. This $1,500 tax credit may be claimed for the first two years of undergraduate study. The Hope credit is available to taxpayers with a gross income of up to $50,000 (up to $100,000 for joint filers). The credit is phased out on a sliding scale for taxpayers earning $40,000 and above (and $80,000 and above for joint filers).

Lifetime Learning Tax Credit:

Typically, your student's on-campus bookstore will have the best rates and will offer student discounts. You can check out the bookstore online or in-person. Apple offers a hefty student discount here.

A 529 account can be opened by anyone. Grandparents, other relatives or family friends can all be account owners, or simply choose to contribute to an existing account. In most states, a trust, corporation, non-profit or government entity can also open an account.

The Leveraging Educational Assistance Partnership (LEAP) Program, which provides incentives for states to provide grants to students who attend college, has played a significant role in encouraging every state to create and maintain its own student grant program. States are required to provide at least 50 percent of the funding for this program. In 2001-02, federal LEAP funds provided $50 million in grants to students who attended postsecondary education. Including state matching funds, approximately 2 million students receive LEAP funds in 2000-01.

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The Federal Family Education Loan (FFEL) Program makes loans available to students and their families through some 7,100 participating private lenders. The federal guarantee protects FFEL lenders against loss from borrower default. In 2001-02, the program made 6.3 million loans for a total amount borrowed of over $29 billion. These loans are guaranteed by the federal government, and are designed to give students flexible repayment options.

Schools are prohibited from releasing certain information (including grades) to parents without permission of the student because of a federal law (The Family Educational Rights and Privacy Act, FERPA, also known as the Buckley Amendment).

The Supplemental Educational Opportunity Grant (SEOG) Program program provides grants to low-income students, and generally helps supplement the aid they receive from Pell Grants and other sources. Federal funds provide for 75 percent of the award; the college or university contributes the remaining 25 percent or more. In 2001-02, the program provided $691 million in federal funds to approximately 1.2 million students at approximately 3,800 postsecondary institutions. In 2001-02, awards ranged from $100 to $4,000; the average grant was $581.

Learning to discipline oneself and manage time are critical adjustments. College classes may meet only every other day, or once a week, but the workload does not diminish. It is suggested that the student spend two hours of studying for every one hour in class, balanced with study breaks. Students should know to seek help for academic difficulties.