Tax & Loan Information

Education Tax Benefit Information

The University is concerned that our students and parents have the necessary information to take advantage of these credits to assist with the expenses of higher education. To do this, we send each January in addition to the information required by the Internal Revenue Service, a summary statement of account for the past calendar year grouped in a way to assist with the calculation of the tax credit, along with the IRS form and instructions for including the credit with the 1040. Some other useful information in understanding this credit:

• IRS Publication 970 Tax Benefits for Higher Education (pdf)
• IRS Publication 970 (html)
• IRS Form 8863 Education Tax Credits (pdf)

Loan Information

For information on your loan, please contact the provider listed below. Information on different loans available and applying for loans is available at the Financial Aid Office:

1. Perkins
   
   • The Perkins loan agreement is between the University and the borrower directly.
   • The University utilizes an outside processor, University Accounting Services (UAS) to service these loans. UAS provides information on student loan interest and payment directly to our borrowers.
   • Department of Education - the Perkins loan program is a federal program. Here you can find information on:
     • Cancellation information for teachers
     • Repayment and deferment
     • Other types of cancellation and discharge
2. Schell, Henry Strong, Martin Luther King, Caldwell and Hemphill loans
• These loan agreements are also made between the University and the borrower directly.
• UAS also services these loans and provides information on interest and payment.
3. Federal Direct (formerly Stafford) and PLUS Direct loans
• Information is available via the NLDS system at http://www.nslds.ed.gov/nslds_SA/
  
4. Alternative Loans
• Any provider of loans are acceptable to the University. Some of the providers are listed on the Financial Aid Office pages. The University will accept payment from any provider as long as payment is received within the payment due dates. Other arrangements must be approved by the Business Office as specified on the Student Accounts pages.

Other information

The Business Office staff also gives talks to both seniors and first year students on managing money. Our talk "Money 101" will be part of the First Year program's "Hot Topic Tuesday" presentations. We also present on financial issues to seniors for life after college. "Money 401" is offered in partnership with the Career Internship and Leadership Center. Look for information about both of these presenations.

Some articles we have written on the topic of personal finance:

• Should you help your student get a credit card?
• Do your kids know how to manage their own money?
• 529 Savings plans - and other ways to save/pay for college
• Avoiding a large bill at tax time

Here are some useful links, including links to an ad campaign on saving called "Feed the Pig".

• PNC Money 101
• PNC Financial Literacy Education
• Great video on identity theft (from PNC)
• Feed the Pig (AICPA & Ad Council project)
  
• Paycheck calculator