Scholarships and Other Financial Aid Information

Scholarships

Generally, scholarships are awarded only to those applicants who have completed the Application Procedure for student financial assistance outlined earlier. Most scholarships awarded by the College are restricted to a specific program of study and are based on financial need. The College does award a limited number of merit scholarships to qualifying secondyear students which are program specific and require the endorsement and/or screening of faculty in the applicant’s department of study. Students needing more information about these limited scholarships should call the Financial Aid Office at 828/254-1921, Ext. 162. All students are encouraged to seek out scholarships offered by clubs and organizations in their communities. An excellent source for scholarships is located on the World Wide Web. Students can do searches by accessing www.finaid.org and using the Free Scholarship Search (FASTWEB). FASTWEB alone contains a database of more than 180,000 scholarships. The Web site of the North Carolina State Education Assistance Authority, www.ncseaa.edu, lists scholarships available to North Carolina residents only.

Asheville-Buncombe Technical Community College Foundation

The Asheville-Buncombe Technical Community College Foundation awards scholarships annually. • January 12 - Online applications are available at:

www.abtech.edu/foundation/scholarships

• March 15 - Students applying for scholarships requiring the establishment of financial need should complete the Free Application for Federal Student

Aid (FAFSA). www.fafsa.gov • March 31 - Online application for scholarships closes.

• June 1 - Scholarship awards sent to students via email.

Students may access scholarship criteria on the A-B Tech website at www.abtech.edu/foundation. For additional information about the Foundation, please call 254-1921, Ext. 7562

Other Financial Aid Information

In addition to scholarships, information about grants, loans and work programs is also available on the internet. Some recommended sites are:

www.ed.gov/offices/ope: Click on “Information for Students” for federal student aid information.

www.cfnc.org: Provides comprehensive information about scholarships, loans, and other programs/issues. www.nasfaa.org: Click on “Financial Aid Information for Students, Parents & Counselors;” provided by the National Association of Student Financial Aid Administrators.

Education Tax Credits

As a community college student, you are eligible to receive education tax credits that can reduce the expense of your education. There are three education tax credits available, the American Recovery and Reinvestment Act, Hope Credit and the Lifetime Learning Credit. The credits are based on education expenses paid for you, your spouse, or your dependents.

American Opportunity Credit

Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next two years for a tax credit, the American Opportunity Credit, to pay for college expenses. The American Opportunity Credit was not available on the 2008 returns taxpayers filed during 2009. The new credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for he maximum annual credit of $2,500 per student. The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits. If you have questions about the American Opportunity Credit, see http://www.irs.gov/newsroom/ article/0,,id=205674,00.html.

The Hope Tax Credit

The Hope Credit is a federal tax credit. The actual amount of the credit depends upon family income and the amount of qualified tuition paid less any financial aid. To qualify, the taxpayer must file a return, owe taxes, and claim the student as a dependent (unless the student is a spouse). The student must be enrolled at least half-time in an eligible program leading to a degree, certificate or diploma and must not have completed the first two years of undergraduate study. The credit is not available to students who have been convicted of a felony drug offense.

The Lifetime Learning Tax Credit

The Lifetime Learning Tax Credit may be claimed for the taxpayer, spouse, or eligible dependents for an unlimited number of years. This credit is family-based rather than dependent-based like the Hope Credit. The actual amount of the credit depends upon the family’s income and the amount of qualified tuition less any financial aid. Unlike the Hope Credit, students are not