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Scholarships and Other Financial Aid Information
Asheville-Buncombe Technical Community College
Scholarships
A-B Tech offers a variety of enrollment scholarships each year. There are certain requirements for these scholarships. Students should check with the Financial Aid Office at 398-7162 for an application and additional information regarding these scholarships. 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 website 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 7 – Online applications are available at: 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 29 – Online application for scholarships closes and all reference forms must be submitted by 5 p.m. • June 3 – Scholarship awards sent to students via email.
Students may access scholarship criteria on the A-B Tech website at abtech.edu/foundation. For additional information about the Foundation, please call 398-7562.
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.
www.studentloans.gov
Education Tax Credits
Community college students are eligible to receive education tax credits that can reduce the expense of their 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 them, their spouse, or their dependents.
American Opportunity Credit
The American Opportunity Tax Credit modifies the existing Hope Credit for tax years 2009 and 2010 under ARRA. The credit was extended to apply for tax years 2011 and 2012 by the Tax Relief and Job Creation Act of 2010. The new credit makes the Hope Credit 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 the 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. For information 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
