Posts Tagged educational
The Hope Scholarship Or Lifetime Learning Credit Make the Right Choice
Uncle Sam has offered two different alternatives for families trying to cope up with their educational expenses – the hope scholarship and lifetime learning credit. You cannot claim both the credits at the same time. You need to make a selection between them. There are different criteria for eligibility and you need to be careful when making your selection.
Firstly, remember that these are tax credits. They are not deductions, so they lower your tax liability. So whatever taxes you are required to pay on your tax return can be reduced by either of these tax credits. If your tax liability is lower than these tax credits, then you are allowed to use these credits only to the extent of zeroing your tax liability.
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Watchout – College Scholarship Scams to Avoid
The Internet has made access to college scholarships easier than ever, but students need to beware. There can be dangers in the scholarship search, and consumers need to be aware of how to protect themselves from scholarship scams. The Federal Trade Commission provides six telltale signs of suspicious scholarships.
- Beware if the scholarship offers you a money back guarantee. You shouldn’t have to pay anything to apply for a scholarship. Scholarships exist to fund your education, not someone else’s vacation.
- Do not believe anyone who tells you that you cannot get this information anywhere else. Information on scholarships is widespread. Colleges can tell you full details on the programs they offer and affiliated programs. The same goes for organizations. Any site that tells you they have exclusive information on scholarships isn’t being honest.
- Do not fall for the line that you should share your credit card information or bank account number so that they can hold the scholarship for you. Keep private information private. If someone wants to pay for your school they will send a check to you or the school. Your bank account and credit card information isn’t needed.
- Do not buy into anyone offering to “do all of the work.” Even simple college scholarships require some effort, say entering basic high school info and college plans.
- Remember that no scholarship should cost ANY money.
- Do not believe any communication that tells you that you are a finalist in a contest you did not enter or that you have been chosen to receive a scholarship given by a national foundation. If you didn’t apply for a scholarship yourself you haven’t won. These people are just fishing for your personal info. Keep track of which scholarships you have applied for and with which organizations.
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Get a Free Scholarship That You Never Have to Pay Back
A free scholarship for college or university can be used to find expenses like tuition fees, books, travel and other related expenses. You don’t even have to worry about paying the money back as its all yours to keep! It is literally like spending someone else’s money without thinking about payback.
Some scholarships are only awarded on a merit basis so that means you must have achieved something spectacular to get it.
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