IBCS maintains a Financial Aid Office to assist students and their parents in the process of obtaining institutional and federal aid funds. The Financial Aid Office processes all institutional scholarships and Federal Financial Aid. Federal Pell Grants are awarded on the basis of need as verified by the Free Application for Federal Student Aid (FAFSA) and the Department of Education guidelines.
Financial aid is available in three basic categories:
- Federal Grants
- Institutional Scholarships
- Federal Student Loans
The Financial Aid Office will assist students in acquiring eligible monies. However, IBCS recognizes that the primary responsibility for financing college education rests upon students and their families.
The first step in applying for financial aid is to complete the FAFSA. IBCS strongly recommends that parents and students use the IRS Data Retrieval Tool option when filling out the FAFSA. Students with financial aid questions should contact the IBCS Financial Aid Office.
All IBCS administrative scholarships are subject to fund availability and to IBCS administrative discretion and approval. All students interested in institutional financial aid must complete the FAFSA and any required IBCS Scholarship Applications. All scholarship applications should be submitted to IBCS by the July 1st deadline date. Students receive the greatest administrative scholarship available to them; administrative scholarship awards will not be combined. For additional details contact the IBCS Financial Aid Office.
On-campus student jobs are limited. Students working on campus must agree that 75% of their earnings will be applied to their IBCS accounts. Typically, first consideration for on-campus employment is given to Residence Hall students demonstrating a financial need.
There are often good-paying jobs relatively close to IBCS. Students are encouraged to find employment, and the IBCS class schedule is structured to facilitate working students. Contact the Dean of Students through the IBCS Office for more information.
IRS Tax Credits
The tax details presented are intended for basic information only and are not to be considered tax advice.
Students in college and families with students in college may be eligible for either the American Opportunity Tax Credit or the Lifetime Learning Tax Credit. Certain income limitations apply.
American Opportunity Tax Credit
The IRS states, “The American Opportunity Tax Credit (AOTC) is a refundable tax credit for college education expenses paid by the student, parent(s), or any other person providing payment on behalf of the student. The AOTC applies to the first four years of college education and the student must attend at least half-time. The AOTC provides up to $2,500 in tax credits on the first $4,000 of qualifying educational expenses including course materials and tuition. Up to 40 percent of the credit is refundable. This means $1000 of it can generate a refund to you or reduce your overall tax liability. There are income restrictions when claiming AOTC.”
Lifetime Learning Tax Credit
The IRS states, “The Lifetime Learning Credit is a non-refundable tax credit. This credit provides up to $2,000 in tax credits per tax return on the first $10,000 of college tuition expenses. You can claim qualifying expenses for any level of college or education courses to advance or improve job skills. With the Lifetime Learning Credit there is no minimum enrollment requirement or limit on the number of years you can claim the credit.”
Please consult your professional tax representative and/or reference irs.gov for educational related IRS publications.