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New College Institute Outreach Educator Sammy Redd (standing) talks with college students and parents about financial aid opportunities Thursday. (Bulletin photo by Mickey Powell) |
Friday, February 22, 2008
By MICKEY POWELL - Bulletin Staff Writer
Anyone can afford to go to college, according to New College Institute (NCI) Outreach Educator Sammy Redd.
Plenty of scholarships, grants, federal loans and tax credits are available to make college affordable, Redd said. But students and/or parents sometimes have had to search long and hard to find those opportunities, he said.
Most financial aid for college is available not only to young people who plan to go to college, but also to older “nontraditional” students, Redd said.
Many nontraditional students do not apply for aid because they think they would not qualify, said Redd. But “a lot of scholarship providers (and other sources of aid) realize nontraditional students have more barriers (toward pursing college) than traditional students.”
They also may realize that older students planning to go to college may be more serious about their studies than some younger students are, he said.
Redd addressed students and parents Thursday during a seminar, “Show Me the Money: Paying for College Without Going Broke,” sponsored by NCI, a state-funded institution in Martinsville that gives students local access to bachelor’s and master’s degree programs offered by colleges statewide.
Redd mentioned several area resources for college aid. They include the:
• Martinsville Area Community Foundation. Students can fill out one application to qualify for a variety of local scholarships, he said.
Go online to www.martinsvilleareacommunityfoundation.org for more information.
• Burroughs Foundation Grant Program, administered by BB&T. Students must place their names on a waiting list to be considered, but the program has awarded grants of as much as $3,000 in recent years, Redd said. For more information, call 666-3148.
• Virginia Tobacco Commission Loan Forgiveness Program. It provides loans of up to $1,500 per semester that may not have to be paid back if students work in southern Virginia after they graduate, Redd said. And, there are no financial, credit or grade-point average requirements, he said.
More information can be obtained at www.tic.virginia.gov.
• JT-Minnie Maude Scholarship. Although it is based in Danville, it is open to students throughout Southside and more than $1 million in scholarship funds are available, so a student likely can get a substantial amount, Redd said.
Go online to www.jtmm.org for further details.
• Magna Vista High School Web site. It includes information and application forms for all scholarships offered in the region, said Redd.
The Web site is http://henryva.schoolwires.com/magnavista.
Two federal tax credits — in other words, “a bigger tax refund,” Redd emphasized — are available to students.
College freshmen and sophomores may qualify for the Hope Credit. Students can get back up to $1,650 of the money they pay out of pocket, as well as loans they have received, toward their education, according to Redd.
Juniors, seniors and nontraditional students may qualify for the Lifelong Learning Tax Credit. Redd said students can be reimbursed 20 percent of money put toward tuition and fees, either out of pocket or from loans.
There is a refund limit of $2,000 per tax return, but a person may qualify “if you’re in school at all,” he said. “It doesn’t matter what type of learning you do,” whether it is pursuing a four-year degree from a college or university or participating in a skills training program at a community college.
Students qualify for the tax credits regardless of family income, Redd said.
Many federal grants, loans and aid packages are available. But to be eligible, a student must fill out the Free Application for Federal Student Aid (FAFSA). More information is available at www.fafsa.ed.gov.
Regarding loans, Redd suggested that students “exhaust federal loans first before you start borrowing from the private sector.” That is because federal loans usually have lower interest rates than those from private banks and no income requirements or credit checks.
NCI staff is available to discuss financial aid opportunities with students and help them fill out application forms, and the service is free. Call 403-5600 to schedule an appointment.
Redd said the service is open to all students, regardless of whether they pursue a degree through a school affiliated with NCI or another college or university.
If a student is offered a financial aid package directly from a college and it does not meet his or her needs, the student should contact the college’s financial aid staff and try to negotiate a better deal, Redd said.
College executives “want students to attend” their institutions, so they should realize “it’s their job to make it happen,” he said. |
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