FEDERAL STUDENT AIDFederal student aid is awarded on the basis of financial need. There are several types of federal aid. The most desirable are grants, which do not have to be repaid. Others are federally subsidized loans and work study programs. The gateway to all of these is the Free Application for Federal Student Aid (FAFSA). You must complete and submit the application to apply for federal student financial aid and to apply for most state and college aid. Apply online at www.fafsa.ed.gov anytime after Oct. 1 of your senior year. Make sure you are on the right website before beginning your application!For state or college aid, the deadline may be as early as January of the year in which you will enter college. See the FAFSA on the Web Worksheet for state deadlines. Check with your college’s financial aid administrator about other deadlines.Submit your FAFSA early, anytime after Oct. 1 of your senior year. Some aid is administered on a first come, first served basis, so it can really pay to get it done early! South Summit will host a FAFSA Completion Night on Tuesday, Nov. 28, 2017, where you can bring your tax information and get hands on help filling out the FAFSA.You will be required to apply for a US Department of Education FSA ID in order to complete your FAFSA. Apply for your FSA ID here: www.fsaid.ed.gov. Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents.Once you complete the FAFSA, you will receive a Student Aid Report, and your eligibility will be forwarded to the colleges you designated on the FAFSA. The application has room for up to 10 colleges or universities and the federal government will make your information available to all of them, so you need only submit your application on-line, and the colleges will have your information. The actual aid offer will come from the colleges themselves, not from the federal government.Tuition Tax Credit
Hope Credit - Allows you to subtract from your taxes up to $1500.00 that you pay for tuition, books and fees in each of the first two years of college.Lifetime Learning Credit – allows up to $1,000 per year for subsequent years.See your tax advisor for additional information.