NEWS & UPDATES

PELL GRANT AMOUNTS INCREASE FOR 2008-09

The maximum Federal Pell Grant award for the 2008-2009 award year has been increased to $4,731 ($2,365.50 per semester), with the minimum award continuing to be $400 ($200 per semester). The maximum Expected Family Contribution (EFC) that a student may have to be eligible to receive a Federal Pell Grant at 4041.

Financial Aid and Taxes

With tax time upon us, we would like to remind you that the U.S. Government considers financial aid - minus the cost of tuition, fees and books - taxable income. You should keep your Bursar and Bookstore receipts as well as the check stubs from your financial aid checks to determine what portion is to be reported on your tax form if you will be filing a tax return. Students who participated in the Federal Work Study program will soon receive their 2007 W-2 forms indicating the amount to be included as wages for the year.

Remember that while financial aid spans the academic year (September, 2007 – August, 2008, for example), the tax year works on a 12-month calendar (January 1, 2007 - December 31, 2007). The financial aid you received from January 1, 2007 thru December 31, 2007, should be reported on your 2007 tax return. Financial aid received in Spring 2008, should be reported on your 2008 tax return.

The Internal Revenue Service (IRS) publications #508, 907 and #520 provide detailed explanations on scholarships and education expenses. These publications are free and can be obtained at any IRS office or by calling 1(800) 829-3676. Should you have any questions about your tax status you can visit the IRS website www.irs.ustreas.gov or call 1(716) 685-5432.
 

Your 2007-2008 Free Application For Student Aid
Check your email for messages from the U.S. Department of Education. To ensure that e-mail from the Department of Education is received on a reliable manner, the U.S. Department of Education recommends that students or parents who have requested a PIN number or will complete a Free Application for Federal Student Aid (FAFSA) using  FAFSA on the Web and have provided their e-mail address as a means of correspondence add the e-mail address cpsnotify@cpsemail.ed.gov to their e-mail address book. If this e-mail address is not recognized as an "acceptable" e-mail address, some internet service providers may attempt to filter this incoming e-mail correspondence as spam.

What To Do If Your Personal Information Has Been Compromised? Click FTC Consumer Alert