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1 PAGE 2 Alper College Q. What is the HOPE Scholarship? A. First, it is technically not a “scholarship.” It is a federal tax credit available to eligible students or their parents during the first two years of postsecondary education. The tax credit covers 100 percent of the first $1,000 of tuition and fees and 50 percent of the second $1,000 paid by a student during the qualified period. The credit is non-refundable. That means it can only be applied to income tax liability; if you pay no taxes, there is no $1,500 refund. » Your federal income tax bill is “credited’sby the amount of the tax credit just as if} id that amount. It is applied directly to the amount of taxes owed, thereby lowering your _federal income tax and saving you money. Q.who is eligible? A. To be eligible, a: student must be enrolled: - at least half-time (six credit hours) a - ina degree or certificate program and have no felony conviction related to the possession or distribution of a controlled substance Lee as marijuana or heroin. © The creditis available to the student . if he/she is an independent tax filer or to a parent who claims the student longas income guidelines are met: - for an individual tax filer, income must be less than $50,000; - forjoint tax aa income must be less than $100,001 Q.when does it take effect? A. The HOPE tax credit applies for expenses paid after Dec. 31, 1997, and for education provided in academic periods beginning after that date. 98 Spring Semester UPDATE a. How long is it available? A. The HOPE tax credit is available for two tax years to those students who have not completed the first two years of postsecondary education. Qa. What expenses are included in aie HOPE Scholarship tax credit? A. Tuition and fees costs are included, but costs of books, room and board or transportation are not. Qitauco tency tortte Hop tax credit? A. Eli pie so caiditaleag claim the still te worked out, ae it ig likely that students filing for the tax credit will have to complete a separate tax schedule similar to those required for interest and dividend income or child care verify enrollment and | expenses, students should ge = expenses. To receipts from tuition and fees paid after Jan. 1, 1998. Q. Does the tax credit affect my Pell Grant or other financial aid? A, The amount of tuition and fees covered by the HOPE tax credit is reduced by the amount of other grant and scholarship aid received. This includes scholarship funds excluded from an individual’s gross income, as well as federal grant aid such as Pell Grants. Examples: A student who pays $1,250 in tuition and fees and receives a Pell Grant of $700 is eligible for a tax credit of $550. A student whose tuition and fees totalling $1,250 are completely covered by a Pell Grant is not eligible for the tax credit. a 1s there anything in the tax act that benefits students enrolled i in less than six credit hours? : A. The Lifetime Learning Credit allows less than half-time students as well as college juniors and seniors Will the new HOPE ‘Scholarship’ help you? a tax credit worth 20 percent of the first $5,000 of tuition and fees paid after June 30, 1998, through the year 2002, and 20 percent of the first $10,000 tuition and fees after that. Income guidelines are the same as for HOPE; the Lifetime Learning Credit and the HOPE tax credit cannot be claimed during the same year. Q.where can | get more information about the HOPE Scholarship tax credit? |. A tax advisor familiar with your situation can provide the best information. For questions specifically concerning enrollment at Alpena Community College you may contact Max Lindsay, 356-9021 Ext. 200 when office hours resume January 2 after the holiday break. The web site of the American Association of Community Colleges at http://www.aace.nche.edu has details of other education benefits — q im the tax measure, including _— deduction of student loan etcrest —4 a Pp: gE: $ an 3 assistance. = “During semester start- -UD, at the Alpena Campus registration hours until 8; Bookstore at the Alpena January 7 January 8 Regular Hours: 9:00 a.m,-4:00 p.m. Monday-Friday Phone: (517) 356-9021 Ext, 259, 274, 299 better serve your book-buying and supplies needs. Alpena Campus Bookstore Start-Up Hours January5-6 9am.-5pm. January 12-13 9am.-8pm. 2 danuary7-8 9am.-8pm. January14-16 9am.-5pm. January 9 QYam.-5pm. January19-23 9am.-5pm. Huron Shores Campus — 5800 Skeel Avenue, Oscoda For the convenience of Huron Shores Campus students, the ACC Bookstore will conduct book sales on four different days in Oscoda, with hours scheduled for two afternoons and two evenings. Books can also be purchased in the Huron Shores Campus Book Sales ipm.-4p.m. 4p.m.-7pm. Toll free 1-888-468-6222 /Cash /Checks “Discover / MasterCard / Visa _ January 5- 23, the ACC >aeee will be open during the evening other days until 5 (even Fridays)to | Campus (see hours above). January 13 4pm.-7p.m. January23 1pm-4pm. | ALPENA~ COMMUNITY COLLEGE BOOKSTORE