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What is Financial Need?

What is Financial Need?. A Community foundation of grant county scholarship story. What is a Scholarship?. A scholarship is tax-free if: 1 . Awarded to a candidate for a degree at an eligible educational institution, and 2 . Used to pay qualified education expenses.

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What is Financial Need?

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  1. What is Financial Need? A Community foundation of grant county scholarship story

  2. What is a Scholarship? A scholarship is tax-freeif: 1. Awarded to a candidate for a degree at an eligible educational institution, and 2. Used to pay qualified education expenses. IRS Publication 970, “Tax Benefits for Education”. IRS Publication 525, “Taxable and Nontaxable Income”.

  3. What is a Scholarship? Qualified Educational Expenses (Tax-Free; no 1099 needed) Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies and equipment that are required for the courses at the eligible educational institution. These items must be required of all students in the course of instruction.

  4. What is a Scholarship? Non-Qualified Expenses Room and board Travel Research Clerical help Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. Scholarship

  5. Financial Need Considerations Tuition Waivers 21st Century Scholarships Purdue Promise & IU Covenant Funding Before Scholarships

  6. Tuition Waivers Needed: Taylor University Tuition - $28,088

  7. 21st Century Scholarship Needed: Ivy Tech Tuition - $3,454

  8. Purdue Promise & IU Covenant Programs developed to supplement 21st Century Scholars costs outside of tuition, which is already covered by the 21st Century Scholarship. Applicable to Purdue’s Lafayette campus and Indiana University’s Bloomington campus. Funds that cover unmet direct costs including room and board, books, etc.

  9. IU Covenant

  10. Purdue Promise/IU Covenant IU Bloomington Annual Costs - $18,888 Purdue – Lafayette Annual Costs - $20,278

  11. Funding Before Scholarships Ball State Tuition - $8,980 Purdue Tuition - $9,900 IU Tuition - $10,034 Ivy Tech Tuition - $3,455

  12. Goose Eggs Needed: Indiana University Kokomo Tuition - $6,542

  13. Goose Eggs Needed: IUPU Fort Wayne Tuition - $7,639

  14. Goose Eggs Needed: Ball State Tuition - $8,980

  15. College Cost Estimator (CCE) Lilly promotional funds Purpose: To support scholarship program administrative costs. Benefit of CCE to all applicants Once a student has complete the CCE, they are in the National Center for College Costs (NCCC) database and that student, PLUS anyone in their family, has NCCC client services for life…for free.

  16. College Cost Estimator (CCE) Not donors…yet.

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