Billing FAQ'sBilling FAQ's

How should I pay my bill?
If paying in person, bring both copies of the statement of account, the financial aid award letter, a copy of the loan application, and payment for the remaining balance. Estimated financial aid from the financial aid award letter should be deducted from the balance to determine the amount owed, if any. Proceeds from Stafford Loans will be 1% to 4% less that the stated amount because of fees that are deducted prior to remitting the loans to the college. After financial arrangements are complete, the statement of account will be stamped "ADMIT TO CLASS." This is the student's Clearance Receipt, which must be presented to the College Registrar to claim an official schedule.

I have already "cleared" my bill to attend class, but I received another bill and it doesn't show my financial aid. Do I really owe this much money?
You will receive a monthly statement from the college as long as there is a balance on your account. This statement will show your account activity up to the date of the statement. Financial aid awards will not appear on your statement until eligibility is confirmed and the college receives the funds.

What if my financial aid changes?
When you "cleared" your account through the Controller's Office for the current semester, the outstanding balance was based on the estimated financial aid awarded to you at that time. If your aid is reduced due to withdrawals from registered classes or for any other reason, you will be required to pay the difference.

When will I get my refund?
A refund is issued whenever an account shows a credit balance. Typically this does not occur until six to eight weeks into the semester when all financial aid is received.

What is the Hope Scholarship Tax Credit?
Beginning January 1, 1998, taxpayers may be eligible to claim a nonrefundable Hope Scholarship Credit against their federal income taxes. The Hope Scholarship Credit may be claimed for the qualified tuition and related expenses of each student in the taxpayer's family (i.e. the taxpayer, the taxpayer's spouse, or an eligible dependent) who is enrolled at least half-time in one of the first two years of postsecondary education and who is enrolled in a program leading to a degree, certificate, or other recognized educational credential. The amount that may be claimed as a credit is generally equal to: (1) 100 percent of the first $1,000 of the taxpayer's out-of-pocket expenses for each student's qualified tuition and related expenses, plus (2) 50 percent of the next $1,000 of the taxpayer's out-of-pocket expenses for each student's qualified tuition and related expenses. Thus the maximum credit a taxpayer may claim for a taxable year is $1,500 multiplied by the number of students in the family who meet the enrollment criteria described above.
For more information regarding the Education Tax Reform Credits, you can contact the IRS at 1-800-829-1049 or visit www.irs.ustreas.gov or your local tax advisor.

What is the Lifetime Learning Tax Credit?
Beginning on July 1, 1998, taxpayers may be eligible to claim a nonrefundable Lifetime Learning Credit against their federal income taxes. The Lifetime Learning Credit may be claimed for the qualified tuition and related expenses of the students in the taxpayer's family (i.e. the taxpayer, the taxpayer's spouse, or an eligible dependent) who are enrolled in eligible educational institutions. Through 2002, the amount that may be claimed as a credit is equal to 20 percent of the taxpayer's first $5,000 of out-of-pocket qualified tuition and related expenses for all students in the family. After 2002, the credit amount is equal to 20 percent of the taxpayer's first $10,000 of out-of-pocket qualified tuition and related expenses. Thus the maximum credit a taxpayer may claim for a taxable year is $1,000 through 2002 and $2,000 thereafter. These amounts are not indexed for inflation. For more information regarding the Education Tax Credits, you can contact the IRS at 1-800-829-1049 or visit www.irs.ustreas.gov or your local tax advisor.

Can I take both the Hope Scholarship Credit and the Lifetime Learning Credit?
Both tax credits cannot be taken by the same student in a tax year. A family may claim both a Lifetime Learning Credit and a Hope credit as long as the same student is not used as the basis for each credit AND the family does not exceed the Lifetime Learning maximum per family. For more information regarding the Education Tax Reform Credits, you can contact the IRS at 1-800-829-1040 or www.irs.ustreas.gov or your local tax advisor.