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Besides aid from the U.S. Department of Education (ED), the federal government offers several other financial aid programs. These programs include:Ìý

• Education awards for community service withÌý
• Ìýand/or
• Scholarships and loan repayment programs, including the Department of Health and Human Services'Ìý, theÌý and theÌý.

Federal Direct PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for education expenses not covered by other financial aid. Once your student has filled out a FAFSA, parents can apply for a Federal Direct PLUS loan atÌý.

• Ìýare federal loans that parents of dependent undergraduate students can take out to help pay for education expenses not covered by other financial aid. Once Salem State has received your student's FAFSA, parents can apply for a Federal Direct Parent PLUS loan at .
• For Federal Direct PLUS Loan purposes, a parent is considered your biological or adoptive mother or father, but not a legal guardian.
• Federal PLUS loans are also available to graduate or professional students. You can find more information onÌýÌýLoans atÌý

EnrollÌýin an interest-free monthly payment planÌýthrough TouchNet,Ìý(plan enrollment is a $40 non-refundable fee). Enrollment for Fall plans is mid-July, Spring plan is mid-December and Summer plans are mid-May.ÌýPlease refer to the TouchNet announcement section for specific dates when plans are available. Review theÌýÌýguide for more information.

Private student loans can help you cover the cost of attendance that isn't covered by other aid you've received. These private loans are available through banks, credit unions, online lenders, and other financial institutions and must be paid back. Salem State does not endorse any particular lender; visitÌýÌýto compare student loan options.

There are a significant number of external private scholarships that are not connected to Salem State University. Checking with your high school is a great place to start. Employers and community organizations often have scholarships available to students. You can also search the internet for scholarships.ÌýÌýandÌýÌýare great places to start.

Tax benefits can be used to receive back some of the money you spend on tuition or loan interest or to maximize your college savings. Many families plan to use a savings plan, like a 529 Education Plan, or other tax benefits to assist their students in school. It is important to note that this is not a financial aid award but money paid to the family through the annual tax cycle - not when the bill is due.Ìý

Tax Credits for Higher EducationÌý

Two tax credits help offset the costs (tuition, fees, books, supplies, equipment) of college or career school by reducing the amount of your income tax:

• TheÌýÌýcan be used each yearÌýfor the first four years of school as the student works toward a degree. The credit allows up to $2,500 per yearÌýfor money paid toward tuition, enrollment fees, course-related books, supplies, and equipment needed for attendance but not paid to the college directly. It does not cover housing and meals. Students must be enrolled at least half-time to be eligible.Ìý
  TheÌýÌýallows the student, the student's spouse, or the student's familyÌýto claim up to $2,500 per year per household. The credit can be used for any college or career school tuition and fees, as well as for books, supplies, and equipment that were required for the course and had to be purchased from the school. The same student cannot claim the credit if they have claimed a different tax credit within the past year of claiming the Lifetime Learning Credit.

Coverdell Education Savings Account

AÌýallows up to $2,00 a year to be put aside for a student's education expenses (elementary, secondary, college, or career school).

IRA Withdrawals for College Costs

You mayÌýÌýto pay for higher education for yourself, your spouse, your child, or your grandchild. Federal income tax will be owed on the amount withdrawn, but you will not be subject to the early withdrawal penalty.Ìý

Qualified Tuition Programs (QTPs, also known as 529 plans)Ìý

AÌýÌýplan is established by a state or school so that you can either prepay or save up to pay education-related expenses. Once a student is in college, a family can withdraw money from their account to pay for education expenses. The money withdrawn will not be taxed. To learn more about state 529 plans, please visitÌý.Ìý

Student Loan Interest Deduction

AÌýÌýthat were taken out for yourself, your spouse, or your dependent. The benefit applies to all loans (not just federal student loans) used to pay for higher education expenses. The maximum deduction is $2,500 a year.Ìý

For more information, readÌý, to see which federal income tax benefits you may apply, or visitÌý.