Category Archives: University College

Apr
01
2013

Uncle Sam Wants You (to go back to school) and he’s willing to give you a tax break for it.

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It’s tax season again and the New York Times ran a story recently on possible tax breaks for non-traditional students.  How you pay tuition, where and how much you attend school, and your income affect your eligibility for these tax breaks.  The following is a summary of the tax credits that might be available to older college students:

LIFETIME LEARNING CREDIT.  You can take this credit even if you are only taking one class and not pursuing a degree provided you are enrolled in a qualifying institution.  The credit may be taken for 20% of tuition and fees, up to a $2,000 maximum on $10,000 in expenses.  For 2012, the credit phases out for single people earning more than $52,000 and married couples earning more than $104,000.

AMERICAN OPPORTUNITY CREDIT.   While this credit is mostly taken by parents paying for their children’s undergraduate education, returning adult students may qualify for it as well.  You may take a $2,500 credit per student credit for tuition, fees, and course materials for the four years of an undergraduate degree.  You cannot take this credit for graduate school or courses not leading to a degree.  Singles with incomes above $80,000 and married couples who earn more than $160,000 may not take this credit.

 TUITION AND FEES DEDUCTION.  If you don’t qualify for either of the above credits due to income or other factors, you may qualify for this income deduction.  If you are single and earn less than $80,000 or married and earn less than $160,000, you can take a $4,000 deduction for yourself or a dependent.  There are no restrictions on the number of years it can be taken and it does not matter if you attend full- or part-time.

If you pay your tuition and fees with money from a 529 or Coverdell account, you may not take any of these tax credits or deductions as well. (no “double-dipping”).

 You can read the New York Times article in its entirety at this link:

http://www.nytimes.com/2013/03/19/education/tax-code-helps-continuing-education-students-with-costs.html?ref=nationalspecial2&_r=0

 IRS Publication 970 contains information about educational deductions and can be found at the following link:

http://www.irs.gov/pub/irs-pdf/p970.pdf

You may want to consult with a tax professional regarding educational tax credits and deductions.

 

Mar
19
2013

Scholarships for adult students at the University of Memphis.

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While many adult students rely on students loans to finance their degrees, scholarship money is available for students 25 years and older.  The Adult and Commuter Services website at http://www.memphis.edu/acss/ discusses two such scholarships.

The University of Memphis Adult Scholarship is a highly competitive, renewable merit scholarship of $5,500 annually for full-time students or $3,000 annually for part-time students.

The following are selection criteria for the University of Memphis Adult Scholarship:

  • In-state and out-of-state undergraduate students are eligible.
  • Must be pursuing first undergraduate degree to be eligible.
  • Students must reach their 25th birthday by August 1st of application year.
  • Current students must have a 3.0 cumulative G.P.A. and new students must meet Adult Admission requirements to be considered for selection.
  • Part-time students must complete a minimum of 6 hours and full-time students must complete a minimum of 12 hours per semester.
  • Preference given to students who do not already have a scholarship.

In addition to the above requirements, applicants must also submit a typed essay (500 words or less) detailing “Why I need or deserve an adult scholarship.”

I was surprised to discover that the Hope Lottery Scholarship has a Nontraditional Student Component.

The non-traditional student must be a Tennessee resident, complete the Free Application for Federal Student Aid (FAFSA) and be enrolled at an eligible postsecondary institution. In addition, the student must:

  • Be age 25 or older, as an entering freshman in an eligible postsecondary institution OR have not been enrolled for at least two (2) years after last attending any postsecondary institution and is now enrolled at an eligible postsecondary institution
  • Must have parents’ or independent student’s and spouse’s adjusted gross income of $36,000 or less on IRS tax form
  • Be continuously enrolled at an eligible postsecondary institution in the fall and spring semesters and maintain satisfactory academic progress
  • Have a minimum cumulative GPA of 2.75 after 12 attempted semester hours or required GPA at subsequent benchmark

To continue receiving the HOPE Scholarship, the non-traditional student shall meet the HOPE Scholarship Renewal Criteria mentioned above.

Consider these resources as plan to finance your degree.  You might also want to talk to your financial aid advisor about other resources available to adult students.

 

Feb
19
2013

Everything you ever wanted to know about Experiential Learning Credit…

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I sat down last week with Victoria Lee, Experiential Learning Coordinator for University College to discuss how this program works and how it might benefit adult learners.  Experiential Learning is a relatively new program in University College that allows students to earn college credit for prior life experiences.  These experiences are usually job or career related, but might include volunteer work or travel as well.  For example, a paralegal student working in a law office might receive credit for assisting with briefs or performing real estate closings.

In order to obtain ELC, students must follow a number of steps that usually take 5-10 weeks to complete according to Ms. Lee.  Students must file a letter of intent, pay an ELC deposit, complete the online ELC course, and file an electronic portfolio.  The electronic portfolio details the experience for which the student is seeking credit.  The student must provide a syllabus which explains why the experience should be considered academic.  Other components of the portfolio might be certificates or letters of recommendation.

A faculty member who is an expert in the requested credit area then evaluates the portfolio and awards credit.  The student then pays $30 per undergraduate credit and $50 per graduate credit awarded.  Undergraduates may petition for a maximum of 30 credit hours and the average number of hours awarded is 14.  Graduate students may petition for a maximum of 6 hours.

In addition to credit for a portfolio, certain certifications are automatically eligible for Experiential Learning Credit.  For example, a Private Pilot’s License is worth 5 credits for Commercial Aviation majors.  You can find a full list of Pre-Assessed Certifications at the following link: http://www.memphis.edu/univcoll/experiential_learning_pre-assessments.php.

For more information about Experiential Learn Credits, visit their website at http://memphis.edu/elc.