Federal Financial Aid

The Hope credit and the Lifetime Learning credit are tax credits that may be available to students if they pay higher-education costs. A tax credit reduces the amount of income tax s/he may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself.  Students can claim the Hope credit for the first two years of an eligible student's postsecondary education and claim the Lifetime Learning credit for the same student in later years. For additional information about the Taxpayer Relief Act, please consult your tax adviser or request IRS Publication 970, Tax Benefits for Higher Education, by contacting the IRS at (800) 829-1040. The IRS Web site is http://www.irs.ustreas.gov/prod/hot/taxlaw.html.
Educational Tax Incentives that may be available to Siegal College students, enrolled at least half-time, include:
HOPE credit of up to $1,500 to parents of dependent BJS students for tuition in the first two years of study.
Life Time Learning Credit of up to $1,000 for study after the first two years of undergraduate education.

Determining Financial Need

Students seeking financial aid are expected to make contributions toward the cost of their education. The responsibility for financing education lies first with the student and/or spouse and, if s/he is a dependent, his/her parent(s).  In determining a student's resources income, assets and other earnings are considered. The total amount of financial assistance offered shall not exceed the student's need after considering all other resources available. Awards are made to students on the basis of need, and the neediest students are given first consideration when determining aid.