Types of Aid
Ithaca College participates in a wide variety of aid programs designed to meet the needs of most students. These include Federal, state (such as New York, Vermont, Delaware, and Rhode Island), and our own institutional aid programs. All applicants and continuing students are eligible to apply for aid programs that are available as scholarships, grants, loans, and work. Tax incentives may also apply for some families.
|A number of Internal Revenue Service (IRS) programs provide assistance in reducing the cost of a college education.|
American Opportunity Credit
The American Opportunity Credit is a nonrefundable credit against a family's federal income taxes. The credit may be claimed for those payments of tuition and related expenses.
Lifetime Learning Tax Credit
The Lifetime Learning Tax Credit applies to qualified tuition and related expense payments.
Coverdell Education Savings Accounts (CESA)
This incentive applies to education IRA's. A taxpayer may deposit amounts up to $2000 annually in to a (CESA). The contributions must be for a child under age eighteen. Other family members may also contribute to the (CESA), but the total contributions cannot be higher than $2000.
For specific questions, contact the Internal Revenue Service regarding education credits.