A COMMUNITY FOUNDATION OF GRANT COUNTY

SCHOLARSHIP STORY

What is Financial Need?

What is a Scholarship?

A scholarship is tax-free if:

1. Awarded to a candidate for a degree at an eligible educational institution, and

2. Used to pay qualified education expenses.

IRS Publication 970, “Tax Benefits for Education”.

IRS Publication 525, “Taxable and Nontaxable Income”.

What is a Scholarship?

Qualified Educational Expenses (Tax-Free; no 1099 needed)

Tuition and fees required to enroll at or attend an eligible educational institution, and

Course-related expenses, such as fees, books, supplies and equipment that are required for the courses at the eligible educational institution. These items must be required of all students in the course of instruction.

What is a Scholarship?

Non-Qualified Expenses

Room and board

Travel

Research

Clerical help

Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution.

Scholarship

Financial Need Considerations

Tuition Waivers

21st Century Scholarships

Purdue Promise & IU Covenant

Funding Before Scholarships

Tuition Waivers

Parent Income Parent AssetsStudent Income EFC

21st Century Scholar Pell Grant

21st Century/ Public State

Grant

21st Century Purdue

Promise & IU Covenant

IWU or Taylor Tuition Waiver

Total Available BEFORE

Scholarships

$48,095 $4,200 $795 $3,17

1 No $2,400 $0 $0 $28,088 $30,488

Needed: Taylor University Tuition - $28,088

21st Century Scholarship

Parent Income

Parent Assets

Student Income EFC

21st Century Scholar Pell Grant

21st Century/ Public State

Grant

21st Century Purdue

Promise & IU Covenant

IWU or Taylor Tuition Waiver

Total Available BEFORE Scholarships

$0 $0 $0 $0 Yes $5,550 $3,354 $0 $0 $8,904

Needed: Ivy Tech Tuition - $3,454

Purdue Promise & IU Covenant

Programs developed to supplement 21st Century Scholars costs outside of tuition, which is already covered by the 21st Century Scholarship.

Applicable to Purdue’s Lafayette campus and Indiana University’s Bloomington campus.

Funds that cover unmet direct costs including room and board, books, etc.

IU Covenant

Purdue Promise/IU Covenant

Parent Income

Parent Assets

Student Income EFC

21st Century Scholar Pell Grant

21st Century/ Public State

Grant

21st Century Purdue

Promise & IU Covenant

IWU or Taylor Tuition Waiver

Total Available BEFORE Scholarships

$23,799 $0 $0 $0 Yes $5,550 $9,900 $6,625 $0 $22,075

IU Bloomington Annual Costs - $18,888Purdue – Lafayette Annual Costs - $20,278

Funding Before Scholarships

Parent Income

Parent Assets

Student Income EFC

21st Century Scholar Pell Grant

21st Century/ Public State

Grant

21st Century Purdue

Promise & IU Covenant

IWU or Taylor Tuition Waiver

Total Available BEFORE Scholarships

$1,865 $2,160 $653 $0 No $5,500 $3,912 $0 $0 $9,412

Ball State Tuition - $8,980Purdue Tuition - $9,900IU Tuition - $10,034Ivy Tech Tuition - $3,455

Goose Eggs

Parent Income

Parent Assets

Student Income EFC

21st Century Scholar Pell Grant

21st Century/ Public State

Grant

21st Century Purdue

Promise & IU Covenant

IWU or Taylor Tuition Waiver

Total Available BEFORE Scholarships

$50,191 $500 $8,488 $5,282 No $0 $0 $0 $0 $0

NEEDED: Indiana University Kokomo Tuition - $6,542

Goose Eggs

Parent Income

Parent Assets

Student Income EFC

21st Century Scholar Pell Grant

21st Century/ Public State

Grant

21st Century Purdue

Promise & IU Covenant

IWU or Taylor Tuition Waiver

Total Available BEFORE Scholarships

$59,308 $3,500 $5,342 $6,389 No $0 $0 $0 $0 $0

NEEDED: IUPU Fort Wayne Tuition - $7,639

Goose Eggs

Parent Income

Parent Assets

Student Income EFC

21st Century Scholar Pell Grant

21st Century/ Public State

Grant

21st Century Purdue

Promise & IU Covenant

IWU or Taylor Tuition Waiver

Total Available BEFORE Scholarships

$67,561 $0 $5,497 $7,321 No $0 $0 $0 $0

NEEDED: Ball State Tuition - $8,980

College Cost Estimator (CCE)

LILLY PROMOTIONAL FUNDSPurpose: To support scholarship program

administrative costs.

BENEFIT OF CCE TO ALL APPLICANTSOnce a student has complete the CCE, they are in the National Center for College Costs (NCCC) database and that student, PLUS anyone in their family, has NCCC client services for life…for free.

College Cost Estimator (CCE)

Parent Income Parent Assets EFC

21st Century Scholar Pell Grant

21st Century/ Public State

Grant

21st Century Purdue

Promise & IU

Covenant

IWU or Taylor Tuition Waiver

Total Available BEFORE

Scholarships

$965,639 $2,994,932 $244,192 No $0 $0 $0 $0

$542,643 $3,257,500 $341,032 No $0 $0 $0 $0

$517,000 $200,000 $71,444 No $0 $0 $0 $0

Not donors…YET.