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Harvey Mudd Publications

General Financial Aid Information

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  This site provides an excellent overview of financial aid, as well as calculators with which you may estimate your family鈥檚 contribution (if you do so, make sure to select Federal and Institutional Methodology).
• The College Board鈥檚
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  A free consumer information tool designed to help students, parents, high school counselors and others get information about colleges.
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  A comprehensive site on financial aid, this site provides links to major scholarship and loan sources as well.
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  Provides information on the Cal Grant Program and the California State Program.

Tax Credits

: Information about federal programs designed to support families paying higher education expenses by providing tax benefits to students and their families. The most commonly used tax benefits include:

American Opportunity Credit

Worth up to $2,500 of the cost of tuition and related expenses. For single filers, the phase-out begins at $80,000, and you lose the credit entirely at $90,000. For married filing jointly, the phase-out begins at $160,000, and the credit goes to zero at $180,000.

Lifetime Learning Credit听

A tax credit of up to $2,000 (20 percent of the first $10,000) for educational expenses.听For single filers, full credit allowed up to $80,000, then phases out between $80,000 and $90,000, and disallowed at $90,000 or more. For married filing jointly, full credit up to $160,000, phase-out between $160,000 and $180,000, and disallowed at $180,000 or more.

Student Loan Interest Deduction

Interest paid on education loans can be deducted up to $2,500, even if the tax filer does not itemize deductions. For single filers, phase-out begins at $80,000 and fully phased out at $95,000. For married filing jointly, phase-out begins at $165,000 and eliminated at $195,000.

Coverdell Education Savings Account (ESA)

Families can contribute up to $2,000 per year tax free for each child under 18 in the child鈥檚 name toward education expenses. For single filers, full eligibility up to $95,000, then phased out gradually up to $110,000, above which no contributions are allowed. For married filing jointly, Full eligibility up to $190,000, then phased out gradually up to $220,000, above which no contributions are allowed.

Financial Aid Tools & Calculators

• Department of Education鈥檚
  Use the Repayment Estimator to estimate your federal student loan payments under each repayment plan.
• The College Board鈥檚听
  Tools and calculators for everything from Expected Family Contribution to loan repayment.
• Sallie Mae鈥檚
  Tools and calculators about planning and budgeting, reducing the cost of borrowing and evaluating听repayment options.
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  Offers online calculators on a wide range of student finance issues, from need analysis to loan repayment.