Iowa State Student Debt
If you're like most students at ISU, you're probably borrowing some money to
pay for college, and you're planning to repay later. But what if you could borrow
less money? Iowa State University has both financial and educational resources
available to help you borrow smart.
Useful Websites
Financial Counseling ClinicEducate yourself about paying for college at the website of ISU’s Financial Counseling Clinic. Learn more about using credit cards, developing a budget, or consolidating your loans. You can read the information online or schedule an appointment.
Office of Student Financial AidVisit the webpage of the Office of Student Financial Aid. Learn about and apply for scholarships being offered, so that you can reduce or eliminate the amount you need to borrow. You can also learn about the financial aid process and use CashCourse, an online resource with lots of information about paying for college.
$4,000 Disaster Relief Tax CreditDue to the sever flooding in 2008, Story County among other Iowa counties is considered a Midwestern Disaster Area. For you, that may mean saving money when it comes to taxes - up to $4,000, in fact!
Click here to find out more.
$1,500 HOPE ScholarshipStudents in the first two years of college may be eligible for large tax credits to help pay for school. These include a 100% tax credit of the first $1,000 of tuition and fees and 50% for the second $1,000, for a combined total of $1,500. Click here to read IRS Publication 970, which has more details on the HOPE credit.
Lifetime Learning CreditsStudents beyond the first two years of college, or students taking part-time classes to improve job skills, may be eligible. This includes a 20% tax credit for the first $5,000 of tuition and fees through 2002 and for the first $10,000 thereafter. Click here to learn more about Lifetime Learning Credits by reading IRS Publication 970.
Textbook Tax RefundYou can get 100% refunds on the taxes you paid for textbooks purchased at the University Book Store. The program only works for books purchased from UBS, but receipts from up to three years ago may be used.
Click here to learn how to participate in this great program.
Student debt is a serious issue for college students. American students average
roughly $21,000 in loan debt on graduation. And in 2005-2006, the average student
loan debt of graduating seniors rose 8%, in comparison to a 4% rise in average starting
salaries.
The problem is especially tough for students at Iowa colleges. In 2006, college
students in Iowa ranked 6th highest in the nation in student debt. The number
of students borrowing is also increasing: by spring 2006, 3% more Iowa students were
borrowing to pay for school.
From 1997 to 2007, total cost of attending Iowa State University has increased 71.2%,
including a tuition and fees hike of 119.1%! And between ISU, UNI, and Iowa,
average debt for graduating seniors with debt was $25,904.
