The Changing Demographic
The report on the Sallie Mae website, titled, “How America Pays for College 2011,” explains that in the past four years, many families across the country and from all income brackets have shifted from four-year institutions to two-year community colleges. This shift could be a factor in why middle- and high-income families have been able to reduce education costs and take less money from income and savings to pay the price for higher education.
What is FAFSA?
The FAFSA is the first step in the financial aid process for students looking for federal or state assistance. According to a report at the Rhode Show, this mother of all financial aid forms allows the federal government to determine a student’s eligibility for financial aid. The states also use the paperwork to determine whether students qualify for loans or grants at the state level. Colleges and universities use the information on the FAFSA to get an idea of just how much financial aid a student might need to attend a specific school.
Tax assistance at the local community college is generally offered through the IRS Volunteer Income Tax Assistance program, also known as VITA. According to the IRS website, this program is available to anyone who earns $50,000 or less and requires assistance filing their tax returns. The volunteers that work with VITA are trained in IRS guidelines and are IRS certified to offer tax advice on issues such as earned income tax credit, child tax credits, and other tax deductions.
About the Scholarship
Three years ago, the Bernard Osher Foundation gave the Foundation for California Community Colleges a gift of $25 million to begin a scholarship fund for community college students. According to a press release on the Foundation for California Community Colleges website, the Bernard Osher Foundation was founded in 1977 by Bernard Osher, as a means of supporting higher education and the arts. In addition to the initial gift, the foundation also promised to match funds raised by the colleges themselves.