Additional Resources

Harvey Mudd Publications

General Financial Aid Information

The College Board Online
This site provides an excellent overview of financial aid, as well as calculators with which you may estimate your family’s contribution (if you do so, make sure to select Federal and Institutional Methodology).
The College Board’s How to Spot Scholarship Scams
College Navigator
A free consumer information tool designed to help students, parents, high school counselors and others get information about colleges.
FinAid.org
A comprehensive site on financial aid, this site provides links to major scholarship and loan sources as well.
California Student Aid Commission
Provides information on the Cal Grant Program and the California State ScholarShare 529 Program.

Tax Credits

IRS Publication 970 Tax Benefits for Education: 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. The credit amount starts phasing out if you make more than $90,000, or $180,000 if you’re filing a joint return.

Lifetime Learning Credit

A tax credit of up to $2,000 (20 percent of the first $10,000) for educational expenses. The credit amount starts phasing out if you make more than $80,000 ($160,000 if filing a joint return). You can’t claim the credit if your total income is $90,0000 or more ($180,000 or more if filing a joint return).

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. The credit amount starts phasing out if you make between $65,000 and $80,000 or between $135,000 and $165,000 if you’re filing a joint return.

Coverdell Education Savings Account (ESA)

Families can contribute up to $2,000 per year tax free for each child under 18 in the child’s name toward education expenses. The credit amount starts phasing out if you make more than $110,000, or $220,000 if you’re filing a joint return.

Financial Aid Tools & Calculators

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