Financial aid consists of grants, loans, and scholarships programs offered to a student to help pay tuition, fees, and living expenses.
The Culinary Institute LeNôtre is an approved Title IV recipient since October 2003.
Financial Aid available to those who qualify.
[Click here to access the FAFSA online]
The school encourages students to apply for federal aid (FAFSA-Free Application for Federal Student Aid) to help reduce the amount of tuition and fees to pay out of pocket. The Department of Education expects the family and student to have primary responsibility in paying education costs. The Department of Education’s central processing system analyzes information from the FAFSA and calculates an Expected Family Contribution number (dollar amount expected to contribute towards educational costs). This number is used to determine Pell Grant eligibility, Campus-Based eligibility, and Stafford Loan eligibility. A budget worksheet will be completed to calculate the student’s cost of attendance and to ensure all aid for the student never exceeds their financial need. (COA-EFC=NEED).
Students that choose to use Federal Stafford loans or Federal Parent PLUS loans should apply after completing the FAFSA and complete the required entrance counseling
Federal Aid only covers on average 36%-48% of the cost of tuition and fees and other resources must be used in order to cover educational costs. The financial aid office tries to coordinate different sources of aid for students to help meet their educational cost. The financial aid office reviews the programs available at the institution and advises students where to search for additional funding in addition to federal funding including: scholarships, Texas Department of Assistive and Rehabilitative Services, Texas Workforce Investment Act, veterans programs (GI Bill and Vocational Rehabilitation), private loans, and payment plans.
Students wanting assistance with the processes should contact the financial aid office for an appointment.
Those who believe scholarships are only for recent high school grads should talk to Bill Smithem. A 54-year-old South Carolina-based software engineer for 20 years, Smithem decided to return to school after getting laid off, almost all on the state's tab. "The South Carolina lottery funds a scholarship and almost all of my tuition was paid for by that," Smithem explains. "I also got an additional $500 scholarship my last semester to help cover books and supplies." Smithem used his associate degree in graphic design to start CBS Web Design, a web development firm.
Featured Sponsor
While certain states offer tuition assistance for those attending public colleges, private organizations like the Jeanette Rankin Foundation and Talbot's offer funds for older, nontraditional students. Information on state funding is available through each state's higher education department. You can also find information on private scholarships offered by your school of choice by contacting their program director and financial aid officer. The biggest mistake many adult learners make is not inquiring about aid because they assume they won't qualify.
Get Credit
Thanks to the stimulus bill and the new American Opportunity Tax Credit (formerly called the Hope credit), adults returning to school during the 2009 and 2010 tax years can write off up to $2,500 in tuition expenses per year. According to the IRS, students must spend at least $4,000 in order to get the full credit, but that includes any "qualified educational expense" like tuition, books, and course materials. Income restrictions apply as well. To be eligible for the full American Opportunities Credit, single-filers must earn under $80,000 per year and joint-filers must earn under $160,000. All college students should also investigate the tuition and fees deduction and the lifetime learning credit. The tuition and fees deduction reduces the amount of your income subject to tax by up to $4,000. The lifetime learning credit, which does not have an enrollment requirement, is a tax credit of up to 20 percent of the first $10,000 paid for qualified expenses. This option is great for students who just want to take a few courses outside of a full-fledged degree program.
Beg the Boss
That also means asking your boss. One of the fastest ways working adults can land education assistance is by inquiring about their employer's tuition reimbursement program. "About 85 percent of mid-sized and large companies offer education assistance, but there are usually stipulations on the amount of aid available or what kinds of classes employees can take," says Mark Kantrowitz, publisher of the financial aid web site, Finaid.org. In addition to restrictions on applicable classes and the award amount, many companies require employees to stick with the company for a few years after attending school. Visit your human resources representative to figure out the exact requirements of the program.
Tap the Government
If your boss won't cough up the cash, maybe the government will. The largest provider of financial aid in the country, Uncle Sam provides grants, loans and work-study jobs to both traditional and older students. "Adults are still eligible for gift aid like grants, but if they're working, their income will subtract from the amount they're eligible for," says Kantrowitz. "One way to minimize that is by maximizing their retirement plan contribution and putting money in home equity the year before they apply for aid." Kantrowitz adds that while working adults probably won't meet the income restrictions for grant aid, this year the government will give special consideration to dislocated workers. In addition, all students are eligible for up to $32,500 in low-interest student loans to help get through school. Students can apply for federal aid or investigate government-funded scholarships for dislocated workers.
By Christina Couch