ScholarUp

Happy New Year!

We wish you a fun and successful 2012!

Tips from Scholarship Program Managers - Taxes & Scholarships

Interview with Amanda Moon, International Scholarship & Tuition Services, Inc.

Most students in the United States can determine whether or not their scholarship is eligible for a tax penalty simply by answering the following two questions:

1.  What type of student are you?
   Students fall into two categories: degree seeking and non-degree seeking. Your category is determined by whether you are attending school for just a few classes or if you are pursuing a degree (such as Associate, Bachelor or Masters).  You are not required to have declared a major or attend school full-time to be considered degree seeking, but you must plan to graduate. You were asked to declare your intention when you registered with your school, so you can check with your school’s Registrar’s Office if you’re not sure of your category.
2. How will you use the scholarship money?
   College costs fall into two categories when it comes to scholarships – qualified and non-qualified. Tuition is considered a “qualified expense” by the Internal Revenue Service (IRS). Other “qualified expenses” include fees, books and supplies as long as they are “required of all students in your course of instruction” (like that technology fee your school might have made you pay!) Items like laptops and printers are not qualified unless they are specifically noted as required in course documentation, like a catalog or syllabus.
   
   Other expenses - such as room, board and incidentals - are never considered qualified. Scholarship funds are taxable if used for these types of expenses, so many scholarship programs prohibit schools from releasing funds for these purposes.

The Bottom Line: A scholarship is not taxable when the student is seeking a degree and uses his or her scholarship funds for a qualified expense. Scholarships given to students who are non-degree seeking or used for non-qualified expenses are always taxable and must be reported to the IRS. Consult a tax professional or review this document for more information on scholarships and taxes.

Discounts that Count - Ways to Save Money in College

Being a college student entitles you to discounts for everyday life. Use these tips to keep your wallet happy:

Student Advantage Discount Card  – Student Advantage offers this fee-based program ($20 for 12 months) that gives cardholders access to special discounts offered by participating retailers across the country and online, such as Target and Barnes and Noble. Members of the academic community age 16 and older – including part-time, graduate and international students - are eligible to take part in the program. Visit the SA website for more details.

School Buzz - College Profiles - December 2011

 Norwich University

Brief Description: Small, private military college nestled among the mountains of Central Vermont, not far from the state capital of Montpelier. Both traditional students and students planning military careers make up Norwich’s student body.  

High Honors: Norwich focuses on fostering academic success, athletic excellence and leadership development. For example, members of the Corps of Cadets have the opportunity to train incoming freshmen or command their own company while non-military coeds can flex their leadership muscle through intramural sports or the Norwich University Volunteer Organization (NUVO).
 
Breaking New Ground: Norwich was not only the birthplace of the ROTC, but also one of the first military institutions to accept women and introduce civilian students onto its campus.

Fun Fact: The University’s Activities Council organizes a variety of fun events for students, including a Winter Carnival and trips to nearby hotspots like Montreal and Boston.

Happy Holidays from ScholarUp!

Have a joyful holiday break with your friends, family - whoever! You deserve it!

In Your Corner: Clubs & Organizations for Students

National Society of High School Scholars (NSHSS)

FOUNDED          

2002; co-founded by Claes Nobel of the family that created the Nobel Prize

JUST THE FACTS              

Established to recognize and support high school students who have shown achievement in academics, leadership skills and community service 

Affiliated with the National Scholarship Providers Association, the Be a Star Anti- Bullying Alliance and the National Association for College Admission Counseling

GET INVOLVED

Students who meet certain academic criteria are eligible for nomination for  membership, either by the Society directly or by a nominator at their school 

Nominated students who join pay only a $60 fee for lifetime membership 

BENEFITS OF MEMBERSHIP        

Variety of college and career preparation programs and services

Scholarship awards

Exclusive discounts and educational resources

Special educational events     

NOTABLE MEMBERS     

More than 700,000 students from 162 countries 

Good 2 Know - Educational Resources and Updates

After all the late nights, dorm food, midterms and everything that comes with being a college student – a much deserved break is almost here! Have you made all the necessary plans for your holiday getaways?

Check out this blog from U.S. News and World Report for some great holiday visit and travel advice for college students.

 

Unusual Scholarships

Get inspired.

The National Sculpture Society’s scholarship program offers four $2,000 scholarships to students based on a figurative or realistic piece of sculpture inspired by nature. Applicants should demonstrate financial need, too.

Channel your inner Einstein.  

In collaboration with the Society for Science and the Public, Intel’s Science Talent Search provides high school seniors the opportunity to enter their original science projects and compete for more than $1.25 million in awards and scholarships. The grand prize winner earns a $100,000 scholarship!

Good 2 Know - Educational Resources and Updates

Do you know what you should focus on when submitting a college application?

Read this story, Top 5 Tips Every High School Student Should Know When Applying to College, to make sure you are moving in the right direction.

Virtual Bookstore - December 2011

Featured Gadget:

Voltaic Converter Solar Backpack  

Add this waterproof and lightweight backpack to your holiday wish list! The Voltaic Converter Solar Backpack features two solar panels that generate and store power from sunlight for an output of up to 4 Watts. This $199 pack is perfect for a student on-the-go – just connect your cell phone, camera, tablet or other handheld electronic and let nature do the rest.