A Tax Fact from The Tax Institute at H&R Block

The cost for college tuition continues to rise and would-be college freshman and their parents scurry for every dollar they can get their hands on to cover tuition, textbooks and room and board.

Often overlooked, there are other sources of money available right in your own backyard for qualified students in addition to traditional federal and state financial aid programs and often there is no repayment of the financial funds required.

Motivated students should start researching the available fellowships, grants and scholarships available from some of their local churches, synagogues and employers. Many of these dollars are available to local high school seniors in the community by completing an application process and some even accept applications as early as junior year of high school.

The key to success is to do your homework early. Reach out to local organizations, employers and religious groups in your hometown and inquire about their financial assistance programs for local students planning to attend college.

Once you’ve identified local sources, be sure to complete and mail applications on time – deadlines for these dollars are set for a reason. Decisions must be made by certain dates, with no exceptions.

So persevere and don’t give up – you just may find additional funds right in your own neighborhood. And be sure to complete your FASFA form to apply for financial aid for the upcoming Fall and Spring semester as soon after January 1 as possible.

Please note: If you live in the Atlanta, GA Metro, Northern Georgia, New York City Metro, Charlotte, NC Metro, Missoula, MT, Baltimore, MD, Jacksonville, FL, McAllen, TX or Harligen, TX, you may receive professional assistance in completing the 2009-2010 FAFSA form beginning in January 2009 while completing your tax return with H&R Block. Other H&R Block locations can help assist you in answering questions regarding the FAFSA form.  For more information about participating offices in your area, please contact your local H&R Block office.

Good luck!

This Tax Fact is brought to you by The Tax Institute at H&R Block.
To view other helpful tax information or listen to our Tax Fact podcasts, visit www.digits.hrblock.com

As always . . . everyone’s tax situation is different, so be sure to consult a tax professional or financial advisor before making important financial decisions.

This Tax Fact is for educational purposes only and is not intended to be a substitute for seeking personalized, professional advice, nor is it intended to be used to avoid IRS penalties.