Other Sources of Aid
There are numerous external resources for financial assistance. We encourage students to consult with the Financial Aid Office to understand their options.
AmeriCorps is a national service initiative that engages individuals from all backgrounds in community service activities. In return for the successful completion of their service, participants receive money for school in the form of education awards that can be applied to outstanding student loans or used for future higher educational and vocational training pursuits. For more information, call 1-800-942-2677, or visit www.americorps.org.
Federal Tax Incentive Programs
Two federal income tax credits that offer dollar-for-dollar reductions in tax liability are available for higher education expenses.
The HOPE credit, worth up to $1,500 per student, is available to first- and second-year students enrolled at least half-time.
The Lifetime Learning credit is a tax credit equal to 20 percent of a family's tuition expenses, up to $5,000, for virtually any postsecondary education and training, including subsequent undergraduate years, graduate and professional schools, and even less than half-time study.
Learn more about HOPE and Lifetime Learning Education Tax credits, and other tax benefits for postsecondary students. You can also review the Internal Revenue Service's Publication 970. To get a copy of Publication 970, please call 1-800-829-3676, or download the publication.
New York's College Savings Program
This is a college savings program for students. Participants need not be New York State residents, although New York State taxpayers may deduct their contributions to the fund (up to $5,000 per year, from New York State net taxable income). Savings may be used to meet college costs at any eligible college in the U.S. and some foreign institutions. For information, call 1-877-NYSAVES or visit www.nysaves.org.
New York State College Tuition Tax Deductions/Credits
New York State taxpayers are eligible for a refundable credit or an itemized deduction for qualifying undergraduate tuition expenses of $10,000. Consult your tax advisor.
Student Loan Interest Deduction
Some students may now deduct the interest paid on their qualified education loans when filing their federal income tax returns. The student loan interest deduction allows students or their families to take a tax deduction for interest paid during the first 60 months of repayment. The deduction is available even to students who do not itemize deductions. For more information on student loan interest deductions, please consult your tax advisor.
Veterans Administration (VA) Benefits
A variety of educational assistance benefits are available to those who have served in the active military, naval, or air service and their dependents.
For information on all VA benefits, and assistance in applying for them, students are advised to contact the Financial Aid Office, or the Office of the Veterans Administration at 1-800-827-1000 or visit their website at www.vba.va.gov. Touro College is a veteran friendly campus and are happy to help with VA benefits info through our Veterans Program.
Tuition Payment Plans
Tuition payment plans are available. Please direct all inquires to the Office of the Bursar.