Financial Aid Handbook
Information for Students with Disabilities
Coe College helps provide access to higher education to students who have disabilities. Students with disabilities are encouraged to contact the Coe College Academic Achievement Program at 1.877.CALL.COE, x8574 toll free, or locally and outside the United States at, 1.319.399.8574.
Information for Independent Students
A student’s status regarding dependency for the purposes of filing for financial assistance is defined by federal regulations as specified in the FAFSA.
Please note that IRS filing status of the student as a “dependent” has no bearing on the dependency status for purposes of filing the FAFSA. Questions regarding dependency status should be referred to the Office of Financial Aid.
Coe scholarships and grants are not available to students who are enrolled part-time (2.99 course credits or fewer). Federal and state grants, work-study and loans are available to part- time students at prorated amounts. To be eligible for federal Direct loans, you must be at least half-time — 2.0 course credits per term. If you are considering changing your status from full-time to part-time, please contact the Office of Financial Aid.
Fifth Year of Study
Students who have received eight terms of Coe aid and are pursuing a fifth year of study are not eligible for Coe grants or scholarships although they may be eligible for a continuing student tuition discount. A student may receive federal grants and loans provided that the FAFSA, which demonstrates financial need, is completed. Questions about the continuing student tuition discount should be directed to the Office of Financial Aid.
Education and accounting majors may be eligible for a fifth-year tuition discount. Contact the respective academic departments for more information.
Reporting changes in enrollment, residency and financial circumstances
Any change in a student’s enrollment status, financial circumstances, or residential status must be reported immediately to the Office of Financial Aid. Such a change may affect the calculation of financial need and the corresponding assistance offered. It is in the best interest of students moving off-campus to contact the Office of Financial Aid prior to seeking permission to move in order to determine the impact to their financial aid package.
Information for Off-Campus Study Students
The Office of Off-Campus Study webpage provides extensive information about the opportunities to study off campus. Coe-administered financial aid, with the exception of college tuition remission programs (National Tuition Exchange, Associated Colleges of the Midwest, Association of Presbyterian Colleges and Universities tuition exchange), may be used for off-campus study if approved by the Director of Off-Campus Study and the Committee on Honors, Interdisciplinary Study and Off-Campus Opportunities. Students are responsible for any additional costs of these programs.
Enrollment in an off-campus study program approved for credit by Coe will qualify the student to be considered for assistance from federal and state grant and loan programs. Contact the Office of Financial Aid for more information.
Summer Financial Aid
Students applying for summer financial aid must file the appropriate year FAFSA and notify the Office of Financial aid of their summer enrollment plans. Students seeking financial aid through the Federal Direct Loan Program(s) must be enrolled for a minimum of 2 course credits. Students may be eligible for a Federal Pell Grant if they are enrolled for less than 2 course credits. Funding awarded from either program may reduce the amount(s) available from the program(s) for the following academic year. Students may borrow through the federal PLUS loan or alternative/private loan programs without impacting their federal loan eligibility for the following academic year.
Verification of Enrollment
The Coe College Registrar’s Office will verify the enrollment of students for the purposes of insurance, employment or loan deferment. In some cases, siblings of Coe students who are attending other colleges may require the verification of their sibling’s enrollment at Coe. The Office of Financial Aid will process those requests, if appropriate.
Taxability of Financial Aid
A portion of the financial assistance you receive may be considered taxable income and should be included as income on your tax returns (if filed).
- Student loans are not considered income for federal tax purposes.
- Work-study earnings are considered taxable income. Coe College will report your earnings to the Internal Revenue Service (IRS). W-2 earnings will be mailed to the student’s permanent home address every January.
- The portion of any scholarship or grant attributable to services you perform is taxable as compensation.
- The portion of scholarship and grant assistance exceeding the cost of tuition, fees, books, supplies and equipment must be included as taxable income. (room and board costs are not considered in the calculation).
To comply with the IRS requirements, you will need to determine the portion of your scholarship or grant assistance required to be included as taxable income on your tax return. You should keep receipts for all tuition, fees, books, supplies, and equipment required for your degree program. The difference between these costs and the amount of your scholarship, grant, or fellowship awards is the amount that must be included as taxable income. Please note that the amount of taxable income that you include on your tax return can be offset on your Free Application for Federal Student Aid (FAFSA) specifically on questions 44d (student) or 93d (parent).
Higher Education Tax Benefits for Students and Parents
These tax benefits can be used to get back some of the money you and your parents spend on tuition or loan interest or to maximize your college savings. Even if you or your parent are not required to file a return because of your income levels, be sure to do so. If you don't, you may miss out of a refundable tax credit.
Two tax credits help offset the costs (tuition, fees, books, supplies, equipment) of college or career school by reducing the amount of your income tax:
- The American Opportunity Credit allows you to claim up to $2,500 per student per year for the first four years of school as the student works toward a degree or similar credential.
- The Lifetime Learning Credit allows you to claim up to $2,000 per student per year for any college or career school tuition and fees, as well as for books, supplies, and equipment that were required for the course and had to be purchased from the school.