Affordability states that college tuition and fees rose by a
staggering 439 percent while, dur-
ing the same period, median family
income rose 147 percent. It’s all too
clear: the burden of college tuition
continues to exact a very heavy toll
on family finances. Financial aid for
athletic ability is a realistic method
for reducing that burden.
A Word about Student
Loans
If you are a prospect for a Division
II or III program, it is highly likely
that your financial aid package will
include a subsidized student loan.
There are two different types of sub-
sidized loans: Stafford and Perkins.
Whether one agrees or not, student
loans are considered financial aid.
You borrow money that you don’t
plan to begin repaying for at least
four years. When anyone borrows
money, they have to at least pay
interest on the amount they’ve bor-
rowed. But with student loans, you
(the borrower) don’t have to pay
interest on the money as long as you
are a student in good standing.
But someone is paying the inter-
est. That someone is the federal
Recruiting and Financial Aid 21
Credits and Deductions
A helpful reduction of the
financial burden of a col-
lege education is the Hope
Tax Credit. It can be used
during a student’s freshman
and sophomore year to a
maximum of $1,500. One
dollar in tax credit means
a one-dollar savings in fed-
eral tax. Another available
credit is the Lifelong Learn-
ing Credit. It is calculated on
the first $10,000 and awards
20 percent of that total to
a maximum of $2,000. It is
means-tested with a maxi-
mum income for families of
$83,000 for full credit and
$103,000 the disqualify-
ing income level. Certain
politicians have decided that
those who earn these levels
of income are wealthy. The
politicians decided those
earners should be penalized
for their earning power and
are disqualified. Income lim-
its on singles is $41,000 and
$51,000; again such income
levels designate wealthy
taxpayers who are evidently
worthy of the disqualifica-
tion penalty. So there. That
will teach you to own an
alarm clock.(continued)