The data on typical yearly educational funding shows that parental contributions cover around 40% of college costs; a close second is scholarships and grants pegged at 25%. Close to 2 million scholarships are awarded each year; the U.S. Department of Education alone awards 46 billion dollars in scholarships and private sources award close to 8 billion dollars in scholarships annually. Almost none go unclaimed. Such is the impact of scholarships!
Scholarships help reduce the ticket price of a degree thereby offsetting the cost of education for millions of school-goers who apply for scholarships each year through federal, academic, or private organizations. The cherry on the cake is that they don’t have to be repaid. However, not all scholarships are equal, and certainly, not all are tax-free either.
Even though Internal Revenue Service (IRS) policies are favoring towards student’s tax obligations, there are cases when a student could have tax liabilities on scholarship dollars. The last article highlighted the importance of Scholarship as a valuable Education benefit and how outsourcing administration can have various benefits for organizations including tax exemptions. Here we will discuss tax implications around scholarships for both the students and the sponsoring organization and provide some tools that will better serve both.
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The theme for the International Customer Service Week in 2022 was “Celebrate Service”. This called for a double-celebration at Edcor this week as we were also proudly celebrating our 41st year of providing excellent service.
Over the past few years, we have proven how resilient, resourceful, and tenacious we are. Our commitment to give our Clients the best support possible has not waivered even in this difficult year. We have faced challenges head-on and made it through whatever was standing in front of us. Edcor has had a great year with growing not only our Tuition service line but also our Freedom and Scholarship lines. Our company has had countless achievements, accomplishments, and even our share of missteps that have all led to making us the best in class.
At Edcor, we have accomplished a lot together during the first 41 years. I have no doubt we have more great things in the future. I look forward to celebrating with everyone for years to come.
Here’s the link to our Celebration Video
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Adrienne L. Way, Edcor Owner, President, and CEO
Read these articles to see how Edcor partner schools are leading the way in higher education with innovative programs and ideas.
Gain information and insight from Edcor’s partner schools in these articles:
Edcor partner schools respond to the needs of client employees with new course offerings and programs. Read about the steps these schools are taking to serve their students.
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