Newsletter

January 2008

News for Students

Give Us a Break

College is expensive – there’s no doubt about it.  However, the Internal Revenue Service can actually help defray the cost, through tax breaks for individuals or families pursing higher education.

While Scholarship Management Services cannot offer tax advice, we can offer this list of important research opportunities. Your accountant can provide much more information about education tax credits, such as: 

Hope Credit:a tax credit of up to $1,650 per student per year.  This credit is only available the first two years of college or vocational school. 

Lifetime Learning Credit: a tax credit of up to $2,000 per tax return.  This credit applies to undergraduate, graduate and professional degree courses.  The Lifetime Learning Credit is available for an unlimited number of years.

Student Loan Interests deduction: – a deduction of up to $2,500 per tax return.  Student loan interest may be deducted while the student is in college, if the interest is being paid rather than deferred. 

These credits and deductions cannot all be claimed in the same year, so it is important to talk with your accountant to maximize opportunities.

top

Knowledge is Key

Getting to college is tough, but staying in college might be even tougher. Every year, thousands of college students face financial difficulties and are forced to drop out of school to work.  But a little preparation can go a long way in preventing this. By researching financial aid opportunities and beginning financial planning while still in high school, students and their families can build up savings, learn the ins and outs of the financial aid process, and be sure not to miss any opportunities.

There are a number of resources that high school students and their families can use to learn more about financial aid.  Students should:

• talk to their high school counselors.
• talk to college admission officials for those colleges they are planning to attend.
• talk to friends, family members and community members who have gone through the process.
• Visit their high school, college and public libraries.
• Log on to the internet – there is a wealth of information posted on websites.  Government education sites and college websites are a great start and there are several student aid search sites. The Student Resources section of ScholarshipAmerica.org is a great place to start.
  
  

top

News for Clients

A World of Education

The increasingly global economy means more and more corporations and organizations are expanding into global markets.  These businesses have to find and retain customers, of course, but they also have to attract quality employees and maintain good employee-employer relationships. 

Scholarship Management Services' international client base has grown along with this trend, and we now work with over 140 companies that have international locations, offering the same efficient and effective education assistance programs to employees throughout the world. 

To date, SMS has processed applications for students in nearly 80 countries, and we offer a full suite of international application processing, award payments, currency conversions, translation services and management tools. As the world's markets continue to become more and more global, SMS continues to be a leader in the administration of international education assistance programs wherever they're needed.

top 

Stressed Out About Administering Your Tuition Assistance?

When will I receive my payment for classes ending in December?
My classes begin in January.  I need approval right away!
I need payment applied to 2007 and not 2008, but I don’t have a grade report!
Why am I being taxed on payments beyond $5250?

Do these questions and comments sound familiar?  It’s that time of the year
when tuition assistance programs are in full swing—not to mention all the other benefit programs requiring your attention and resources.  Fortunately, Scholarship Management Services can eliminate the stress by administering your tuition assistance/reimbursement program for you.  We offer the following program features:

•  Custom program design
•  Dedicated and experienced program manager
•  Efficient online application process, including a report writer
•  Reliable management to enforce adherence to program guidelines
•  Multiple payment processing options
•  Timely management reports
•  Verification of employment eligibility

By outsourcing your tuition assistance program to the experts at SMS, your staff spends less time doing paperwork and more time doing what they do best, and you gain greater control over administrative costs of the program.

Pricing Incentives
Contact a representative today to find out more about SMS managed tuition assistance programs and pricing incentives.  Contact us by April 1 to be eligible for a special time sensitive contract signing discount.

 
top

Client Satisfaction Survey

In October 2007, Scholarship Management Services invited our clients, via email, to complete an online satisfaction survey.

The purpose of the survey was threefold-

• Determine how our clients rate their overall experience with SMS,
• Gauge satisfaction levels for specific services and support, and
• Give our clients the opportunity to provide input about how we can improve our overall service.

Respondents were asked to indicate their levels of satisfaction with SMS services, including overall program management, adherence to agreed deadlines, communications with students and clients, electronic communications, content of program reports, and value of service for money.  These were measured on a five-point scale from excellent to poor. 

As expected, roughly half of the invited respondents replied. The results showed that the majority of respondents (57%) felt that these services were excellent, 33% felt they were good and 5% felt they were average.  A cumulative percent of 1.5 felt that they were fair or poor and 3.5% did not use the services or were not aware they were offered.

SMS continually uses survey input to help prioritize improvements and address concerns of our clients. 

We thank our clients for their participation and input in this process. In keeping with the excellence that SMS represents, their responses allow us to continue to provide the best services possible, through 2008 and beyond.

 
top

Scholarship Management Services...Over 30 Years of Experience!

For over 30 years, Scholarship Management Services, a division of Scholarship America, has been providing administrative services for education assistance programs on behalf of companies, foundations, individuals, unions and associations. Whether you are looking for a way to reduce administration time and costs, want to give back to a community, recruit new talent to your organization, increase public relations or enhance the skills of your workforce, Scholarship Management Services has a solution for you.

Scholarship Programs - Competitive programs sponsored by companies, individuals, foundations, unions, memorial funds and associations. Scholarship programs can be provided for: employees/members or their children; community relations; marketing; partnerships; recruitment or children in the community.

Tuition Reimbursement Programs - Partial or full reimbursement of postsecondary education expenses are offered to employees to enhance skills for their current jobs or to move around within the company.

Education Loans - Offered to employees or their children as interest-free or low-interest loans for education expenses. Companies can offer a forgiveness component, contingent upon continued employment.

Teacher Grants - Competitive program offering grants to teachers for special projects, field trips, equipment and many other education ideas and items.

Education Assistance - Noncompetitive program offered to employees’ children or their families to help cover education expenses.


top