Fiscal Affairs, Loan Collections

Loan Collections

Loan Collections is the department that collects on Short Term Loans and sends out the 1098-T’s (Tuition Payment Statement).

SHORT TERM LOANS

A Short Term Loan is a 30-day note that pays for Tuition and Fees and must be paid back in 30 days from the day it was granted. The Person who signs the note is responsible for payment on this loan, even if the person decides to withdraw or drop from any classes. The amount of the loan is disclosed to the Credit Bureau as soon as the loan is entered to the system. Once the loan becomes 30 days past due, the loan is reported as a bad debt to the credit bureau and all academic holds are placed on the students’ records. This means you cannot register for the following semester, request your transcripts and financial aid will not be processed until this is paid. Statements will be sent out on the 15^th of the month. Payments can be made at the schools Bursar/Business Office or in the return envelope that is provided. Make your check or money order payable to Alamo Community College District and be sure to include your social security number.

Frequently Asked Questions

Guidelines for ACCD Short Term Loans:

The applicant must be enrolled at an ACCD College in credit courses, for a minimum of 3 hours. Continuing Education courses do not apply.
The applicant must be in good academic standing. (2.0 Grade Point Average)
The loan may only be used for payment of tuition and fees. Any other expenses must be approved.
The loan cannot be used as a payroll cash advance.
The loan must be paid within 30 days and Summer loans must be paid within 15 days. If you drop courses during the semester, you are still liable for repayment on the loan.
Loan repayment may be at the College Bursar's Office or at the Alamo Community College District Collections Office.
A student who defaults (fails to repay) a loan will not be allowed to register again at any of the ACCD colleges or centers. ACCD will retain all awards, degrees, and records to which the student would otherwise be entitled until loan is paid in full.
ACCD will also discloses to the Credit Bureau the amount of the loan granted and when the loan becomes 60 days past due it will be reported as a bad debt. Loans 120 days past due are referred to an outside collection agency and collection fees of up to 33% of the unpaid balance are added.
Students with loan balances will have first available financial aid check tagged for loan payment.
Outstanding Short-Term loan balances must be paid in full before consideration of additional loans can be approved

Form 1098-T Download Form Instructions Pub. 970

The form 1098-T is information that is being reported to the IRS verifying your enrollment and tuition related expenses with regard to eligibility criteria for the Hope Credit and the Lifetime Learning Credit. This information by itself does not establish eligibility for either credit.

Web for Students

Hope Scholarship

The Hope Scholarship tax credit provides up to $1,500 per student for qualified tuition and related expenses for the first two years of postsecondary education. Students must be enrolled at least half-time in a degree or certificate program. This credit is available for expenses paid on or after January 1, 1998 for academic periods beginning in January 1998.

Lifetime Learning

The Lifetime Learning tax credit is applicable to any postsecondary education to acquire or improve job skills. It provides a credit equal to 20 percent of the first $5,000 of qualified expenses with a maximum of $1,000 per taxpayer per tax year.

Federal Tax Benefits for Tuition & Fees (2006 tax year)

Federal Tax Benefits for Tuition & Fees
NASFAA organization is providing information about the tax year 2006 Parent and Student Guide to Federal Tax Benefits for Tuition and Fees. The guide includes info about Hope Scholarship and Lifetime Learning tax credits, guidance, and links to IRS publications. The link page is http://www.nasfaa.org/annualpubs/TaxBenefitsGuideIntroPS.html

Disclaimer

The information provided by the Alamo Community College District is to assist students and their parents in tax planning concerning the new tax opportunities provided by the federal government. The college cannot provide you with tax advice, so please consult a tax advisor or the IRS if you need individual assistance.

The colleges of the Alamo Community College District are equal opportunity colleges. Students are admitted without regard to race, nationality, color, creed, religion, sex or disability. The colleges also comply with Title IX of the Education Amendments of 1972.