sweetmuffin

well, i received a pretty hefty financial aid package and have some questions about it.
I received grant arnd 48k and campus employment for 2k..
that means that i received aid more than the educational cost (not including board and room)..
does that mean that i have to pay the 14% tax??is it 14% of the whole education cost + room and board (50k) or what? how do i pay the tax?
thanks!

b@r!um

You pay 14% tax on the grants you receive beyond tuition (work-study, loans etc don't count). For example, say that you got a 48k grant and tuition is 34k. Then you have to pay 14% of 14k (= 48-34) in taxes. If I remember correctly, those taxes are assessed when you file your income taxes. I know that the college sends out an extra tax form to all international students. I remember mine reported a mystery income of a few thousand dollars. I assumed that was the difference between my grants and tuition, but I never checked to make sure that that's really what it was.

sweetmuffin

thanks b@r!um!=)