Not Getting the Credit They Deserve: Families Miss Out on College Tuition Help

Millions of dollars in tuition tax credits are out there for families with college-going children. 

But more than half the New Yorkers eligible for the credit didn't claim it last year, according to the U.S. Treasury. Research by U.S. Sen. Charles Schumer's office into data from the Treasury and the New York State Education Department found that Hudson Valley residents could have more than $100 million in unclaimed credits.

Locally, that includes:

• Families in Rockland have up to $14,530,284 in unclaimed tax credits
• Families in Westchester have up to $39,420,378 in unclaimed tax credits

Visiting Marist College in Poughkeepsie, U.S. Sen. Charles Schumer said it's not too late: people can still amend tax returns for 2009.

“At a time when the cost of a college education is rising faster than ever, $2,500 could make a real difference in a family’s ability to pay tuition,” said Schumer.  

The federal tax credit, which was due to expire at the end of 2010, has gotten a two-year extension. For middle-class families, it translates to $1 off in taxes for every $1 spent on college tuition up to $2,500.

Schumer is on a campaign to convince New York colleges to publicize the tax credit.  

St. Thomas Aquinas College in Sparkill already makes prospective students and their families aware of the credit, but there are obvious limits, said Vincent Crapanzano, vice president of enrollment management and campus communications. 

"We deal with students on the financial aid end and what he is referencing has to do with the tax return," Crapanzano said. "We make people aware of it and we have flyers around but we don't give tax advice."

The college hosts weekly financial aid workshops in February and March that are open to the Rockland County community, whether or not a student is considering St. Aquinas.

"We discuss it when we have financial aid workshops. but there are so many steps and rules and regulations that people have to follow to be eligible for financial aid—and that's not one of them."

Still, he said, it's in everyone's interest to explore it. "We tell them there are available tax credits for your children, check with your tax advisor to see if you are eligible," he said. 

Read the complete press release from Schumer's office here.

To attend one of the financial aid workshops at St. Thomas Aquinas College, which take place at 4 p.m. on Wednesdays in February and March, call 845-398-4100.