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The dependent children of active, regular full-time administrators, faculty and staff will receive tuition remission benefits, exclusive of books and fees, for undergraduate study in the fall and spring semesters at Iona College according to the following schedule.
The tuition remission benefit extends over eight (8) semesters for dependent children. The length of time for transfer students will be determined by the number of credits required to complete the undergraduate program. Full-time student dependents of full time employees who meet eligibility criteria will also be permitted to take a maximum of six (6) courses in special sessions over the same eight (8) semester period. These time limitations do not apply to part-time or evening students.
These benefits will continue as long as the administrator, faculty or staff member continues to be employed full-time by the College.
Full tuition remission is granted to the children of those full time administrators, faculty or staff personnel who had ten (10) years of service or more, and who die or are disabled while in the employment of the College. Retired administrators, faculty and staff personnel and their dependents are not eligible for tuition remission.
There are entitlement student aid programs funded by state and federal governments. The tuition remission benefits at the College will be valued at that amount of tuition costs, which remain after a TAP and Pell award are credited. Administrators, faculty or staff personnel seeking benefit from the College's Tuition Remission Program must apply for PELL and TAP by filing the required financial aid forms annually.
The Free Application for Federal Student Aid (FAFSA) and TAP Application must be filed annually in advance of full registration. Please note, the FAFSA form must be filed no later than April 15th of each year. If needed, the Student Financial Services' Office will assist in the preparation of the forms concerned. The determination of the amount of tuition remission will be made only after the eligibility for applicable federal and state aid has been established.
Regular full-time administrators, faculty and staff personnel may pursue credit-bearing courses on the graduate and undergraduate levels at the College with full tuition remission, exclusive of fees, provided that classes are taken in hours outside of the employee's scheduled work time. Administrators and staff are eligible to apply for tuition remission after three (3) months of continuous, full-time employment (probationary period).
Spouses of regular full-time administrators, faculty and staff employees may pursue credit bearing undergraduate level courses with full tuition remission. Spouses of full-time employees may pursue graduate level courses with one-third (1/3) tuition remission, exclusive of fees. Individuals who are approved for the "Archdiocesan" scholarship program and those who are eligible for tuition reimbursement from their employers will not be eligible for this benefit. Spouses of full-time employees are eligible to apply for tuition remission after the employee completes three (3) months of continuous, full-time employment (probationary period).
When state and federal entitlement tuition programs are concerned, the individuals must follow the procedures outlined above. It is to be understood that admission and dismissal policies of the College apply equally to all students including those who have received tuition remission.
GRADUATE TUITION REMISSION IS TAXED UNDER IRS REGULATIONS:
All full time administrators, faculty and staff employees and their spouses are required to pay taxes on the full value of Graduate Tuition Remission above $5,250 per year beginning in Spring, 2002. Graduate Assistants must also pay taxes on graduate courses beginning on September 1, 2002.
The only exception to Graduate Tuition Remission taxation, IRS Regulations (Section 127), graduate courses or programs that are required by the employer as a condition of employment to maintain the employee's current position and/or enhance the employees knowledge of his/her current job. If the employee thinks he/she is tax exempt, then the employee should complete the GRADUATE COURSE JOB RELATED Form #802. This form is available from the Department of Human Resources.
The employee should review the Graduate Tuition Remission Tax Law with his/her tax accountant. Iona College is not permitted to advise employees with regard to tax law.
For questions please contact Rosemary Bartolomeo, x2049.
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