Calculators and Tools from Student Financial Services
- LIPP Benefit Calculator: This calculator can illustrate how LIPP can help you repay your loans over the short term (1 year) and the long term (10 years).
- Take Home Pay Estimator: This tool will show you how much you’ll have left after taxes and loan repayment when you graduate and start working, and will estimate how your total loan repayment compares to your total income in the 10 years after you graduate.
- View My HLS Borrowing Summary: Use this page for a summary of your education loans and estimated repayment amounts. (Login for this report is the same HLS username (i.e. jdoe, jdoe.jd10, etc.) and password you use to access HLS email).
- My HLS Financial Aid: This link will allow you access to your current financial aid status and award package details. You have a live view of our system and the information we have. In addition, you will find your LIPP Eligible Borrowing Amount on the “Message” tab of this system.
- Estimated Student Contribution from Summer Income (Single Students Only): This calculator can help you estimate how much of your summer income you will be expected to contribute to your cost of attendance for the following academic year.
- HLS Student Budgeting Worksheet (Excel): Use this Excel worksheet to help plan your budget for the academic year and beyond.
Useful Tools from Around the Web
- Loan Repayment Estimator: The federal student aid website allows you to load all your federal student loans and estimate future monthly payments on them.
- Loan Payment Calculator: Finaid.org can help you estimate the monthly payment on one or more of your loans (including private loans), and it will also show you how much you’ll pay off over time.
- Cost of Interest Capitalization: Shows how much capitalized interest will add to the outstanding balance and monthly payment of a given loan.
- iGrad: iGrad is your personal financial fitness tool. Log in today for customized content and planning tools or check out the public site for tons of equally useful information!
- Smart About Money: Look through this site for a number of useful worksheets and free courses related not just to finance but also to your personal well-being.
- Balance: Balance is a free program available to all students through the Harvard University Employee Credit Union. In addition to online resources, the program also offers a free info line Monday-Saturday for budgeting and debt counseling.
- Shoestring Strategies for Life at Harvard: Harvard College’s Financial Aid Initiative has created an interactive virtual guide for students trying to maintain a high quality of life with limited resources. Some of the app’s content is College-specific, but its tips for finding great food, cheap textbooks, and more on a budget are just as relevant to law students too! Get the app for iPhone on the Apple App Store or for Android on Google Play.
- U.S. Department of the Treasury Financial Literacy Resource Directory: The searchable directory links to a huge variety of organizations, agencies, and learning materials that can help you get a better grasp on finance – from your personal budget all the way up to the national economy.
- The Motley Fool: What is the value of higher education? You can find that (under the “college” link) and many other personal budgeting calculators on this site.
Student Financial Services is unable to provide tax advice as we are not tax experts, but here are helpful websites and information to assist you with your tax questions.
- Harvard University Tax Website
- Harvard University Tax Information for Students
- Harvard International Office Tax Information for International Students
- Frequently Asked Questions
- Internal Revenue Service (IRS)
- Massachusetts Department of Revenue
Tax Withholding for Summer Employment
Because withholding is typically based on the tax rate for an annualized projection of each pay period, many summer employers withhold too much federal tax from a part-year salary. You can ask to have less tax withheld by your employer if you will be working for only part of the year, such as the summer. Section 9 of IRS Publication 15-A describes the procedure for adjusting withholding for part-year employees. It’s up to you to request this in writing from your employer, and it’s up to the employer to do the alternate calculation and charge the correct withholding.
Where to get your tax forms
- 1098-T (Tuition payments form the Lifetime Learning Credit)
Contact the Student Receivables Office – (617) 495-2739
- 1098-E (Interest payments for deduction)
Contact the lender of the loan
Direct Loans – (800) 848-0979 (Should be sent automatically)
Harvard Loans – (800) 315-7192 (Should be sent automatically)
- 1099 (Taxable Scholarships)
Contact the Harvard University Tax office – (617) 495-8500
- Summer Public Interest Funding Documentation
Federal Work Study – (617) 495-8500 (Receive a W-2 from the Accounts Payable Office)
Grant – (617) 495-0643 or firstname.lastname@example.org (U.S. Citizens will receive no documentation; if needed Contact SPIF Office. International students may have their income reported and receive a 1099.)