It’s never too early to start planning ahead! We hope that the links outlined below will be of service as you begin to map out your financial future. Each section on this page can be expanded to reveal useful tools such as loan repayment calculators, financial wellness resources, and tax information. Always feel free to email SFS if you would like to schedule an appointment and talk more about how all these subjects relate to your own circumstances.
Calculators and Tools from Student Financial Services
- Student Resources from Summer Income Calculator: The SFS portal has a calculator that will help estimate what a student’s resources from income is when determining the metrics of need-based grant aid. This can help students better predict what their financial aid will be based on their summer employment. Please note that this calculator is not accurate for married students.
- 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.
- Paycheck City Take Home Pay Calculator – This calculator can help you figure out what your net pay will be after federal, state, and other deductions are subtracted for your paycheck. This is a useful budgeting tool to help student’s set their summer and annual personal spending budgets.
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.
- MAX by AccessLex: MAX is your personal financial fitness tool. Log in today for customized content and planning tools created expressly for law students.
- 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.
- Greenpath: Greenpath 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.
- 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 International Office Tax Information for International Students
- 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. IRS Publication 505 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 Accounts Office – (617) 495-2739
- 1098-E (Interest payments for deduction)
Contact the lender of the loan
Federal Loans – contact your servicer (should be sent automatically)
Harvard Loans – Log in to Heartland and navigate to “Tax Documents”
- 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 Harvard Office of the Controller)
Grant – (617) 495-0643 or email@example.com (U.S. Citizens will receive no documentation; if needed Contact SPIF Office. International students may have their income reported and receive a 1099.)