Student Accounts and Business Office
Because ICOM is a new for-profit institution, it is currently not able to participate in student aid programs administered by the US Department of Education. ICOM plans to apply for eligibility to offer US Department of Education funding (known as Title IV aid) at the earliest possible date under current regulations. However, until that time comes, a 1098-T will not be provided to students this academic year. This may impact your tax planning and reporting. Please consult with a tax professional on your personal situation.
The following Educational Tax Credits and Deductions information is important for you to understand.
ICOM students and their parents are not eligible for the following:
The American Opportunity Tax Credit
The Lifetime Learning Tax Credit
Tuition and Fees Tax Deduction
Student Loan Interest Deduction: Interest paid on private student loans borrowed for attendance at ICOM is not eligible for the Student Loan Interest Deduction tax benefit. However, interest paid on prior federal or private student loans (from Title IV eligible schools) may qualify as a tax deduction.
1098-T Tuition Statement:
ICOM is not a Title IV eligible institution at this time and as such is not required to provide a 1098-T to students.
Taxable scholarships, fellowships, and grants: Scholarships, fellowships, and grants are typically reported on a 1098-T. Even though a 1098-T will not be provided students are still required to report taxable financial aid in certain circumstances. However, at ICOM, the amount of a student’s scholarships, fellowships, and grants is very unlikely to ever exceed tuition, fees, books and supplies, so students are not likely to be required to report any taxable financial aid.
To assist in the planning of financing your education, we have included the following chart to breakdown the tuition, fees, and corresponding due dates.
The annual tuition and fees for the 2019/20 school year will be billed in two increments. ICOM will not be implementing payment plans and all tuition and fees need to be paid in full by the first day of class each semester, which is noted by the due dates listed below.
If you have not secured financing for the upcoming year and are in need of assistance, please contact the Financial Aid Team.
Please note that all personal payments will need to be made by check, cashier’s check, or bank wire. Always include your Sonis Student ID on all payment information. ICOM will not be accepting electronic payments (credit cards, echecks, etc). If you need our banking wire instructions, please email your request to firstname.lastname@example.org.
If mailing payments, please ensure adequate time is allowed for payments to arrive by due dates. Please make payable to: Idaho College of Osteopathic Medicine and mail to:
Idaho College of Osteopathic Medicine Attn: Billing Office
1401 E. Central Drive
Meridian, ID 83642
If you are in need of assistance, or are a student who has questions regarding your bill, please contact the Business Office Team at email@example.com.