Some portions of your FAFSA®, such as work-study programs, may be taxable and some are not, such as student loans….
Category: Tax Benefits
To help offset tuition costs, the government allows you to take advantage of tax credits, which reduce the overall amount of your income tax. These are the American Opportunity Credit, which allows you to claim up to $2,500 per year for the first four years of college, and the Lifetime Learning Credit, which lets you claim up to $2,000 per year for tuition and fees as well as any books, equipment, and other supplies.
While financial gifts are subject to a federal gift tax, the IRS does make an…
When you’re getting ready to head back to school, there are tons of different types of financial aid available. In…
The IRS offers students two tax credits to help offset their educational expenses: the American Opportunity Tax Credit, and the…
Students can take advantage of tax credits, tax deductions, and tax-free savings plans to offset the cost of tuition, fees,…
Does your FAFSA® money consist of grants, scholarships, and federal student loans? If so, then…
Students can get a break on their taxes by using the various programs laid out in IRS Publication 970. While…
A Qualified Tuition Program, also known as a QTP, is a way for one person to contribute tax-free money to…
Most interest that you pay throughout the year isn’t tax-deductible. However, for some people, there’s…
Regardless of how much money you decide to borrow or from what source, student loans are not taxable income. The…