Question

Aside from the standard financial aid I can get from filing my FAFSA, is there anything else that can help lower the burden of school costs?

Answer

Yes.   There are various tax credits designed to help college students and their families by lowering income taxes.  One such credit is the Hope tax credit, which students can claim in their freshman and sophomore years of school.  This credit has a maximum of $1,800 a year.  The American Opportunity credit is available during all 4 years of college and has a max of $2,500 per year.  Also available is the Lifetime Learning tax credit, which is for any post-seconday student and has a $2,000 max.  Understand, however, that individual students can only claim one of these (or any other available tax credits) at a time.

Categories: Financial Aid
Tags: american opportunity tax credit education tax credits hope tax credit lifetime learning tax credit lower taxes

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