Reducing the Cost of School
There are several ways to reduce the amount that going to a college or
career school will cost, so you can try to avoid borrowing too much.
Tax Breaks
You or your parents might qualify for a Hope tax credit or Lifetime Learning
tax credit. IRS Publication 970, Tax Benefits for Higher Education, explains
these credits and other tax benefits. Certain borrowers can also take
a tax deduction for student loan interest. This benefit applies to all
loans used to pay for postsecondary education costs. The maximum deduction
is $2,500 a year. For more information, you can go to the IRS Web site
at www.irs.gov, or call the IRS at 1-800-829-1040. TTY callers can call
1-800-829-4059.
Lower-Cost Schools
If you plan on working toward a bachelor’s degree, you might want
to consider starting out at a two-year community college and then transferring
to a four-year school. Community colleges are partially funded by local
and state taxes and are therefore usually less expensive than four-year
schools. (Some four-year schools are also partially funded by local and
state taxes and can be less expensive.) You’ll want to make sure
the courses you take at your community college will transfer to the four-year
school you want to attend and that those courses will count toward your
bachelor’s degree.
Working Or Volunteering
You can work part time to pay for some of your costs. If you do, make
sure you save enough time for studying and be sure your work and school
schedules don’t conflict.
AmeriCorps is a program that allows participants to earn education awards
in return for national service. For more information, contact the Corporation
for National Service:
Corporation for National Service
1201 New York Avenue, NW
Washington, DC 20525
1-800-942-2677
www.americorps.org
The U.S. Armed Forces also offer financial aid opportunities if you choose
to serve. For more information on recruitment incentives, visit the U.S.
Department of Defense Defenselink Web site at www.todaysmilitary.com.
Click on "What You Get" at the top of the site. Then go to “College
Help.“ You can also contact your local recruiter for information.
Note: We are not affiliated
with any online college or online university. This site is for fun and
education only.
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