GradReady – Interactive Financial literacy Program
Need help managing your tuition, budget or bills? This money saving, student loan explaining site has great videos, tools, and resources to help you get real-world ready.
- Learn about financial aid
- Evaluate loan options
- Create a Financing Plan
- Consider debt-to-income scenarios
- Establish an in-school budget
Free Annual Credit Reports
Federal law requires each of the three nationwide consumer credit reporting companies - Equifax, Experian and TransUnion - to give you a free credit report every 12 months if you ask for it. They also make it easy to accomplish many credit-related tasks right from your computer. For more information and to request your free credit report, please visit www.annualcreditreport.com.
Available Education Tax Benefits
The federal government makes available various education credits and deductions to help make college more affordable. Please consult with a tax professional to determine which benefit is best for you or review IRS Publication 970 for more information on the benefits below.
American Opportunity Tax Credit
You may be able to claim a credit of up to $2,500 for adjusted qualified education expenses paid for each student who qualifies for the American opportunity credit. A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. Forty percent of the American opportunity credit may be refundable. This means that if the refundable portion of your credit is more than your tax, the excess will be refunded to you. Your allowable American opportunity credit may be limited by the amount of your income. Also, the nonrefundable part of the credit may be limited by the amount of your tax.
Lifetime Learning Credit
You may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all eligible students. There is no limit on the number of years the lifetime learning credit can be claimed for each student.
Tuition and Fee Deduction
The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000. This deduction is claimed as an adjustment to income. This means you can claim this deduction even if you don't itemize deductions on Schedule A (Form 1040). This deduction may be beneficial to you if you don't qualify for the American opportunity or lifetime learning credits.
Student Loan Interest Deduction
This deduction can reduce the amount of your income subject to tax by up to $2,500. The student loan interest deduction is claimed as an adjustment to income. This means you can claim this deduction even if you don't itemize deductions.