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College is an investment, no question about it. Each time the tuition bill comes, it’s important to remind yourself the future value behind the current price. In the meantime, it’s necessary to make every adjustment to make the journey as affordable as possible.
The federal government, in response to record-high tuition, has provided several sizable tax credits. By proving you’re a college student, you can take advantage of these tax breaks and save thousands on your tuition.
Accredited universities will provide students with a 1098-T form containing important tax information about education expenses. The financial information on this form includes tuition amounts, other expenses, payments received, and more. With this information, you can file for tax deductions.
The Lifetime Learning Tax Credit can earn credit for 20% of the first $10,000 spent on educational expenses, with a maximum credit of $2,000. To qualify, students must be enrolled in at least one class from an accredited school and have an adjusted gross income of less that $52,000, or $105,000 for joint filers.
The Hope Scholarship Tax Credit is offered to freshmen and sophomore students enrolled in college at least part-time. The income cap is the same as the Lifetime Credit. Filers may be eligible to receive 100% of their first $1,000 and 50% of their next $1,000 (with a maximum credit of $1,500).
If you do not meet the income cap requirements for the previous options, you may qualify for the Higher Education Tuition and Fees Deduction for singles with an income between $65,000 and $80,000 or families between $130,000 and $160,000.
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Online education offers many benefits, such as the flexibility of learning when and where you want. However, there’s no question that online classes require certain adjustments from traditional education. Here are five tips to help you succeed in your online classes:
1. Double check your technical requirements: Online classes are definitely manageable, but only if you have access to the technical programs required. Before the course begins, check the course description, syllabus, or with your instructor to ensure that you are prepared with all of the technology necessary to complete your course requirements.
2. Create a schedule: The most common difficulty students have with online classes is time management, the ability to accurately pace through the course without physically being there. By initially creating a schedule, you can map out your entire semester with how much time you’ll need to spend on your class per day and include all deadlines to ensure you don’t miss anything.
3. Stay organized: It’s important to treat your online class as you would a traditional one. All assignment due dates should be in your planner, all files should be kept in both computer and paper folders, and all course materials should be kept together.
4. Connect with professors: A clear line of communication is necessary between the student and professor in order to successfully complete an online course. Although you are not physically in class, your professor is still available for individual attention. By reaching out to your professor early on in the course, you’ll be more likely to have a complete understanding of what is expected of you.
5. Participate in Online Discussions: One valuable aspect of traditional courses is being able to connect with and learn from your peers. However, with current technology, there are now opportunities to communicate with your classmates online. By participating in online discussions, you can help each other to solve problems you may be having with the course.
Have you taken online classes? Let us know what methods you used to be successful!
Even though you don’t have required class time, it’s still important to stick to a regular schedule.