Other FREE Aid

—Eligible Tax Credits for Higher Education —

The IRS allows students and parents who file and owe taxes to claim one of two educational credits

Tax credits reduce your overall taxes paid dollar-for-dollar

1: Hope Tax Credit

• Provides for a maximum $1500 per year per dependent student
  
  is available only for the first two years of post secondary education
  
  student must be enrolled at least 1/2 of the full-time workload in a program that leads to a degree, certificate or other educational credential
  
  
• Credit can only be taken for expenses covering tuition, fees, and and books
  
  (if the book expense was paid to the institution on condition of enrollment) minus any scholarships and grants received. Room and board, personal expenses and transportation are non-eligible expenses
  
  some restriction apply — view the IRS topic for more information: www.irs.gov/...pubs
  

 

2: Lifetime Learning Tax Credit

• Provides for a maximum $1000 per year per family
  
  is available for any year of post secondary education including graduate work
  
  student must be enrolled at an eligible educational institution
  
  
• Credit can only be taken for expenses covering tuition, fees, and and books
  
  (if the book expense was paid to the institution on condition of enrollment) minus any scholarships and grants received. Room and board, personal expenses and transportation are non-eligible expenses
  
  some restriction apply — view the IRS topic for more information:
  www.irs.gov/...pubs

 

Other Special Assistance
there may be other education benefits based on your family affiliation with the following agencies:

Veterans Benefits:

• Department of Veterans Affairs (VA) offers several programs administered by its Education Services.
  
  aid is available for veterans, reservists, National Guard persons, widows, and orphans.
  
  
• programs detailed on the VA Education Service Web site include the Montgomery GI Bill (for Active and Selected Reserves personnel), Veterans Educational Assistance Program, Survivors' and Dependents' Educational Assistance Program, Work-Study, and Tutorial Assistance:
  
  www.gibill.va.gov/
  
  

Americorps:

• service program administered by the Corporation for National and Community Service.
  
  AmeriCorps allows people of all ages and backgrounds to earn help paying for education in exchange for a year of service:
  
  www.americorps.org
  
  

Loan Forgiveness:

• volunteer for public service after college and have some of your student loan debt forgiven
  
  programs include:
  AmeriCorps
  www.americorps.org
  
  Peace Corps
  www.peacecorps.gov
  
  Volunteers in Service to America (VISTA)
  www.friendsofvista.org
  
  

U.S. Public Health Service:

• variety of loans, scholarships, and faculty loan repayment programs available for students in the health professions.
  
  help in several areas, including dentistry, public health, optometry, and veterinary medicine:
  
  www.hrsa.dhhs.gov
  
  

Job Training Partnership Act:

• Department of Labor program of tuition and free assistance for job training for the economically disadvantaged, dislocated workers, and others facing employment barriers:
  
  www.doleta.gov