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Facing exorbitant higher education costs? Your Uncle Sam might be able to help

Group of graduatesEvery parent with a kid in or about to enroll in college knows that the cost of higher education keeps going, well, higher.

That's why so many take advantage of help from Uncle Sam.

Yep, the Internal Revenue Code is chock full of education tax breaks, which are collected in today's Weekly Tax Tip.

You've got your 529 plans and Coverdell savings accounts and a couple of tax credits (American Opportunity and Lifetime Learning) and some deductions (for tuition and fees and student loan interest) that you don't have to itemize to claim.

Of course there are eligibility requirements and rules on how you can and can't combine the various tax breaks.

But it's definitely worth doing your educational tax benefits homework to see if you can get some help in paying those ever increasing school costs.

You also might find these items of interest:


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Mila Ray

It's hard to be confident that government will help and college eduation will become more affordable so there will be more ways to avoid taking out student loans. That's why I am sure that it's necessary to rely on yourself and 529 plan only. I believe that it's possible to save for college, if you decide where you want to attend, how much money you need for that and will use all the ways available to save then possible you will have a chance to avoid a student loan debt.

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