3 Ways to Reduce the Cost of College
The cost of college continues to rise - we have 3 tips for reducing the cost of it.
- Choose an accelerated degree program. If the student plans to pursue an undergraduate degree and a graduate degree, choosing an accelerated program that allows the student to earn both degrees in five years may reduce the time spent in college and the tuition you pay.
- Choose federal student loans before private loans. Federal loans typically offer lower fixed interest rates and more favorable terms.
- Take advantage of education tax breaks. The American Opportunity Tax Credit has the potential to put the most money (up to $2,500 per eligible student) back in your pocket for college expenses you pay. To claim the full credit, your modified adjusted gross income must be $80,000 or less ($160,000 or less if you are married and file a joint tax return).
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Article published in January 2020 edition of Eye on Money. If you would like to be added to our mail list please email email@example.com.