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Going to a college or university can be quite expensive
. There are expenses like tuition, books, lab fees, housing, and food. Not to mention extras like events, and fraternities and sororities, which are a large part of campus life and can also help with a student's career. Education Tax benefits are given to students and the parents or guardians of student who are attending college. Education Tax benefits are designed to ease the tax burden of these individuals while the students are in school by reducing the students and the parent's taxable income while in school, thereby reducing their overall tax liability. This tax benefit is designed to ease the financial burden while the student is getting their education, to encourage the general public to pursue higher education. The government hopes that by making it more economically feasible for a young person to attend a college or university that more Americans will pursue a higher education.
There has definitely been an increase in the amount of American college students, so it is obviously working, and hopefully this number will continue to grow. More than 7 billion dollars in benefits were given to students and families of students from 2008-2009. These benefits or credits are called the American Opportunity Tax Credit and the Lifetime Learning Tax, and are a welcome relief to students and the parents of students who are struggling to make ends meet. These credits do not automatically appear on your tax paperwork however, you must apply for them. Contact the Federal Department of Education for more information on how to get approved for Education Tax Benefits. By reducing the student's and the parent's tax liability they have more money to delegate towards tuition, books, room and board, and other types of expenses for the student, which is a big load off of their wallets for them.
Get Help with Financial Aid
By: Jenny Maloy
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