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Student Loans & Campus Jobs (continued)
7. Another potential option for repaying student loans is the military college loan repayment program. If you enlist with the military after college, the military will make payments directly to your lender to help pay off your loan. Each branch of the service has different qualifying criteria, so it may pay to inquire with each branch.
8. If you are a federal government employee, the Federal Student Loan Repayment program permits agencies to make loan payments on certain employees’ federally backed loans. Payments can be as much as $10,000 a year for a total maximum benefit of up to $60,000. Look up this program on OPM.gov/oca/pay/studentloan.
9. If you volunteer for certain programs, some of your loan may be forgiven. Look at FinAid.org/loans/forgiveness.phtml for a list of loan forgiveness programs.
10. When all else fails, consider a work-
11. Off-
Federal and state governments often provide tax credits and deductions to help offset the cost of college. Check with your tax advisor or available publications for details, but some of the more common programs are noted below:
1. If you have student loans you may be able to deduct up to $2,500 annually on your federal income tax return for the interest you pay, depending on your income level. Deductions may also be available for state income taxes.
2. At the federal level two different tax credits may be available: The Hope Credit can be up to $1,500 for each of the first two years of college and the Lifetime Learning Credit can be worth up to 20% of the first $10,000 (or $2,000) of educational expenses for college, graduate school or professional classes. Each of these credits have income cap requirements.
3. Students who exceed the income cap requirements for the above credits may qualify for the Higher Education Tuition and Fees Deduction of up to $2,000 depending on income levels.
4. IRS, state government and other publications offer information on all deductions and credits available at both the state and federal level.
Free or Reduced-
The overall cost of going to college can often be reduced significantly, while still receiving a degree from the college of your choice. This is accomplished by reducing the amount of time spent earning your degree, reducing the number of courses required for graduation or substituting courses from another, less expensive school that count towards your degree.
1. You can accumulate college credits before going to college through advanced placement courses. Some students are able to earn an entire semester of credits before graduating from high school, thus eliminating a full semester of college expense.
2. Also take advantage of advance placement tests that count towards college credit.
3. If you are considering earning more than one degree, look into combined degree programs that save both time and money. You may be able to earn two degrees in just a little more time than it takes to earn just one degree. Or, if you are looking to earn only one degree, see if your college offers an accelerated program allowing you to earn your degree in three years rather than four.
4. You may be able to take classes at a less expensive school and transfer those
credits to the college where you want to earn your degree. This can be done by attending
a lower-
5. Local community colleges often offer dual-
6. In-
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