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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
March/April 2018
College: When Money's Tight
If you haven’t saved all you wanted for a loved one’s college education, take heart in knowing there are a variety of ways to lessen the impact of increasing costs.
Apply for Aid
Even if family income is high, apply for financial aid everywhere. Most colleges or universities will require you to complete the Free Application for Federal Student Aid (FAFSA). Submit it early — as early as October 1 this year for 2019-2020 college costs. Go to https://fafsa.ed.gov/ to fill out your application online.
If family income prices you out of receiving grants, which needn’t be paid back, apply for other school and private scholarships.
Places of worship, community groups and business organizations offer small scholarships. Every bit helps. You might also find money through your employer. Talk to human resources to learn if your company has a program to help pay for your family’s college education.
Still Hope with No Aid
If you strike out with aid, consider other ways to reduce costs. Talk to your college student about boarding at home for a year or two if the college is within commuting distance. The student’s income has a large impact on aid. But, if your family isn’t getting any, your student can work extra hours.
Students and parents can also apply for loans. The best rates are from those loans backed by the U.S. government and some states. One caveat: You can always borrow for school, but not for retirement. In other words, don’t take money from your retirement account that you’ll miss later.
Tax Breaks
Claim up to a $4,000 federal tax deduction on Form 8917, whether you itemize or not, and deduct up to $2,500 for student loan interest you pay. You. may also put up to $2,000 annually into a Coverdell Education Savings Account, subject to income and other limits, that the recipient can draw tax-free for qualified education expenses.
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