There are many potential tax benefits that are available to most tax payers. These include Section 529 college tuition savings plans. Additionally the interest on student loans is sometimes tax deductible. While we are not attorneys or CPAs, and hence do not wish to dispense tax advice, we have included some general information on the tax ramifications of financing a college education. This should certainly help you get on your way to optimizing your tax situation.
Loan programs – Such programs need to be paid back but offer help with low interest rates. The Stafford Guaranteed Loan offers up to $6,625 per year. The Perkins Loan program offers up to $3,000 and $5,000 a year for undergraduate and graduate students respectively. These loan programs come at very low interest rates so it is highly recommended you apply for them if you need the money for your education. The updated 2015-2016 fixed interest rate on these loans for undergrads is 4.29%; and the combined borrowing totals for direct loans can be up to $12,500 per year depending on your school year and degree.
We want to be sure you qualify for the Financial Aid and Scholarship package that you're entitled to. At EFSC, as at any college, that process starts with filling out the online Free Application for Federal Student Aid (FAFSA) — that ensures you're considered for all aid programs that are administered by the College, including grants, work study and loans. A FAFSA also is the first step in qualifying for scholarships.