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Education Tax Breaks

AccreditedClasses.com — Thu, 11 Mar 2010 15:04:00 +0000

Under the American Recovery and Reinvestment Act or ARRA, more students and parents will qualify for a tax credit in order to help them pay for college.

The American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to more taxpayers, including many with larger incomes and for those who own zero taxes. It also says that required course material must be added to the list of expenses and allows the credit to be taken for post secondary education that lasts four years and not just two. Most of the eligible people will be qualified for a credit of $2,500.

More and more students who wish to attend college are struggling with trying to pay the rising tuition costs. It is advised that if you are planning on enrolling in college that you take a look at the IRS website to see how to qualify for the tax credit.

The IRS website is full of information explaining the education tax breaks and there is a sub-section on the website that contains the most frequently asked questions which may help you.

President Obama and his administration is urging young Americans to attend college and is developing programs that will assist students in funding their college degree programs.

529 Plans Assist Families

AccreditedClasses.com — Wed, 10 Mar 2010 14:03:58 +0000

A 529 plan is an investment vehicle that is designed to help families pay for college classes or post secondary training. Although contributions to a 529 plan are not tax deductible, these plans offer other tax advantages and are a part of the Section 529 of the IRS Code. All fifty states in the US and the District of Columbia sponsor at least one type of 529 plan.

The ARRA has added computer technology to the list of college expenses that can be paid for with a 529 plan. This means that students who are studying online can participate in the program beginning this year.

There are many advantages to using the 529 plans as the earnings are not subjected to federal tax when used to pay for eligible college expenses. These earnings are normally not subjected to state tax and some states offer other incentives to in-state participants. There are no income restrictions on the 529 plans and contributions are only limited by the education expenses.

There are two types of 529 plans-prepaid tuition and savings plans. The prepaid tuition plans allows families to pay for future tuition in current dollars and prices. The savings plans allows a family to accumulate funds in a tax advantageous way for future tuition costs.

The Lifetime Learning Credit

AccreditedClasses.com — Tue, 09 Mar 2010 23:14:32 +0000

The US government’s Lifetime Learning Credit can be claimed for the qualified tuition and related expenses of the students in a taxpayer’s family who are enrolled in higher education. Any individual paying tuition and related expenses at a college may claim the credit as long as the school is eligible. Students are not required to be enrolled at least half time. Nonresident aliens generally are no eligible to claim the credit.

A college student may claim a Lifetime Learning Credit for more than one family member as it is calculated on a per family basis rather than a per student basis.

Either the parent or the child may claim the credit, but not both. The parent may make the claim on his or her federal tax return even if the child files his or her own taxes. When a child is claimed as a dependent on the parent’s return, any tuition paid by the child during the year is treated as if the parent had paid them and are thus included in calculating the parent’s Lifetime Learning Credit. To find out more, visit the US government IRS website.

Patterns in Student Debt Highlighted

AccreditedClasses.com — Fri, 05 Mar 2010 12:00:14 +0000

The amount of debt accumulated by graduates of public and private colleges grew recently and it was recently revealed that 41% of all college grads do not have any debt at all. This means that 59% of all college graduates have a substantial amount of money to pay back once they have earned their college degree.

The average amount of debt that a bachelor’s degree earner carries is $17,700. Most college students are forced to borrow money for their education at some point in their college years.

Although borrowing moderately is a responsible way to pay for college, students should consider carefully how much they can expect to earn once they graduate and whether or not they will be able to pay it back once they graduate. This data is provided by the US Dept of Education’s National Postsecondary Student Aid Study or NPSAS.

It was found that bachelor degree earners are the most likely group to borrow money for college. In 2008, 66 percent of bachelor’s degree recipients graduated with debt which includes 62 percent with federal loans and 33 percent who borrowed from non-federal sources. A larger group of graduates of for-profit schools relied on private loans.

High School Grads Showing Promise

AccreditedClasses.com — Thu, 04 Mar 2010 12:19:12 +0000

It was found that the 2009 graduating class has the most college-bound students taking the SAT in history and this class also has the most diverse participation in the history of the SAT.

Over 1.5 million US students in the class of 2009 took the SAT and of those, 40% were minority students. This is an increase from 39% in 2008 and 29.2 percent in 1999-showing clearing the steady growth in SAT minority participation rates.

Student’s math scores have experienced an upward swing and are now four points higher than what they were just ten years ago. On the contrary, critical reading scores have dipped slightly and are 4 points below what they were a decade ago.

Hispanic students represent the largest and fastest growing minority group taking the SAT and this group now represents 13.5 percent of all SAT takers compared to just 7.8% a decade ago. Females make up 53% of the 2009 test taking group while males made up 46%.

The SAT’s best performers had three things in common: They had finished a core curriculum, had taken the toughest classes in high school and had reviewed the SAT before taking it.

Get the Facts About University Degrees Online

AccreditedClasses.com — Wed, 03 Mar 2010 12:31:48 +0000

More and more people today are earning their college degrees online. It used to be that if you wanted to earn a bachelor’s degree without having to attend a college that you had to undertake a distant learning course.

In most cases people who graduated from this type of course were given less respect than those who attended classes on a college campus. Today, however, distance learning is a big business and worth billions of dollars a year.

Earning a college degree online is different from what most people have experienced in the past. The teaching style is designed around the individual student and the learning is based on technology. If you are not good on a computer, you must refine your skills so that you can handle this type of learning.

Many studies have proven that an online education is just as valuable as a traditional, face to face experience and online learning is expected to grow at a rate of 20 percent each year. The reasons people take online college classes vary but the convenience and flexibility of this type of learning are two of the prime reasons students enroll.

Facts About Taking Online Courses

AccreditedClasses.com — Tue, 02 Mar 2010 13:17:02 +0000

Many people are often misinformed when it comes to earning an online college degree. Many people think that learning online is easier than learning in a classroom. They soon learn that they are mistaken in this belief.

This is a particularly dangerous myth since some students may sign up for online college classes thinking that they will be able to just “sail through” the program end up getting quite shock. Once you actually take the first class you will see how very untrue this myth is.

Online classes are held to the same standards as tradition classes taken in a brick and mortar institution. Online students are expected to work just as hard as traditional students and must learn the same core curriculum.

Another common myth is that many think that the quality of online classes is lower than that of face-to-face classes. This may have been true several years ago but it is certainly false today. Today’s online learning programs consist of entire departments that are dedicated to designing the courses and training the instructors.

Some people mistakenly believe that they will not receive any support when studying online. Most programs actually have an online support system that provides students with nearly around-the-clock support so this again, is merely a myth.

It is important to understand that upon completion of online degree programs, students should be able to be able to complete just fine with traditional students in the job market. Some would even say it’s harder to complete online classes since it requires a lot of self-discipline to make time to study.

Earn an Online Bachelor Degree from a Top State University

AccreditedClasses.com — Fri, 26 Feb 2010 12:00:37 +0000

It can be difficult for students to choose an online bachelor degree program considering how many choices are out there today. If you do a quick search online you will be presented with hundreds of websites that can make the task all that much more daunting.

Many students are opting to earn their online degrees from some of the top colleges in the United States. These long-established public and private universities often have special tuition rates for distance learners that are much less expensive than attending classes on-campus.

In order to meet the rising demand for online learning, many traditional colleges are increasing the number and variety of online classes that they offer. For example, the University of Cincinnati has seen a 250 percent rise in enrollment over the past four years due to the fact that students can now earn their bachelor’s degrees online.

Having a highly respected college on your resume greatly increases your chances of being hired upon graduation and this is one of the reasons that students are seeking out these well known schools that offer online classes. It is important when selecting your online college degree program that you choose wisely.

Spend the time it takes to do your research so that you find a top school that offers the exact type of program that interests you. You have many choices today and should have no problem finding this information on the internet.

Be Sure To Check if Online colleges are Accredited

AccreditedClasses.com — Thu, 25 Feb 2010 12:13:33 +0000

Why does it matter that a college is accredited? If you wish to earn a college degree in order to further your career, you must be sure that the schools you are considering attending are accredited. This way you will be sure that you graduate with credentials that are acceptable by employers as well as by other colleges and universities.

When you enroll at an accredited college you can earn a bachelors, associates, masters or a doctorate degree or you can earn a graduate certification in the field of your choice.

When looking at different accredited colleges it is a good idea to request information from each school so that you can compare the information to help you make the right choice for you.

If you would like to see exactly what schools in the United States are accredited, you can do a online search or visit the Dept. of Education’s website. There are many ‘fake’ college websites online today that may look like colleges but they are only there to steal your money.

Do not allow yourself to fall victim to one of these scams as there would be nothing worse than spending time studying toward earning a degree only to learn later that the ‘degree’ you earned means nothing and that it is useless.

Families Planning for College Face High Costs

AccreditedClasses.com — Wed, 24 Feb 2010 12:21:13 +0000

The poor economy has made planning and attending college tougher than usual for many families across the United States. With job losses and dwindling savings, many families who wish to send their high school grads on to college are struggling to make ends meet.

This is particularly true in the state of Michigan-the state in the US with the highest unemployment rate. The auto industry has taken some hard hits over the past twelve months, leaving many Michiganders out of work.

Michigan lawmakers did not include a state funded scholarship program in its budget this year and the future funding is on shaky ground as well.
Some parents are struggling more than others to cover the rising cost of college and some are rethinking their priorities.

Many parents who had previously wanted their kids to attend private colleges are now encouraging their recent high school grads to enroll in community or public colleges.

Overall, enrollment at private colleges has remained steady while enrollment at cheaper community colleges is on the rise all across the nation.