Do You Want To Go Back To College?
Tuition, text books, room and board, college can be expensive. In fact, many people won't go to college because they can't afford it and don't want to be buried in debt when they finally do get a degree. Don't let those college expenses get you down though, there are ways to pay for college and come out with zero to no debt at the end.
There are several school related tax deductions and most people don't even know they exist. It is perfectly legal to deduct some school expenses, while others are off limits. College is expensive, but there is also help too.
There is a lot more to college than tuition and fees, though that is a good start. If you will be living on campus you will be paying room and board. There are school supplies to be bought, not to mention pricey text books. Some classes have lab fees or technology fees associated with them. Don't forget you will need to take care of yourself too, so add in personal expenses, medical, and $.50 a load of laundry. As you can see the numbers add up quickly. This is why a budget is needed to help you decide what to spend and what to keep.
So, one of your first steps is to actually create a budget. You can do this using an Excel spreadsheet or Access, or the old pen and paper way. You can google 'budgets' and download a variety of templates if you are struggling to come up with one yourself. The essential thing is to get a handle on how much you bring in each month verses how much goes out.
Anyone who pays college tuition is eligible for deductions. If you are a student and paying for college out of your own pocket you may put the deductions on your tax form. However, if you are a parent paying for a student, the parent qualifies for the deductions and not the student.
There are several school related tax deductions and most people don't even know they exist. It is perfectly legal to deduct some school expenses, while others are off limits. College is expensive, but there is also help too.
There is a lot more to college than tuition and fees, though that is a good start. If you will be living on campus you will be paying room and board. There are school supplies to be bought, not to mention pricey text books. Some classes have lab fees or technology fees associated with them. Don't forget you will need to take care of yourself too, so add in personal expenses, medical, and $.50 a load of laundry. As you can see the numbers add up quickly. This is why a budget is needed to help you decide what to spend and what to keep.
So, one of your first steps is to actually create a budget. You can do this using an Excel spreadsheet or Access, or the old pen and paper way. You can google 'budgets' and download a variety of templates if you are struggling to come up with one yourself. The essential thing is to get a handle on how much you bring in each month verses how much goes out.
Anyone who pays college tuition is eligible for deductions. If you are a student and paying for college out of your own pocket you may put the deductions on your tax form. However, if you are a parent paying for a student, the parent qualifies for the deductions and not the student.