It’s college season. Students eagerly await their acceptance letters and are completing scholarship forms to help pay for their schooling. FAFSA (Free Application for Federal Student Aid) forms are required of any student seeking monetary assistance from the federal government for their higher education. In the past, many have complained the application is confusing and frustrating. This year the forms have been simplified but more has changed. Read the details here, How is the FAFSA going to change? How it’ll mean less financial aid for some.
Tag: grants
Getting the Most Out of Your Education
Did you know that by including certain scholarships as income you might be able to increase your education credit, reduce your total tax, or increase your tax refund? The key is finding awards that may be used for other expenses such as books, or room and board.
For detailed instructions on determining what kinds of grants and scholarships are eligible and how to apply these for best tax savings, see Maximizing the higher education tax credits: Including a scholarship in gross income can sometimes save on taxes in the Journal of Accountancy.