| s day and age, going to college is virtually essential | | | | adjusted gross income of less than $52,000 and |
| if you want a well-paying occupation that can | | | | joint filers must make less than $105,000. |
| sustain a quality way of life. However, college is | | | | The Hope Scholarship Tax Credit - offered to |
| not cheap - it can be very expensive, depending | | | | students who are enrolled at least half-time and |
| on the prestige and quality of the university, the | | | | are in their first or second year of undergraduate |
| program you are interested in enrolling, and how | | | | study. Filers who meet the income cap |
| long it will take to earn your degree. | | | | requirements (same as for the Lifetime Learning |
| Therefore, it's essential to get as much financial | | | | Tax Credit) and who have no felony convictions |
| aid as you can. And yes, even non-traditional | | | | involving the possession or distribution of |
| (over age 25) students that are taking online | | | | controlled substances can receive up to $1,500 in |
| courses can receive financial aid. | | | | credit. |
| First, you can file for the Free Application for | | | | Higher Education Tuition and Fees Deduction - the |
| Federal Student Aid (FAFSA) at any age; the | | | | income cap requirements are higher with this |
| main requirements to qualify are (taken from the | | | | option, as singles with adjusted gross incomes |
| FAFSA website): | | | | between $65,000-$80,000 and families who make |
| "- You have to be a U.S. citizen or eligible | | | | between $130,000-$160,000 are eligible for a |
| non-citizen. - You have to have a valid Social | | | | $2,000 deduction. |
| Security number (unless you're from the Republic | | | | Other types of aid include government and |
| of the Marshall Islands, the Republic of Palau, or | | | | private loans, government, university, and private |
| the Federated States of Micronesia.) - You | | | | grants, and university and private scholarships. |
| comply with Selective Service registration, if | | | | There are ones available for non-traditional |
| required. - You have a high school diploma, | | | | students as well. There are online resources that |
| General Education Development (GED) Certificate, | | | | can help you locate ones that are specifically for |
| or pass an approved ability- to-benefit (ATB) test. | | | | non-traditional students. The Fastweb Scholarship |
| - You have to be enrolled or accepted for | | | | Database lists more than 50 awards that have a |
| enrollment as a regular student working toward a | | | | minimum age requirement of 30 or older and |
| degree or certificate in an eligible program at a | | | | over 230 awards with a minimum age |
| university that participates in the federal student | | | | requirement of 25 or older. Over 1,800 awards |
| aid programs. - You must NOT owe a refund on | | | | have no age restrictions at all. |
| a federal grant or be in default on a federal | | | | Regarding loans, if at all possible, try to obtain |
| student loan. - You must have financial need | | | | government loans - they usually offer the most |
| (except for unsubsidized Stafford Loans.) - You | | | | reasonable rates and terms compared to private |
| must NOT have certain drug convictions. - Other | | | | loans from banks. |
| requirements may apply, depending on the | | | | While many schools restrict eligibility for the |
| university you apply to." | | | | school's own financial aid programs to the first |
| How much financial aid you can expect to receive | | | | Bachelor's degree, some schools will waive that |
| from FAFSA is dependent on your Expected | | | | restriction if an adult is returning to school and |
| Family Contribution (EFC,) your year in school, | | | | working toward earning a second degree in |
| your enrollment status, and the cost of | | | | preparation for a career change. Check with your |
| attendance at the school you will be attending. | | | | university to see if you're eligible for their financial |
| You should contact your university's financial aid | | | | aid programs. |
| office to see how much you can receive at that | | | | Also check with your current employer to see if |
| school. | | | | he/she is willing to reimburse you for part or all of |
| If you are attending an accredited university, your | | | | your tuition. Of course, this likely will only happen if |
| school will send you a 1098-T form at the | | | | you are taking courses to further your current |
| beginning of each year. This form will include | | | | career and are likely to remain at the company |
| important tax information about your | | | | you are currently working at, but if you fall into |
| education-related expenses that the school has to | | | | this category, you should seek out your employer |
| send to both you and the IRS. Once you receive | | | | to see if he/she can help ease the financial burden |
| this information, you can then file for tax | | | | of your courses. |
| deductions that can save you up to $2,000, | | | | Paying for college is never easy, especially for |
| including the following - | | | | non-traditional students who don't qualify for |
| The Lifetime Learning Tax Credit - available to all | | | | many forms of financial aid, but by utilizing the |
| students who take at least one class from an | | | | Internet and other resources, you can find loans, |
| accredited school. Qualifying students can get | | | | grants, and scholarships that you are eligible for to |
| credit for 20% of the first $10,000 they spend | | | | help make your return to college a bit easier on |
| on educational expenses, up to a maximum of | | | | your finances. |
| $2,000. To be eligible, single filers must make an | | | | |