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If you take out student loans to pay for college, you might qualify for the student loan interest deduction. This deduction allows you to reduce your taxable income by up to $2,500 per year.
The simplified calculation makes it easier for families to determine whether they can afford to send their child to college without having to fill out an entire FAFSA. In fact, the Department of ...
Both college students and their parents can take advantage of tax breaks that could save thousands of dollars on tuition, fees, books and supplies. Taxes 2023: Credits, deductions and tax breaks ...
The US Department of Education made the FAFSA available earlier to more closely align the timing of the financial aid application process with the typical college application process. [7] The FAFSA Deadline Act in 2024 made the October availability date part of the law. [ 8 ]
The federal government does not distribute aid directly to the student or the student's family; it goes through the college. Colleges use the student's federal student aid eligibility and combine it with state financial aid (if any) and their own aid to create a financial aid package for the student.
In 2022, Williams College became the first institution of higher education in the United States to eliminate both loans and work-study contributions from their financial aid programs. Many of these programs are aimed at students whose parents earn less than a certain income — the figures vary by college or university.
The U.S. Department of Education started a “soft launch” of the new and simplified Free Application for Federal Student Aid form — often referred to as the FAFSA — last weekend.. It ...
Also, keep the federal and college deadlines in mind as you renew or reapply for the FAFSA. If you miss a deadline, you risk not being eligible for financial aid for the upcoming academic year.