College Funding Sources
The cost of education is continuing to rise. Students and parents are often face with what seems to be insurmountable cost. Yet, there are methods to cut the cost of education. One option most people are aware of are scholarships awarded by colleges. However, there are many other sources. The most successful students and parents follow the practices, we already have mentioned, start early, shop around, compare, look online.
Many sources accept applications and award scholarships when the student is still a freshman in high school and continue awarding them until the student completes graduate school. The sources are extensive they include: special interest groups, businesses, in memory of, trade groups, and charitable organizations. The methods for awarding scholarships include: monetary needs, random drawing, essay writing, scholastic achievement, belonging to certain ethnic or religious groups, hobbies, and countless more. Unfortunately, other easier non-competitive sources can be overlooked. For example, many business also offer tuition reimbursement for employees, these awards can range from hundreds of dollars to thousands of dollars. These funds can be awarded by paying the college directly as the tuition is due or to the employee at the end of the year. There are also many government sources of funding.
Government sources can include city, state, and federal institutions. These sources often offer reduced or free tuition for students living and/or going to school within the geographic area. Plus, because of shortages of certain skill sets many institutions and government agencies offer repayment of student loans if the student agrees to work at certain locations after graduation. In addition, students seeking to become teachers certain school districts sometimes offer repayment of loans if the students has added certain specializations. A student should do their own research on these matters and decide if it is appropriate for their situation. Please click the following link for more information. http://fedmoney.org/grants/0-scholarships.htm.
Another funding source is federal tax credits. The federal government helps students and parents with the American Opportunity Credit and the Lifetime Learning Credit programs. The American Opportunity Credit (AOC) allows a student to recoup up to $2500 in education related expenses. However, the credit is not allowed for a student who has four or more years’ worth of college credits as of the beginning of the year and the student must be considered half-time for one semester within the calendar year. In addition, the credit has income limitations and has conditions relative to the filer's tax bill so consult your tax advisor. The Lifetime Opportunity Credit (LOC) offers $2000 of tax credits per year for life. This LOC is particularly useful since there are fewer restriction and can be used for life. The only limitations is a lower income restriction used to determine eligibility. In addition, the student or parent can use only one of these credits in a calendar year. Please consult your tax advisor and do your own research to determine your eligibility. An often overlooked technique when using these credits is paying tuition ahead. For example, it is December 2015 and a student is starting school for the first time in the first three months of 2016 a student is allowed pay the tuition ahead of schedule. Then after the first of the year a student can receive the tax credit when filing their taxes 2014 income taxes. (All information within this website is for information purposes only, the reader needs to do their own research and/or consult school and tax advisors to determine if it is appropriate for them.
Veteran, Active Duty, and Reserve Benefits
There are numerous states that have schools that offer in state tuition to non-resident veterans. The following link shows a map detailing which : http://www.legion.org/education/217373/map-helps-veterans-find-best-deal-college. In addition, Congress has passed legislation mandating in state tuition for all recently separated military veterans. One problem with this law is some schools that previously offered instate tuition to all veterans have revised their rules so only post 9/11 or veterans with government benefits are eligible. Veterans need to verify the guidelines used by each individual school before making any commitments.
While using the above link the user can click on the federal and/or state benefits link to learn about the post 9/11 GI Bill, Montgomery GI Bill, and other various programs and benefits associated with serving with the active duty branches, reserve, and National Guard. For example, there are states that offer 100% tuition reimbursement for joining the National Guard. Check with the appropriate states to see what benefits are available to you.
The benefits associated with military service extend beyond those listed above. Within the military one will find a vast array of job specializations. Virtually every job found within civilian sector can be found within the military including: cooks, heavy construction, truck drivers, diesel and aircraft mechanics, pilots, nuclear engineers, lawyers, all medical disciplines and too many more to list here. The services offer extensive schooling and on the job training within all disciplines. Plus, when required the services offer a variety of programs that will pay for training at the nation's best colleges and universities. In addition, the military services offers education assistance through the Reserve Officers' Training Corp (ROTC) and a chance to attend one of the nations military academies.
The nation has five service academies offering free or low cost education. You read that right there are five academies, these are : United States Military Academy at West Point, New York (Army) 1-914-938-4041 , United States Naval Academy at Annapolis, Maryland (Navy, Marines) 1-410-293-4361, United States Air Force Academy at Colorado Springs, Colorado (Air Force) 1-800-443-9266, United States Coast Guard Academy at New London, Connecticut (Coast Guard) 1-800-883-8724, and the United States Merchant Marine Academy (Merchant Marine) at Kings Point, New York 1-516-773-5391.
Service Academy Websites
- U.S. Military Academy: www.usma.edu
- U.S. Air Force Academy: www.usafa.af.mil
- U.S. Naval Academy: www.nadn.navy.mil
- U.S. Coast Guard Academy: www.cga.edu
- U.S. Merchant Marine Academy: www.usmma.edu