College Expenses

Is college financial aid taxable? A crash course for families

Leave a Comment / College Education Expenses, Federal Income Tax, Scholarships, Tax Requirements for Scholarships, The American Opportunity Credit, The Lifetime Learning Credit / Douglas Freeman

College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students, the cost was $11,610. Of course, there are additional costs […]

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Tax-saving ways to help pay for college — once your child starts attending

529 Saving Plan, American Opportunity Tax Credit (AOTC), IRA, Lifetime Learaning Credit (LLC), Modified Adjusted Gross Income (MAGI), Prepaid Tuition Plans, Roth IRA, Scholarships, Tax Requirements for Scholarships / Douglas Freeman

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able to claim once your child begins attending college or post-secondary

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