Go to College ...Now!

by metatron 4 Replies latest jw friends

• 

  metatron

  In doing my income taxes, I noticed that the Fed. government is getting more generous with tax credits for education.

  Even WITHOUT itemizing deductions, you can still reduce your tax liability significantly by going to college.

  The Hope credit can give you $1500 bucks and some state income taxes may also contribute to this worthy cause.

  I know it's expensive - and the tax credits only pay a little - but with the internet in place, going to college has never been

  easier or more convenient. An accredited 3 credit course - by distance learning - at Brigham Young University can be had

  for around $300 bucks plus textbooks.

  metatron
• 

  foreword

  I was just thinking of doing something like that......but the University here doesn't offer courses that I'm interested in.

  I was trying to find info on financial aid and how it applies to distance learning. If you can share that with me I would appreciate.

  Thanks
• 

  razorMind

  I keep teetering on the brink of actually going, but I just can't get up the nerve.

  In addition, I STILL don't know what I want to go for.

  I do know that I need to do SOMETHING....
• 

  jimbob

  Yes, I agree 100%. I'm graduating with my Associates next month, and then start on my Bachelor's the following month. The dubs, as always, continually tell the R&F not to go to college because it's time better spent in the ministry. I've wanted to go to college for years, but now that I'm free, I'm pursuing my dream of college. Never say it's too late to go....it's never to late in life to become educated!!!
• 

  NewYork44M

  Check out the IRS website:

  http://www.irs.gov/individuals/article/0,,id=96271,00.html

  "The Hope Scholarship Credit may be claimed for the qualified tuition and related expenses of each student in the taxpayer's family (i.e., the taxpayer, the taxpayer's spouse, or an eligible dependent) who is enrolled at least half-time in one of the first two years of postsecondary education and who is enrolled in a program leading to a degree, certificate, or other recognized educational credential. The amount that may be claimed as a credit is generally equal to: (1) 100 percent of the first $1,000 of the taxpayer's out-of-pocket expenses for each student's qualified tuition and related expenses, plus (2) 50 percent of the next $1,000 of the taxpayer's out-of-pocket expenses for each student's qualified tuition and related expenses."

  This is an unbelievable incentive to continue your education. Essentially, the government pays for the cost of the first two years of college. Assuming the costs are similar to the cost of a community college. After two years, you are eligible for the "Life Time Learning Educational Credit." While not as generous as the Hope credit, it is still a great incentive to continue your education. In addition, the credit is applicable to distance learning colleges.

  I have taken advantage of both credits for my education as well as my children. If you have any specific questions please send me an e-mail.