The first year of college, I went to an extremely expensive school with $40K/year tuition.
Then I transferred to an in-state school for $6K/year. One of the best decisions I ever made.
That $40K school is now up to $55K/year and that’s just for tuition.
If I was having kids right now and planning for their college expenses, I’d have to budget at least $300K per child. Probably closer to $400K once you factor in rising costs of tuition over another 2 decades.
For that kind of money, I’d definitely be taking advantage of every education tax credit that I could find.
Luckily, the Tax Code offers some incentives for paying for a college degree. If you’re looking at a big tuition bill, here’s are a few education tax credits that can help ease the financial burden.
American Opportunity Tax Credit
The American Opportunity Tax Credit (AOTC)…