College Admissions: Financial Aid + The Fiscal Cliff
Monday, January 07, 2013
January brought good news for college-bound students and their families in the form of fiscal cliff avoidance. The American Opportunity Tax Credit, which helps defray undergraduate college education expenses by allowing borrowers to deduct up to $2,500, has been extended for five years, through the end of 2017. Additionally, the Tuition and Fees Deduction, which allows taxpayers to claim up to $4,000 in tuition expenses, has also been extended. On the downside, the federal Work Study Program and Federal Supplemental Opportunity Grants remain at risk if an agreement is not reached by March 1st.
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