Take Charge and Reach Your Goals. Financial Tips for College PICPA The Pennsylvania Institute of Certified Public Accountants PICPA is a professional.

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Presentation transcript:

Take Charge and Reach Your Goals

Financial Tips for College PICPA The Pennsylvania Institute of Certified Public Accountants PICPA is a professional association of more than 20,000 CPAs working together to improve the profession and serve the public interest.

Financial Tips for College Tax Credits American Opportunity Credit Hope Credit (for 2008 or earlier) Lifetime Learning Credit

Financial Tips for College Tax Deductions Tuition and Fees Student Loan Interest Deduction

Financial Tips for College Get Creative with Saving Ask about tuition discounts and flexible repayment plans Is there a discount if you pay the entire semester’s bill up front? What if you have the money to be directly debited from your bank account? Is there an alma mater discount?

Financial Tips for College Get Creative with Saving Ask about tuition discounts and flexible repayment plans Can your payments be spread over a 12-month period? Can payments be extended for a period after your child graduates? Are some charges optional?

Financial Tips for College Get Creative with Saving Graduate in three years, rather than four Think about cooperative education Enroll in a two-year school, then transfer to a four-year Live at home – sorry students! Consider online courses

Financial Tips for College Get Creative with Saving Check to see if your employer offers assistance – Up to $5250 of employer-provided education assistance is tax free Have grandparents (or others) pay tuition directly to the college. The payments they make directly to the school aren’t considered gifts for purposes of federal gift tax rules

Financial Tips for College Returning to School as an Adult The federal government and colleges base your aid eligibility on last year’s tax records. If you plan to cut your hours or stop work to go back to school, your income will obviously decrease. Bring this to the attention of the financial aid director.

Financial Tips for College Tips for Students Have a plan in place with your parents before starting school Be upfront about what they will pay for and what you will pay for Try using monthly payments – decide ahead of time how this will be carried out

Financial Tips for College Tips for Students Set up a budget List your sources of income List what you think you might spend in a month: – Cost of books and school supplies – Meals and entertainment – Personal care items – Car expenses/travel

Financial Tips for College Tips for Students Credit card companies aggressively target college students A credit card is a good way to build credit and good in case of an emergency Try using a debit card for everyday purchases and save the credit card for emergencies

Financial Tips for College Tips for Students Credit card advice: Beware of teaser rates Stick with one card Pay in full every month Pay on time – avoid late charges Avoid cash advance Protect your credit history

Financial Tips for College Tips for Students It may be a good idea to open an account at a bank near your school of choice. Locate a bank that offers free or low-fee checking for students and has ATMs on or near campus.

Financial Tips for College Resources PICPA’s College Savings page Degrees of Financial Literacy U.S. Department of Education

Financial Tips for College Questions?