Often overlooked and rarely discussed, higher education tax credits, deductions, and savings plans, offer eligible students and families additional assistance paying for college. NACAC encourages members to be aware of these options when advising the students and families they work with.
- Higher education tax credits: The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC).
- Tuition & Fees Deductions
- 529 College Savings and Pre-Paid Tuition Plans
Resources:
- College Savings Plans Network (CSPN) Information about Section 529 College Savings Plans and Prepaid Tuition Plans
- IRS Overview on Education Benefits
- IRS Education Tax Credit One-Pagers for School Counselors and Students & Parents
- IRS Interative Tool: Students and families can learn whether they’re eligible for certain educational credits and deductions
- Understanding Taxes: IRS website for students
- Understanding Taxes: IRS website for educators working with students