It's best to check with a tax consultant, or review your 1040 instructions manual, as this tax deduction is phased out at certain income levels. The deduction can be taken in addition to the standardized deduction or itemized deductions already claimed. Deciding to go to college and selecting the right college are two of the most important decisions you will make. They may also be the most expensive investment you will make. As the cost of higher education has skyrocketed, a majority of students now must obtain some degree of financial aid.
Financial aid consists primarily of grants, work studies, scholarships and loans.
They may be based on need, ability, grades, profession, heritage, etc. Every scholarship does have conditions as to who may apply or the award criteria. Do not be afraid to apply for a scholarship. The worst thing that can happen is that you will not get it. Grants A grant is a monetary stipend awarded to students who can prove need or specific skill.