Paid interest on your student loans prior to 12/31/14 while still in school? Use it as a tax write-off!
Don't miss out on potential Education Tax Credits! You may be able to claim a tax credit against your federal income tax for qualified tuition and related expenses. For more detailed information, see IRS Publication 970: Tax Benefits for Education.
American Opportunity Credit
The American Opportunity Credit is a tax credit for qualified education expenses paid for an eligible student, of up to $2,500 per eligible student. The student may be yourself, your spouse, or your dependent(s). If you take this credit, you may not also claim the Lifetime Learning Credit (as described below).
Lifetime Learning Credit
The Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of up to $2,000 on the first $10,000 of college tuition and fees. You can claim the Lifetime Learning Credit on your tax return if you, your spouse, or your dependent is enrolled at an eligible educational institution and you were responsible for paying college expenses. You need not be enrolled at least half-time. Even if you took only one class, you may take advantage of the Lifetime Learning Credit.
You can also view the NASFAA 2014 Higher Education Tax Benefits pamphlet for more information.
Utilizing Outside Scholarships can help reduce your overall loan debt!
These websites will help you with your scholarship search:
Want to know the servicer is for your federal direct loans?
For more information, or for help finding your servicer information, please contact the Financial Aid Office.
Ever wished you had a money coach to help you make better decisions about spending, saving, and borrowing money? Whether you're trying to keep enough dollars in your pocket to enjoy the occasional recreation, or wondering how to manage your student loan debt, chances are money is on your mind-a lot. Now, you have a free resource to help thanks to Albertus Magnus College and a new educational program: SALT.
SALT was created by American Student Assistance® (ASA), a nonprofit organization, to help Albertus Magnus College students like you become more financially savvy. This program rewards you for making smart money decisions, and we're providing all of its services to you-including your membership as a gift-free of charge.
Activating your SALT membership allows you to take advantage of member-only features like:
Be on the lookout for more information from SALT, and if you haven't activated your SALT membership, visit www.saltmoney.org to join today!
Albertus Magnus College is offering SALT, a new membership program for our students and alums. SALT will help you take charge of your finances, track student loans, and look for scholarships, jobs and internships. Plus, it's free to our students and alums. Visit www.saltmoney.org to sign up.
The Financial Aid Office is a regular contributor to the Albertus Blog! Visit the Blog for helpful tips and resources, and remember: we're always here to help, so feel free to contact us at anytime!
Want to know what your monthly loan payments might be?
You can utilize a Repayment Estimator to estimate your monthly federal student loan payments under each repayment plan.
It's easy to prepare a budget. Common categories are included in this worksheet; just fill in the amount you typically using your bill statements and receipts for the most accurate numbers.
Budget Worksheet 2
When filling in a budget worksheet, use receipts, statements, and bills to find accurate numbers so that you can see where your money goes each month.
Credit Card Tips
Properly managing a credit card is a big responsibility. Credit cards can help establish and improve your credit score if they’re used properly. They can also damage your credit score and get you into serious debt if you don’t know what you’re doing. Use these tips to make sound financial decisions.
How to Avoid Identity Theft
Identity theft occurs when a person commits fraud while posing as someone else. The threat of identity theft is real and can take months or even years to recover from once you are a victim. Use the information below to familiarize yourself with the precautions you can take to minimize the chance of becoming a victim and, if you are a victim, these steps will help you correct the situation.
Managing Your Money
Use these nine tips to achieve financial wellness.
Set Your Financial Goals
Healthy financial habits start by setting sound financial goals. Develop a realistic path to achieving your goals by filling in this chart.
Strategies to Save Money
Use these tips to help save money; small adjustments lead to big savings!
And remember to always Borrow Wisely!
Looking for alternative means of financing your education?
Check out our Alternative Financing Options Page on the Albertus website for more information!