Student Loan Dodgers

Every year, students by the thousands look for funding opportunities for their educations. In some cases, opportunities to pay for education outright or receive reimbursements and credits go unused. When looking for college funding, don’t overlook these opportunities;

Employer programs: some employers offer tuition reimbursement plans to their employees and dependents. If you’re employed as a student, check with your employer to see if a tuition reimbursement benefit may apply to you. Likewise, some employers provide tuition reimbursement plans for dependents of their employees.

Loan forgiveness programs: generally speaking, it’s a bad idea to choose a major based on the availability of loan forgiveness programs, but if you’re considering a major that will lead to public service work, understand that there are several state and Federal loan forgiveness programs that may help reduce your student loan debt. These programs rely on you to fulfill a work commitment of a certain number of years, in some cases as much as ten years. You’ll also need to make regular student loan payments during the period of time you’re amassing your eligibility. If you’re not prepared to make the commitment to public service, you’re better off not seeking loan forgiveness under these programs. These programs generally don’t provide “partial credit” for public service work that falls short of the required time commitment.

Tuition reductions and waivers: Some state programs offer tuition reductions and waivers for certain students. For example, some states offer tuition waivers for Native American students, low-income students, and other students that meet certain guidelines. If you qualify for a waiver of some type, you should apply to take advantage of it.

Tax credits and tax deductions: College students, their parents and graduates may be eligible for certain types of tax credits and deductions related to higher education expenses. The government offers Hope and Lifelong Learning credits to qualified individuals, and tax deductions for qualified higher education expenses that are not otherwise reimbursed by an employer.

Scholarships and grants: the number of students seeking financial aid has increased substantially, and it is becoming more difficult to find scholarships that can help defray the cost of education. Visit your institution’s library to see if they maintain a section on scholarship resources for students. Research grant opportunities carefully and apply only for those you think you have the best shot at getting. Be diligent and persistent. Over time, you may find that you can lower your tuition bill substantially with several small grants each semester. You may not end up with a free ride, but anything that lowers your bottom line at no cost to you is a plus.