| Tax Benefits (Consult a tax advisor
before taking advantage of the following:)
The Hope Scholarship Credit and the Lifetime Learning
Credit are both tax credits based on a taxpayer's out-of-pocket
expenses for qualified tuition and related expenses. Maximum
credits vary and taxpayers must meet eligibility and income
requirements to claim these credits.
Coverdell Education Savings Accounts (formerly known as
Education IRAs) grow tax-free until distributed and the
child will not owe tax on any withdrawal if the money is used
for expenses for college as well as for elementary, middle
or high school expenses. The maximum annual contribution is
$2,000 per year (effective 2002) for any one beneficiary.
Taking Deductions for Student Loan Interest Payments
is another way to recoup education costs for students and
parents who are in the process of repaying education loans.
The Benefits of Military Service
The military can help you pay for some, or all, of your education
through military academies, ROTC scholarships, or the Montgomery
GI Bill. There are also benefits for current or former military
dependents.
In addition, while you're on active duty, the military provides
excellent opportunities for personal growth through job training,
skills enhancement, and leadership development. For more information
on what's available:
Visit the recruiting office of the service you're interested
in or call their 800 number:
| Navy |
1-800-USA-NAVY |
| Army |
1-800-USA-ARMY |
| Air Force |
1-800-423-USAF |
| Marines |
1-800-MARINES |
| Army National Guard |
1-800-GO-GUARD |
|