We will point to ways to make college more affordable and even virtually free. Planning early as parents and your students to save, actively budget, research college costs, and seek financial aid are practical steps.
Usually, savings bonds are taxed at the federal level and tax-exempt on state and local levels. Still, if you are using these savings bonds for college tuition expenses, they are typically tax-exempt at the federal level.
Want to earn some college credits early at little cost? The Advanced Placement program offers college-level courses and exams that you can take in high school.
To obtain a federal loan, grants or scholarships, you need to fill out the Free Application for Federal Student Aid or FAFSA for each academic year. Check your state’s practice as they differ.
There are two major tax credits available to offset the costs of higher education. The American Opportunity Tax Credit is the most valuable of the two.
Several colleges offer free tuition though you will likely have to pay room, board, and living expenses. Some of these colleges may require work on campus or service after graduation to earn free tuition.