The price of a higher education usually is high, although there are ways to keep costs down. According to the Scholarship Workshop, the average cost of one year in a public university (in-state) for the 2016-17 academic year will be $33,330, and for a private college it will be $71,830. The cost of higher education is increasing faster than the overall rate of inflation. And today, higher education is not limited to college; many go on for post-graduate work. The National Center for Education Statistics says that in the 2015-16 school year, colleges and universities were expected to award about 802,000 master’s degrees and 179,000 doctoral degrees.
The tax law had many incentives to help pay for higher education. There have been a number of recent developments, including changes resulting from the Protecting Americans from Tax Hikes (PATH) Act (P.L. 114-113), designed to provide even more help, while preventing scamsters from claiming tax breaks to which they are not entitled. Here is a roundup of recent developments on education-related tax breaks.
Federal Financial Aid
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