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Overview

Covering the Cost

Additional Resources to Help Pay for College

Besides aid from the U.S. Department of Education (ED), the federal government offers several other financial aid programs. These programs include: 

  • Education awards for community service with 
  •  and/or
  • Scholarships and loan repayment programs, including the Department of Health and Human Services' , the  and the .

There are a significant number of external private scholarships that are not connected to мÓÆÂÁùºÏ²Ê¿ª½±½á¹û. Checking with your high school is a great place to start. Employers and community organizations often have scholarships available to students. You can also search the internet for scholarships.  and  are great places to start.

Tax benefits can be used to receive back some of the money you spend on tuition or loan interest or to maximize your college savings. Many families plan to use a savings plan, like a 529 Education Plan, or other tax benefits to assist their students in school. It is important to note that this is not a financial aid award but money paid to the family through the annual tax cycle - not when the bill is due. 

Tax Credits for Higher Education 

Two tax credits help offset the costs (tuition, fees, books, supplies, equipment) of college or career school by reducing the amount of your income tax:

  • The  can be used each year for the first four years of school as the student works toward a degree. The credit allows up to $2,500 per year for money paid toward tuition, enrollment fees, course-related books, supplies, and equipment needed for attendance but not paid to the college directly. It does not cover housing and meals. Students must be enrolled at least half-time to be eligible. 
    The  allows the student, the student's spouse, or the student's family to claim up to $2,500 per year per household. The credit can be used for any college or career school tuition and fees, as well as for books, supplies, and equipment that were required for the course and had to be purchased from the school. The same student cannot claim the credit if they have claimed a different tax credit within the past year of claiming the Lifetime Learning Credit.

Coverdell Education Savings Account

A allows up to $2,00 a year to be put aside for a student's education expenses (elementary, secondary, college, or career school).

IRA Withdrawals for College Costs

You may  to pay for higher education for yourself, your spouse, your child, or your grandchild. Federal income tax will be owed on the amount withdrawn, but you will not be subject to the early withdrawal penalty. 

Qualified Tuition Programs (QTPs, also known as 529 plans) 

A  plan is established by a state or school so that you can either prepay or save up to pay education-related expenses. Once a student is in college, a family can withdraw money from their account to pay for education expenses. The money withdrawn will not be taxed. To learn more about state 529 plans, please visit . 

Student Loan Interest Deduction

A  that were taken out for yourself, your spouse, or your dependent. The benefit applies to all loans (not just federal student loans) used to pay for higher education expenses. The maximum deduction is $2,500 a year. 

For more information, read , to see which federal income tax benefits you may apply, or visit .

Contact Us

Financial Aid

Monday–Thursday 8:30 am–5 pm, Friday 10 am–5 pm
Student Navigation Center: Second Floor, Classroom Building, Harrington (Central) Campus, 71 Loring Avenue, мÓÆÂÁùºÏ²Ê¿ª½±½á¹û, MA 01970
Mailing Address:
352 Lafayette St.
мÓÆÂÁùºÏ²Ê¿ª½±½á¹û, MA 01970
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