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Did My Tuition Fees Go Up?

  Happy New Year ya’ll! Spring semester is here and as I was going over my course schedule and deciding whether to drop a course, I noticed that my tuition fees had drastically increased. I typically take two courses since this is what my stipend covers but previously I decided to add a third one. After thinking that this may not be a good idea due to my busy schedule I decided to drop the course but not before I realized that my fees had gone up by over $2K! I do remember there being some talk about the increase of fees and there being an open forum regarding this but I was not expecting the increase to be so expensive! Figure 1: This is a thumbnail from my latest YouTube video on “Did My Tuition Fees Increase?” where I am looking at the camera with a confused look. I am wearing a gray and black dress and my hair is short, black, and curly.   In case you did not know tuition fees include things like the gym, health services, the counseling center, and other services on campus that ser

Tax Tips for Students 1098-T

 



(This a photo of a mock 1098-T Tax Form used as a thumbnail for my YouTube video on Tax Tips for Students (1098-T.)


It’s tax time! By January 31, 2021, your W2 will be sent to you so that you can file your taxes. Of course, there are many tax deductions however, it is up to you to figure out which ones may be best. If you are a student, you should be receiving your 1098-T any day now to assist you in securing one of two tax breaks. In case you were wondering, a 1098-T is a form that reports how much you or your parents paid for tuition or other expenses.

You will only receive this form if you have paid at least $600 in expenses toward your education without including scholarships or any other assistance that did not come out of pocket. Your educational institution will provide this form to you by January 31, 2021. It is usually available in the section where you can make your tuition payments on your school’s website. That’s where I was able to find mine.

Once you have printed off your form and are ready to file your taxes your 1098-T form will assist you in obtaining one of two tax credits. The American Opportunity Tax Credit is for students in their first four years of college and is worth up to $2,500. The Lifetime Learning Credit is for students who are not in their first four years and you can claim up to 20% of $10,000 or $2,000. Remember, you cannot claim both! For more information on your 1098-T check out the video below.

 

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