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College

Positioning Your Income/Assets to Enhance Financial Aid Eligibility

July 22, 2015

What does it mean to enhance your financial aid eligibility? If you qualify for federal financial aid, there are a number of strategies you can try to implement to enhance the amount of aid your child will receive when you apply for financial aid. The idea is to lower your expected family contribution (EFC), which…

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College Saving Options

July 20, 2015

College costs For the 2014/2015 college year, the average annual cost of attendance (known as the COA) at a four-year public college for in-state students is $23,410, the average cost at a four-year public college for out-of-state students is $37,229, and the average cost at a four-year private college is $46,272. The COA figure includes…

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Sticker Shock: Creative Ways to Lower the Cost of College

December 19, 2014

Even with all of your savvy college shopping and research about financial aid, college costs may still be prohibitive. At these prices, you expect you’ll need to make substantial financial sacrifices to send your child to college. Or maybe your child won’t be able to attend the college of his or her choice at all.…

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How Grandparents Can Help Grandchildren with College Costs

October 27, 2014

As the cost of a college education continues to climb, many grandparents are stepping in to help. This trend is expected to accelerate as baby boomers, many of whom went to college, become grandparents and start gifting what’s predicted to be trillions of dollars over the coming decades. Helping to pay for a grandchild’s college…

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529 College Savings Plans

March 18, 2014
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Section 529 college savings plans are tax-advantaged college savings vehicles and one of the most popular ways to save for college today. Much like the way 401(k) plans revolutionized the world of retirement savings a few decades ago, 529 college savings plans have revolutionized the world of college savings. As of June 2013, assets in…

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Frequently Asked Questions: Are scholarships and grants subject to federal income tax?

November 27, 2013
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Question: Are scholarships and grants subject to federal income tax? Answer: That depends on several factors. If you are a candidate for a degree at an educational institution and receive a qualified scholarship or fellowship that you use for tuition, fees, and required expenses (e.g., books, supplies, and equipment), you need not include the scholarship…

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Frequently Asked Questions: Is our college-aged daughter covered under our insurance policy?

November 14, 2013
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Question: Our daughter will be taking one of our family cars to college. Is this allowed under our auto insurance policy? Answer: It is, as long as your daughter is listed on your insurance policy as either a principal driver or an occasional driver. You should check with your insurance company to see which designation…

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Summer Job Tax Information for Students

June 26, 2013
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IRS Special Edition Tax Tip 2013-10 When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the opportunity to learn about the working world – and…

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Viridian Advisors

Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead

March 12, 2013
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*WASHINGTON — The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available…

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The 2012 American Taxpayer Relief Act: Extension of the American Opportunity Credit

January 25, 2013
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The recently enacted 2012 Taxpayer Relief Act includes a 5-year extension (through 2017) of the American Opportunity tax credit for college costs. Added to the tax code in 2009 as a temporary replacement of the previous Hope tax credit, the American Opportunity credit both increased the tax relief available for students from middle-income families and…

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