College Archives - MoneyWatch101

Don’t Forget to Take Advantage of These Tax Deductions

When it comes time to file your taxes, you may forget about some of the tax deductions that you can take. In fact, there are many different deductions that you may qualify for and many people do not even know they qualify for some. If you visit a CPA or tax preparer, you will find that the person guides you and helps you claim all deductions you can. But, if you file your taxes yourself, you may be leaving a lot of money on the table. A new study conducted by Harris Polls showed that Millennials fear taxes. But taxes don’t have to be so bad.

Below, we will go over some tax deductions that you need to keep in mind and of course, claim them if you can.

Lifetime Learning Credit

The lifetime learning credit is one that is often overlooked, but it can offer students an opportunity to earn some money back. Students who qualify to claim this credit will need to make less than $60,000, if they are single and less than $120,000, if they are married. You can claim up to $2,000 in education expenses, which includes things such as books, laptops, and any other products or supplies you purchased to be used at school.

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Weighing up the Pros and Cons of an MBA

In today’s increasingly dog-eat-dog job market, candidates have to optimize their resumes to keep pace with the pack. One readily transferable postgraduate degree is the Master’s in Business Management (MBA), which you can study abroad at institutions like American University of Sharjah, giving you an even more enriched experience. However, whether you have just received your undergraduate degree, or you have been qualified for a while, the decision to pursue further qualification has to be justifiable. Read on for some of the arguments for and against forking out for a Master’s.

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The Basics of Financial Management- School Debt

School Debt is the topic in everybody’s mind currently, including the media overhype about student loan debt being the next trillion dollar bubble to pop. I will give you my two cents on this topic and it should help you decipher how to avoid being a victim to the student debt crisis. I think everybody that has dreams of getting a degree should do it with the expectation that taking out loans is not smart money management.

Why do I say this with a straight face and serious demeanor? Because recent college graduates cannot get a sufficient paying job straight out of college to cover loans and all the expenses of life. If you are lucky to land something immediately after your educational stint, then it will serve you best to not have the burden of student loans because in the early years of employment your wages will be lower than somebody with a few years of work experience. See below for the basics about how to avoid educational debt:

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5 Tips for First Generation College Students

This is a Guest Post.

About 30 percent of college freshman in the United States are first generation students, meaning they’re the first generation in their families to attend college. First generation college students don’t have access to the same parental advice and experience as other students. If this applies to you, know that there are many ways you can compensate for this and make sure you’re well-prepared for college just the same.

Plan Your College Path Early

College planning starts in high school and may begin as early as your freshman year. Focus on your grades, take part in diverse extracurricular activities, and get to know at least a few teachers who can give recommendations for you. Talk to your school counselor at least once a year about what you need to do to prepare for college. Students who wait until senior year often find that it’s too late to build the kind of application top schools will want to see.

Get Help with Admissions

Seek help with the college admissions process from your high school counselor or a college admissions preparation group. Since your parents may not have a lot of experience in this area, it’s a good idea to reach out to others who can help. Use online resources like get a real degree to help you find the best schools for your needs. Make sure you apply for scholarships and financial aid early and stay aware of all important admissions deadlines.

Don’t Hesitate to Tell Your Story

Many first generation college students either feel that their status isn’t relevant or feel somehow ashamed of their history. Banish these misconceptions. Being a first generation student is a point of pride. This sets you apart from many other college applicants and offers an effective way to set your application apart from the competition. Consider using your first generation status as the topic of your college essay. Explain your motivation for becoming a trailblazer in your family and how you plan to set an example for future generations.

Seek Support along the Way

Build a support system for yourself on campus so you’ll always have the help and encouragement you need to continue on your path to a college degree. Visit professors during office hours and get to know them. Join study groups and student organizations. Get involved and make the most of everything the college lifestyle has to offer.

Have a Post-Graduation Plan

Many first generation college students come from low-income families. This can make it difficult to launch into your dream career, even after you’ve successfully graduated from college. Work summer and part-time jobs when possible and start a savings account to help you get started on your own after graduation. Carefully consider the steps you’ll need to take to get from graduation to a lucrative career so you’re ready to continue moving forward once you have your diploma in hand.

About 89 percent of first time students leave school within six years without a degree, but you can keep yourself out of this majority. Prepare well for your college experience and you can graduate with great pride in your momentous accomplishment.

Rich Uncle EL – I agree with the post above and many students feel shy seeking help and that can be a big mistake. I cannot stress enough how important it is to look for scholarships and avoid debt at all costs by having a part-time job. Thus students can pay for school on a monthly basis with a payment plan.

Attend College for a Profession minus the Debt

Do you how many people are college graduates that are working in an industry unrelated to what they studied in school? I hear stories all the time, how a student who majored in sociology is currently working in a mail room or sitting as a customer service representative somewhere in corporate America. Have not heard an example like this? Well maybe you have heard of IT majors being hired by financial companies to do budgets and bookkeeping. This is the trend we are facing now educational majors that are being offered with no possibility of having a demand for graduates. If a specific industry faces less than 10% growth in demand why offer the major in the university? (Just my own reasoning behind solving a piece of the unemployment porblem facing the U.S.)

I hope you do not misinterpret my thinking behind the title above, but what I am trying to convey to all those students who are unsure of what to do once they graduate keep reading. Point blank if you are unsure you can land a career then do not go to college until you know exactly what you see yourself doing in the future or can get some real world experience while attending school. Why burden yourself with debt and regrets by taking the traditional route for a school system that is practically broken.

This is why I am all for high school graduates taking some time off after high school to explore what they may want to do in life later by doing research, mentoring, or apprenticeship opportunities.

Tuition now a day’s is ridiculous and continues to worsen everyday by charging students 700 dollars a credit. This is just immoral and scary at the same time. Tuition has increased at least 30% as compared to inflation in the last decade. But guess what no one is complaining or at least nobody with enough clout to change the ridiculous mindset of university administrators. Obviously their argument will be how do we pay our staff and keep the universities open if we do not increase tuition? I think it can be done a different way instead of feeding off the students who are unaware of the problems they will incur by taking on 100K in student loans.

I recently read an article in Reuters, that stated the reasoning behind the rise in tuition is based on government cutting subsidiary funding to those colleges. My thinking behind this is if the government can cut school funds then the college should make similar cuts to its budget and not exploit the students with a heavier burden. If I understand the article correctly with my own two cents thinking behind it, the government is saving money with cuts to funding and making money by charging students astronomical interest rates on very large student loan balances. The average student loan debt in 2012 is 30 grand per graduating student.

See Article: Student Loan Debt

In conclusion think long and think wisely about what you would like to do when you graduate from school because the road to repay errors made by switching majors or wasting time by being undecided can be very significant. Times are changing and we have to evolve with the times to take advantage of the collegiate system we are dealt, by being conscience of the monetary issues in our educational lives.

That is why I say; only go to college if you know exactly what you want to do and when you are ready for the long road to graduate with a profession and not just a job.

RichUncle EL