Other Aid Programs
options to consider to avoid high student loan debt
Don't narrow yourself into strictly student loans. There are other options to explore that can help defray the cost of education and keep your student loan borrowing at a minimum.
Below are four (4) quick alternative aid programs for college
Page Topics:
other aid programs
State Aid Agencies
State government agencies offer a variety of state-sponsored financial aid programs such as grants, scholarships, loans and other financial aid. These programs are restricted to state residents or students attending in-state institutions
Find and contact your state education department for complete information
View our list of state agencies
(note: links to our companion site
www.SayCampusLife.com)
other aid programs
Savings Program
State 529 Plans
- savings programs established and administered by States for the purpose of setting aside savings for "qualified higher education expenses"
- family member setup and make contributions to a fund with a States that sponsors 529 College Prepaid Tuition and/or Savings Plans
- see this 529 center for state-by-state information
IRA Withdrawals
- you can make withdrawals from your IRAs for qualified higher education expenses without having to pay the early withdrawal penalty tax as long as the cost does not exceed the qualified expenses for college.
- You will owe income tax on at least part of the amount withdrawn.
- more information from the IRS web site
other aid programs
Other Special Assistance
- Veterans Benefits
aid is available for veterans, reservists, National Guard persons, widows, and orphans. - Americorps
allows people of all ages and backgrounds to earn loan rebates in exchange for service. - U.S. Public Health Service
variety of loans, scholarships, and other programs available for students in the health professions. - Job Training Partnership Act
Department of Labor program of tuition and free assistance for job training for the economically disadvantaged, dislocated workers, and others facing employment barriers. - Loan Forgiveness
volunteer for public service after college and have some of your student loan debt forgiven:
programs: americorps | peace corps | VISTA
other aid programs
Tax Credits
American Opportunity Tax Credit
- Provides for a maximum $2500 per year per eligible student
- it is available only for the first four years of post secondary education
- the student must be enrolled at least 1/2 of the full-time workload in a program that leads to a degree, certificate or other educational credential.
- view IRS topic for more information
Life-Time Learning Tax Credit
- provides for a maximum $2000 per year per family
- it is available for any year of post secondary education including graduate work and for courses to acquire or improve job skills
- student does not need to be pursuing a degree or other recognized education credential
- view IRS topic for more information
Helpful Tools
Some helpful tools for making decisions:
(from our companion site: www.SayStudent.com)