Get it Back

If you haven't already done your taxes, there's a rebate you might find interesting. When President Obama signed the American Reinvestment and Recovery Act (Stimulus Package) last year it included a tax credit for students paying tuition in 2009-2010. It is basically an extension of the Hope credit that gave money back to students in the first two years of college. Now, you can receive money back from the government past your first two years. I suppose this is there way of keeping students in school realizing that many have dropped out owing to high tuition hikes and the like.

Nevertheless, it's called the American Opportunity tax credit. If you do your taxes on your own, there's a section in there for education and all you have to do is accept the tax credit by checking the appropriate box when asked. If you have a professional do it for you, if they don't already hook it up, ask them about it, I'm certain they know what it is. I believe you can get up to $2,500 back for qualified tuition and other expenses. Anyways, it's your money and if you're a starving college kid like the majority of students out there, the extra cash can relieve you of the cup ramen you probably have to eat every night. The government wants you to get it back so you can continue your education so you can contribute to the growth of the economy. It's an investment they want to make and it should be one that you don't feel bad about taking. It's yours, get it back.

For more information, here's the Q&A section from the IRS website:

http://www.irs.gov/newsroom/article/0,,id=211309,00.html