Can Entrepreneurs Afford College Tuition?

There are many great ways to afford college tuition. Not all of them involve paying out of pocket.

Scholarships

There are many great scholarships available for college students. Students who show and exemplary interest and ability in a given topic and score good grades are often given a scholarship.

This scholarship will be good at any of a number of colleges. This is an ideal way for an entrepreneur to afford college. Many students earn scholarships and pay their own way to college.

Deductions

If you’re willing to take a few years at it, you can get a tax deduction of about $5000 for college. This is a tax bracket that allows for this deduction as long as they are paying for tuition for themselves or a dependent child.

By taking classes slowly you can go to college in this fashion until you have all of the required courses for your degree. There are a few different plans for this so check with your local tax office to see how they work specifically. This is a 127 Qualified Educational Assistance plan. You can choose how to set it up for your own personal needs.

Fiscal Cliff Deal

You can receive up to $10,000 for four years by using this deal. It’s a federal credit that reduces the taxes for each qualifying individual by up to $2,500 per year for each eligible college student.

You can do this for each college student so the savings will really add up if you have more than one student in your household.

Pell Grants

A Pell Grant is a subsidy that is provided by the United States government for those students who are income qualified and have not yet received a bachelor’s degree.

It will also be helpful in some post baccalaureate programs that are set up in some of the schools. You can receive Pell Grants for up to six years or 12 semesters of education. For most students, this is plenty of time to get their bachelor’s degree in whatever they choose.

Employment

There are many employers who will reimburse you for your college courses. All you have to do is pay for the course and show that you’ve paid and are attending the classes.

The business will then reimburse you for your payments. This is also a great way for an entrepreneur to afford college.

Clearly there are a variety of ways to afford college for entrepreneurs. You can take advantage of one or more and be well on your way to a degree. However not all that applies to these grants will get them. Thus education debt has been a burden for many students young and old long after they have been graduated.