American Marconi Wireless News - Northwestern Mutual: 4 Ways to Spend Less on Tuition Expenses 

Choose the right school

The college or university a person chooses to attend impacts the cost of their education. In 2024, the average annual tuition for a four-year in-state public school was $9,750, compared to $28,386 for a public out-of-state school and $38,421 for a private school.¹

Of course, cost shouldn't be the only factor that guides a person's college enrollment decisions. Looking at an in-state public school or even attending a community college for a couple of years could save a person tens of thousands of dollars throughout their education.

Develop a grant and scholarship strategy

Grants and scholarships can significantly lower tuition costs. However, applying for aid takes time and dedication, so a thoughtful plan can improve an applicant's odds of success.

A prospective student can start by identifying the right grants (usually need-based) and scholarships (usually merit-based) for their situation. While national and state programs can provide a lot of support, it's important to consider local and specialized aid, too. After all, a small scholarship for piano players from a local church might be the perfect fit for the right person.

Some applications require essays and writing samples, so having a few well-crafted templates that can be customized for each application can save time. A strict schedule for submitting applications and tracking progress helps applicants maintain momentum and meet deadlines.

Research tax breaks

Depending on their situation, some people may qualify for tax breaks that can offset the cost of tuition. The American Opportunity tax credit allows first-time students to receive up to a $2,500 tax credit each of their first four years of college. People who do not qualify for the American Opportunity Tax Credit might consider the Lifetime Learning tax credit instead.² These tax breaks have limitations and restrictions, so it's best to work with a tax professional to understand the tax credits someone may qualify for. 

Ask an employer about tuition assistance

Many employers offer benefits packages that include health insurance and term life insurance, but some offer additional benefits like tuition reimbursement. However, some workplaces require employees to reach a certain tenure before qualifying for assistance. Others may require employees to work a minimum number of hours each week or consistently show high performance to maintain the benefit.

While a company may offer tuition assistance for any type of degree or certificate, many employers only provide the perk for programs related to the job. For example, a bank teller may receive assistance for a degree in economics or business but not English or biology. The human resources manager at a workplace should be able to provide information about tuition assistance programs, including any requirements or limitations.

While college tuition is expensive, opportunities abound to make the expense more manageable. Prospective students who start the process early and stay focused on their goals may save thousands on the education of their dreams.

¹https://educationdata.org/average-cost-of-college

²https://www.irs.gov/credits-deductions/individuals/education-credits-questions-and-answers

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries in Milwaukee, WI.

Contact: Don Klein, 1-800-323-7033

SOURCE: Northwestern Mutual

View the original press release on ACCESS Newswire

C.Garcia--AMWN