As tax deadlines approach, college students and their parents take note

As tax deadlines approach, college students and their parents take note: new tax rules may help you keep more money in your pocket. Taxpayers who paid college tuition or interest on student loans for themselves or their children should ensure they are taking advantage of tax savings, says Sallie Mae, the nation leading saving, planning and paying for education company.

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IRS changes enacted as part of last year American Recovery and Reinvestment Act economic stimulus package may help make the investment in higher education more affordable for tax year 2009:

The new American Opportunity Tax Credit modifies the Hope Credit for tax years 2009 and 2010. The American Opportunity Tax Credit increases the maximum Hope Credit from $1,800 to $2,500 and allows the credit to be claimed for up to four years of college instead of only the first two. [Read the full article]

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