Tax Benefits for Higher Education
You can save money as you pay for college if you know the tax benefits.
As education costs continue to rise, it's important to know the Federal Government offers certain tax benefits for higher education. Please consult your tax advisor or an accountant regarding applicability of various tax credits and deductions. Additional information is available at irs.gov and the IRS can also be contacted at 800.829.1040.
The most common education related tax credits/deductions are:
American Opportunity Credit
Lifetime Learning Credit
Student Loan Interest Deduction
Tuition and Fees Deduction
Coverdell Education Savings Account
IRA Withdrawals (to pay for qualified higher education expenses)
Employer-Provided Education Benefits
Education Savings Bonds
Business Deduction for Work-Related Education
Paying for college can be a challenge. SunTrust can help navigate the options.
Before you look into paying for your college expenses, it's important to know how much money you'll need. Our money management resources, tools, and budgeting tips can help.
Financial Aid Tools
Use our college tuition guide and step-by-step guide to paying for college for planning advice on how to avoid getting too over-burdened with debt before you've earned a degree.
Scholarships & Grants
Before you get a loan, we encourage you to try getting scholarships and grants first. Our list of online resources can help. You can also register for the SunTrust Off to College Scholarship Sweepstakes (see Official Rules for details).