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January 11, 2017

As many as 1.7 million middle-class, tuition-paying families could end up paying higher taxes for this year. Here's why: Congress let the tuition and fees deduction lapse, as of Dec. 31, 2016, and it's not clear whether it will be reinstated. The good news is that the vast majority of parents are still eligible for more lucrative education-related tax credits. And studies have found that thousands of filers were actually overpaying their taxes by using the deduction by mistake. Get details and advice on smarter ways to use education tax breaks.

Best wishes,

Money-Saving Advice for College Parents and Students

State proposes free tuition for middle-class students
It’s just a proposal, and legislators may not want to spend $163 million a year. But if the plan works out, families earning up to $125,000 a year could get free tuition at in-state public colleges. MONEY

One surprising race gap that still dogs millennials
A new study debunks one of the most pernicious myths about student loans and college. It turns out the young adults most likely to “boomerang” back into their parents’ homes are not those with student loans, but those who drop out. Yet the story is different for one set of young adults. MONEY

 Here’s how much you'll spend on your kids before college
New federal research calculates how much families are spending to raise their children to the age of 17. If you have two children and send them to a four-year university, you’ll probably wind up investing about a million dollars. MONEY

 College football championship tickets were at least $2,000
The coaching salaries alone are shocking. But the ticket prices for this year's college football championship game will make you gasp as well. MONEY

How much are you paying in 'little' college fees?
One study found that fees—athletic fees, parking fees, lab fees, and the like—added another 25% to the cost of tuition at a typical college. Hechinger Report

Conservative economists: Don’t privatize federal student loans
Remember the bad old days, when private lenders offered kickbacks to colleges that steered borrowers their way? That's one reason that conservative economists say the new administration should be thoughtful about changing the student loan program. Here are three ways to avoid creating incentives for corruption. Real Clear Education 

Age 60, nearing retirement … and still stuck with student debt
Almost 3 million Americans over the age of 60 are still paying down education loans. Most are paying off loans they took for their kids’ education. If you know an elder struggling with debt, here are three ways they can get help. MONEY

This Week's Important Deadlines and Scholarships

Featured scholarship
The Vegetarian Resource Group is awarding three scholarships ranging from $5,000 to $10,000 to high school seniors who have promoted vegetarianism. Deadline Feb. 20. More info

Upcoming deadlines
Jan. 13 is the last regular registration date for the Feb. 11 sitting of the ACT.

Jan. 17 is the last day Tennessee residents can file their FAFSA if they want to qualify for the Tennessee Promise scholarship.

Feb. 1 is the FAFSA deadline for Missouri residents seeking to qualify for state grants.

ABOUT KIM: Kim Clark, a senior writer for MONEY, paid for classes at four colleges—and degrees from two of them—with jobs, loans, scholarships, and lots of generous financial help from her parents and grandparents. She’s been covering the ins and outs of paying for college for almost 10 years.

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