If you are one of the many millions of students who is struggling to raise cash for college this fall, you could be in for a big surprise in the beginning of 2010. You could get an extra tax refund of up to $2,500.
Part of the stimulus bill that was signed into law early this year is the new higher education tax credit.
This bill is expected to put thousands of extra dollars back into the pockets of millions of Americans who pay tuition this year. Students are not required to fill out any additional paperwork to get the money, they just need to file their taxes. This new credit is bigger than previous tax credits for higher education.
This credit covers just the cost of tuition, fee and books for what you paid for in 2009 and 2010. The soonest you can see this money is early in 2010, once you have filed your 2009 taxes.
The credit could be extended past 2010 by Congress. The credit is available for undergrads who attend at least half-time and is available to filers with less than $80,000 a year in gross income. The credit is good for each individual student, so if a parent chooses to take the credit for two of their college students, that is allowed.
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