5 Ways to Pay for Your Education

How to find the money to continue your adult education and go back to school.

Photograph: Photo by: iStockphoto

For many women the biggest obstacle between them and that next degree is the hole where the money should be: They’d have to lose income and pay tuition to go back to school. Here, some tips and resources.

The Talbots Women’s Scholarship Fund gives $100,000 annually to women who got their high school diploma or GED at least 10 years ago. (Five women receive $10,000 grants; 50 more get $1,000 each.) The fund has given over $1 million so far; this year MORE Editor-in-Chief Peggy Northrop will be one of the judges.

The AARP Foundation Women’s Scholarship Program will give up to $5,000 to as many as 100 women over 40 who are pursuing more education (or new job skills).

Tap Your Job

Two-thirds of large employers offer assistance for graduate studies; up to $5,250 of that is tax-free.

Take a Tax Credit

You can reduce your tax bill by up to $2,000 if you qualify for either the Hope Credit or Lifetime Learning Credit (some credit is available to couples who earn up to $110,000 and file jointly).

Deduct

You can also take up to $2,500 off your gross at tax time for interest paid on student loans. Your income must be less than $65,000; $135,000 if you file jointly.

Originally published in MORE magazine, November 2007 as "Pennies for Your Thoughts."

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